Interest Rates Continue to Rise | June 1, 2022
For the second time in a row, the Bank of Canada has hiked interest rates by another 50 basis points, while continuing to warn that it will likely continue to raise rates further to combat the out-of-control inflation that is driving the cost-of-living crisis.
This interest rate hike will have a major impact on Canadians’ household budgets. As interest rates continue to climb, the average Canadian household will spend nearly $2000 more in debt payments next year, further eroding purchasing power.
Canadians deserve a government that will fight the cost-of-living crisis and outline a clear commitment to control inflation. Unfortunately, Justin Trudeau doesn’t think about monetary policy and believes that budgets balance themselves.
With his partners in the NDP, he continues down a tax-and-spend agenda that will continue to fuel the inflationary crisis.