Mr. Speaker, the Governor of the Bank of Canada confirmed this week what many have long suspected, which is that the carbon tax increased inflation. The bank has also been forced yet again to increase its key interest rate to 4.75% in an attempt to try to get a handle on inflation. The prime rate is now a staggering 6.95%, the highest it has been in over 20 years. If the financial markets are to be believed, analysts predict that the Bank of Canada will have to continue to increase interest rates. This is hurting Canadians.
In previous questions, given the very real and tough financial situation Canadians are facing, I asked that the government consider temporarily lowering the proposed carbon taxes. However, instead of thoughtful deliberation, I am often met with a barrage of indignation about not caring about the environment. It is as if the only two positions available on the issue are these: I love and support the Liberal position, and, thus, I am clearly a person who cares about the environment. Otherwise, I do not blindly support the Liberal position, which apparently makes me an anti-science, right-wing loon stick. Mr. Speaker, give me a break.
I care about the environment just as much as any Liberal does. However, I also care about Canadians who are struggling to make ends meet. I care about people not being able to buy a home in their lifetime and not having to wait 25 years before they can save enough for a down payment. I care that people are unable to put food on the table.
More than a quarter of a million people visited the Daily Bread Food Bank. This is the highest number of visits in its 40-year history. Does that not give the government pause? Is there really no one who is saying, “Hold on; something is not working here”?
Before the parliamentary secretary jumps into her grocery rebate talking point, the money that they talk up, which is Canadians' money that the government is giving back, is honestly not going to go very far these days. Given the state of food inflation, it is not going to buy more than a couple of weeks' worth of food for a family of four, if that.
The Governor of the Bank of Canada attributed 0.4% inflation to the carbon tax. I did some quick math to see what that 0.4% inflation will cost Canadians. I want to put it in perspective on a matter that I think matters for a lot of people right now: housing.
According to the CMHC, the average mortgage in the first quarter of this year was $320,298. Thus, the carbon tax’s 0.4% in inflation is costing Canadians $1,281 per year in interest. When people are having to live paycheque to paycheque, that extra $107 per month in housing costs can mean someone having to skip a meal.
Canada Day is less than a month away, and to help Canadians celebrate it, the government is adding yet another carbon tax: the clean fuel regulation. Aside from these never-ending taxes and interest rate hikes, the government also continues to be oblivious to tax cascading on gasoline. I for one did not campaign on the taxing of taxes. In the face of inflation-ignited economic pressures and staggering costs for Canadians, how, in good conscience, can the government continue to pick the pockets of consumers at the gas pumps?
I do not think it is right. Therefore, I call upon the government again to axe tax cascading. I also ask that it seriously reconsider its economy-debilitating and inflation-producing carbon tax policy.