Mr. Speaker, the Liberal government says that inflation in Canada is not its fault. Blowing up people's mortgage payments is not its fault. High interest rates are not its fault. If one cannot afford gas, groceries or home heating, it is not its fault either. However, now we know the truth.
The Governor of the Bank of Canada has confirmed “inflation in Canada increasingly reflects what's happening in Canada.” Former Bank of Canada governor Mark Carney even said, “[Inflation] is quite broad...most of it is now domestically generated inflation.”
The truth is that the cost of government is driving up the cost of living. The more the Liberals spend, the more things cost. Just last week, the Governor of the Bank of Canada admitted as much when he confirmed that, if government spending had been just half of what it was during the pandemic, we would be seeing lower inflation today. He said that inflation is costing each Canadian an extra $3,500 per year.
The Prime Minister is out of touch and Canadians are out of money. Instead of creating more cash, it is time to create more of what cash buys.