Thank you, Chair.
Thank you to the governor and senior deputy governor for being here.
I'll get right into it.
In a speech on October 6, Governor, you told the Halifax Chamber of Commerce that “inflation in Canada increasingly reflects what's happening in Canada.” In the lead-up to that statement, Canada had already seen $110 billion added to the debt before COVID and half a trillion dollars in the past two years, 40% of which we know had nothing to do with COVID or anything COVID-related.
Now there is $52.2 billion in new spending this year according to the PBO. Would you agree that all this spending is going to add more to fuel this homegrown inflation?