November 10th, 2022
NDP: PBO confirms hundreds of thousands of Canadians will lose their jobs
PBO report today shows that Justin Trudeau's inaction to fight inflation and to help with higher interest rates will lead to hundreds of thousands of lost jobs in Canada
OTTAWA – Today, the PBO released a report confirming that approximately 177,000 Canadians will lose their jobs if Justin Trudeau’s Liberal government doesn’t change their approach on inflation. Canada is very likely heading into a recession, and yet, in last week’s Fall Economic Statement, the Liberal government included nothing to help people deal with inflation and increased interest rates or to help folks get through a potential recession.
“People are doing everything right, playing by the rules, but still can’t get ahead. For months they’ve had to find a way to pay for higher grocery and gas bills, and now they’re having to find a way to pay for higher mortgages and credit bills,” said Canada’s NDP Leader Jagmeet Singh. “Today’s PBO report warning about the loss of hundreds of thousands of jobs if we continue in this direction will make things impossibly worse for Canadian families. Yet, Justin Trudeau has no plan and is instead telling families they’re on their own to figure it out.”
While families across the country are having to make hard decisions with their family budgets, some in this country are actually profiting from inflation. Right now, big corporations’ profits are going up twice as fast as inflation – but workers’ wages aren’t keeping up. The NDP has proposed tackling the corporate greed that is driving up costs for families and fixing Employment Insurance so that if a recession does happen, no worker is left behind without supports needed to get by.
“Managing inflation is not just up to the Bank of Canada – the Liberals have a responsibility to act too. They should stop hiding behind the Bank of Canada and show leadership to help folks get through these increasingly difficult times,” added Singh. “New Democrats expect to see a much more diverse strategy from the Liberal government to protect Canadians against inflation, higher interest rates and a recession. Canadians desperately want us to prepare for what is coming. New Democrats won’t give up, will keep pushing the Liberal government to do something and will keep fighting to give you and your family a break.”