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Decentralized Democracy

House Hansard - 209

44th Parl. 1st Sess.
June 8, 2023 10:00AM
Context: House Hansard - 209 - Jun/8/23
Mr. Eric Duncan (Stormont—Dundas—South Glengarry, CPC)
  • Jun/8/23 2:18:21 p.m.
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Mr. Speaker, Canadians learned yesterday of the devastating news to their household budgets. The Bank of Canada has hiked interest rates once again, which are now 19 times higher than they were just one year ago. Plain and simple, Canadians are at the most risk of any advanced economy for mortgage defaults, according to the IMF. Let us make no mistake about it. These rate hikes are caused by Liberal inflationary deficits. The finance minister admitted it just weeks ago, before adding $60 billion in new deficits instead of balancing the budget. The economics here are simple. Liberal government deficits cause inflation, which cause higher interest rates, which cause mortgage defaults. The solution is simple too. Liberals must stop the deficits, which will stop the inflation, which will stop interest rates from going up, which will stop the defaults. The Prime Minister admitted he does not spend a lot of time thinking about monetary policy, and now Canadians are paying for it. Mortgage payments are going to go up another 40%. It is time for the Liberals to smarten up and get the crisis they caused under control.
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