Budget adds inflationary fuel to the interest fire
Anyone who has been to the grocery store over the past year knows food inflation is higher than the official rate.
The same bill of around $15,000 for about a year’s worth of groceries in 2022 will now cost families upwards of $16,250 in 2023. Same food for the same people, and it’s costing you more.
Mortgages and rents are up, too. If you’re on a variable rate mortgage, you’ve already seen the increase, and if you’re about to renew your five-year mortgage, a shocking monthly increase is about to hit. It’s like a punch to the gut for monthly household budgets.
Yet the Liberal federal budget last month made matters worse. A bonanza of $46 billion more in inflationary spending, which amounts to $4,200 more per household, just adds fuel to the inflation and interest rate fires.
Also, the Trudeau Liberals hiked more taxes on April 1. The very last thing families in Waterdown and Flamborough, who are already struggling to make ends meet, could afford. This includes the carbon tax on home heating — with natural gas and fuel bills already up significantly.
And for what? Liberals have awarded $22 billion in contracts to outside consulting firms to do work that is clearly part of the public service’s core responsibilities. These high-priced consultants cost $1,400 per year for every household.
For young Canadians in the prime of their lives, these Liberals are fuelling inflationary rates that cause them to believe they will never own a home without significant help from their parents. Nine in 10 young people believe the dream of home ownership is dead. Sadly, many have chosen to continue living in their parent’s basements, saving money as best they can.
The 2023 budget was an opportunity for the Liberals to show they were serious about tackling the root causes of inflation and interest rate hikes. Instead, the fiscal anchors and guide posts are gone. More debt will cost every Canadian today and our children and grandchildren for decades to come. Canada’s economy is forecast to be the worst-performing in the industrialized world over the next decade because of it.
It doesn’t have to be this way. Canada is full of smart people and resources. Conservatives will continue the fight to unleash Canada’s great potential for everyone.