November 9, 2022
Last week, the Minister of Finance tabled the Trudeau government’s Fall Economic Statement. This economic plan does nothing to address Canada’s cost of living crisis.
The fall economic update shows that government revenues have increased by $40.1 billion in this year alone. This means that inflation is not only increasing costs for everyday essentials such as gas and groceries and home heating, it is increasing taxes for Canadians. This means that the Trudeau Liberals are profiting off of increased inflation.
The Liberals and their NDP partners continue to pretend there was no choice other than to double the debt. Justin Trudeau has added more debt than all previous Prime Ministers combined. He promised it would never exceed $10 Billion. He lied. 40% of all new spending measures have nothing to do with COVID. That’s $205 billion dollars. As a result, national debt interest payments next year will be nearly as much as the Canada Health Transfer.
Interest rates are also increasing at the fastest rate in decades. Families that bought a typical home five years ago with a typical mortgage that is now up for renewal will pay $7,000 more a year. The Bank of Canada has signaled that interest rates will have to rise even higher to tackle Justinflation. Many Canadians won’t be able to afford their mortgages.
Paycheques aren't going as far as they used to. Trudeau’s inflation tax is eating into the paychecks of Canadians while the Trudeau Liberals are spending on the stomachs of Canadians. Food Bank usage is at an all time high. Food Banks Canada recorded 1.5 million visits to food banks in just one month which is a 35% increase comparatively to last year.
These are real world consequences of Justin Trudeau’s reckless decisions. The economic update released by the Liberals’ Costly Coalition fails to address the cost-of-living crisis created by out-of-control government spending.
Justin Trudeau’s inflationary deficits, to the tune of half a trillion dollars, have sent more dollars chasing fewer goods. His inflationary scheme is hiking up the price of groceries, gas and home heating. Canadians have also never paid more in taxes because of this Prime Minister.
To reduce inflation and improve Canada’s cost of living, Conservatives had two clear demands to Justin Trudeau and his Finance Minister:
No new taxes. This includes canceling all planned tax hikes and the tripling of the carbon tax. Canadians are struggling to heat their homes and put food on their tables.
No new spending. Any new spending by ministers must be matched by an equivalent saving. Cut wasteful spending and stop the inflationary deficits that drive up the cost of everything.
None of our demands were met in the Fall Economic Statement and for that reason Conservatives will not support this inflationary update.