Rising interest rates will hurt Canadian families « Canada’s NDP

March 2, 2022 at 4:30 am  Federal, Politics

As the Bank of Canada hikes interest rates, people are worried about keeping up with the cost of living

OTTAWA — Today, NDP Leader Jagmeet Singh, called on the Liberals to urgently deliver help for Canadians as the Bank of Canada announced higher interest rates. A poll released earlier this week showed that over 50 per cent of Canadians say they can’t keep up with the cost of living. With the rising interest rates, household budgets will now be stretched even further.

“Canadians already feel crushed by the rising cost of housing, groceries, gas and heating fuel for their homes. Now, they’re forced to pay even more interest on their loans or mortgages,” said Singh. “For people living paycheque to paycheque, this is devastating, and the Liberals don’t have a plan to help families get by. We know that under the Liberals, the ultra-rich are thriving but Canadian families feel abandoned. This is wrong and New Democrats will continue to push the Liberals to make life more affordable for people.”

While the cost of necessities goes up, people’s wages aren’t. It’s a different story for CEOs and big companies making record profits off the backs of Canadians trying to keep their heads above water. There are solutions the Liberals can put in place now like capping internet and cellphone costs and making housing more affordable by banning blind bidding or bringing in a foreign buyers’ tax. But since the Liberals came to power, the housing crisis has only gotten worse, and people have nowhere to turn for help.

“As bills keep pilling up for everyday people, the ultra-rich and big banks are significantly increasing their wealth,” said Singh. “ The government repeatedly refused to put in a wealth tax so the ultra-rich and huge corporations are paying their fair share. Canadians need a government that puts them first instead of helping to protect the profits of the ultra-rich. People deserve better and the NDP will continue to fight for Canadians.”

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