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Decentralized Democracy

House Hansard - 13

44th Parl. 1st Sess.
December 8, 2021 02:00PM
  • Dec/8/21 2:44:48 p.m.
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Mr. Speaker, the Bank of Canada is supposed to be focused solely on reducing the rising cost of living, but some people are saying that it should be focusing on all sorts of other things outside of that, particularly policy, which is the sole responsibility of elected representatives. Right now, people are struggling with maxed-out credit cards, and they are trying to figure out how to buy Christmas presents. The Prime Minister has not answered the basic question, and so I will ask him something very simple. Does he agree that the Bank of Canada should only be focused on reducing inflation and keeping it at 2%?
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  • Dec/8/21 2:45:46 p.m.
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Mr. Speaker, why can he not just make that announcement right now? His lack of policy on this has created a lot of instability, and what that translates to the average Canadian is that they cannot buy Christmas presents. They are struggling with maxed-out credit cards. What we have here is a Prime Minister who does not understand that it is his responsibility to set this policy. The Bank of Canada should be solely focused on keeping life affordable for Canadians. Will the Prime Minister announce today that he intends to renew this exact mandate?
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  • Dec/8/21 2:46:50 p.m.
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Mr. Speaker, except the Canadian economy has seen inflation blow way past that target, and the average Canadian knows that. The average Canadian right now cannot buy Christmas presents. I know that the Prime Minister might not understand what it is like to be struggling with a maxed-out credit card, but most Canadians do. That means understanding that he should be telling the Bank of Canada to focus on keeping life affordable, not making economic or fiscal policy. That is his job and the job of this place. So, will he today, very basic and very simple, say that he will keep that target at 2% through the mandate?
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  • Dec/8/21 2:48:07 p.m.
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Mr. Speaker, “misrepresenting this inflation crisis”, tell that to someone in Kelowna today who is paying $1.67 a litre for gas. Tell that to the single mom who is trying to fill up her tank with gas, or the person who is trying to buy her spouse a hockey jersey that is costing $100 more this year or is paying $600 a month in interest on a credit card. The Prime Minister has misrepresented to Canadians his ability to manage a basic economic crisis. What he could do today to reassure Canadians is tell them that he understands this, he is going to quell this crazy talk about the Bank of Canada wading into policy that he has responsibility for, and is keeping inflation at 2%.
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