Canada's NDP

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July 12th, 2022

Canadian families struggling as interest rates are about to increase

Canada's NDP Leader Jagmeet Singh made the following statement:

“Canadian families have been struggling to put food on the table and fill their gas tanks as inflation costs have skyrocketed. People are feeling abandoned by the government as they try to make ends meet on their own. Tomorrow, the Bank of Canada is going to increase the interest rates yet again.

Under this Liberal government, rising costs have hit an almost forty-year high. But it isn't the wages of hard-working people that are driving inflation, it is the record corporate profits and greed that are driving up costs. Grocery stores and oil and gas companies are making a fortune by passing along higher costs to their customers who are struggling to feed their families. Workers aren’t causing inflation and they shouldn’t have to pay for it. But Justin Trudeau and the Liberals keep choosing to stand by while Canadians pay even more in interest to big banks making enormous profits.

Canadians have been struggling with the cost of living for months while rich oil and gas companies, massive grocery chains and big box stores make record profits. Families are making tough decisions about what groceries they can and can’t afford to feed their kids and the Liberals have just continued to support corporate profits and side with the ultra-rich.

Instead of taking action to help families, the Liberal government has made reannouncements that won’t put money back in peoples’ pockets. Under the Liberals, families will only receive an extra seven dollars on their GST tax credit. This is absolutely insulting to the millions of families struggling to buy groceries or pay their mortgages. Seven dollars doesn’t even cover the cost of a single meal for a hardworking family.

New Democrats know that sitting by while workers and families absorb increasing costs is wrong. We don't work for the rich and powerful; we work for you and your family. That’s why we’ve been pushing the Liberals to double the GST rebate and add $500 to every Canada Child Benefit to get between $500 - $1000 back into peoples’ pockets.

New Democrats will keep fighting for an excess profit tax on oil and gas companies and huge grocery chains making record profits and redistribute that money to hardworking people. New Democrats want to get up to $1,000 back in your pocket to help you and your family now. "