Hon. Marc Gold (Government Representative in the Senate): Thank you for your question and for underlining the challenges that our economy continues to face. The government will continue to act in a prudent and responsible fashion to help Canadians through this period and to support our economy as it grows.

As I’ve said on many occasions in this chamber, the rising interest rates and inflation are a function of many factors, only part of which is attributable to government spending.

Indeed, I was gratified to read that analysis is also shared by Scotiabank economists, who pointed out that the increase in inflation is due to many factors, the great majority of which are global factors, including supply chains. Only 15% is attributable to government spending to help us through the pandemic.

Indeed, the economists also affirmed that these programs had a large and welcome impact on our economy. The government’s credit rating is solid, and we are well positioned for the future.