Canada's NDP

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October 7th, 2022

New Democrats the only party tackling corporate greed

OTTAWA – New Democrats are calling on members of all political parties to stand up for Canadians struggling to afford their groceries as corporate greed keeps driving prices higher. In the past year, while hardworking people had to make difficult choices about what groceries they could and couldn’t afford, the rich CEOs of big grocery stores made massive profits and got millions of dollars in bonuses.

“Canadian families are struggling with the rising costs of food and rich CEOs are making massive salaries off their struggles,” said Canada’s NDP Leader Jagmeet Singh. “This ‘greedflation’ is making the high cost of living even worse for people. There are steps the government can take to ensure Canadians aren’t always the ones left paying the price when times are tough. They can start by closing the tax loopholes that allow CEOs and big corporations avoid paying tens of billions of dollars in taxes. New Democrats know that letting the ultra-rich off the hook is hurting families who are doing everything right but feeling like they just can’t get ahead.”

Workers’ wages and the prices paid to producers in the agricultural sector are not keeping up with corporate profits, or with inflation. New Democrats are calling on the Liberals and Conservatives to recognize that corporate greed is a significant driver of inflation, and to support Canadian workers and their families during this cost-of-living crisis. The NDP’s proposal calls for a strategy to tackle corporate greed in the grocery sector, for accountability from rich CEOs and for tougher penalties for price-fixing and stronger competition laws to protect Canadians from price gouging.

“People are having to make really difficult decisions about what food items they can afford each week. Meanwhile, the CEO of Empire got an eight-million-dollar bonus and the CEO of Loblaws got a five-million-dollar bonus. It doesn’t sit right with me-- or with Canadians-- that the government stands by while this continues,” said Singh. “If Justin Trudeau’s Liberals and Pierre Poilievre’s Conservatives agree about ‘greedflation,’ the question is will they vote for the government to do something about it or will they stand with rich CEOs? Because that's the choice, it's either the government fixes this or greedy CEOs will continue to get richer while the rest of us pay the price.”