Mr. Speaker, after 10 successive weekly increases, the central bank rate set by the Bank of Canada went up 71 basis points yesterday. With this decision, the Bank of Canada will slow consumption and investment, and will paralyze the housing market, a sector crucial for the creation of jobs, especially at a time when the reduction of unemployment is a major concern of Canadians and Quebecers.
Unfortunately the employment crisis is not a priority in Ottawa. The government does not have the courage to seriously tackle government spending in order to reduce the deficit and the debt which are responsible for these pressures on interest rates. There is no job creation policy and the Bank of Canada is allowed to maintain an anti-inflationary monetary policy which undermines the economic recovery.
Meanwhile interest rates are going up and the unemployed remain without jobs.