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Decentralized Democracy

House Hansard - 221

44th Parl. 1st Sess.
September 20, 2023 02:00PM
Context: House Hansard - 221 - Sep/20/23
Mr. Jasraj Singh Hallan (Calgary Forest Lawn, CPC)
  • Sep/20/23 4:01:29 p.m.
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Mr. Speaker, I rise today to request an emergency debate, following yesterday's news that Canada's CPI inflation is once again on the rise. It has increased 43% in the last two months to reach 4%, double the Bank of Canada's target rate. This is at a time when Canadians are already suffering the cost of living crisis following two years of inflation brought on by the Liberal government's inflationary deficits. As former Liberal finance minister John Manley has said, that is like pushing on the gas while the Bank of Canada slams on the brakes as it raises interest rates to levels not seen in over 20 years. Insolvencies, bankruptcies and mortgage delinquencies are on the rise. A quarter of mortgage holders say they are struggling to pay their monthly mortgage bill, and food banks estimate they will see a 60% increase in usage this year. Canadians can no longer afford basic necessities, the cost of rent or a mortgage. According to the IMF, our country is the most at risk in the G7 for a mortgage default crisis. The pain felt by Canadians is real, and the risk for even more serious economic problems is very real. Therefore, I request an emergency debate to address this crisis.
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