The new data released by Statistics Canada presents a gloomy economic picture of the country revealing an unsettling trend that is biting into the pockets of many. The inflation upsurge mainly through rising gasoline prices has become a headache to the government and their apparent failure to deal with this pressing matter is a clear evidence of lack of guidance within them.
The statistics reveal something very different from what is being said by the ruling party. In March, there was a year over year increase of 2.9% in the Consumer Price Index as opposed to 2.8% in February which indicates that it’s not declining anytime soon. This increase in inflation is primarily due to huge rise in gas prices at 4.5%, which residents have had to bear every month.
This report further showed how much the government does not care about its people, it states “mortgage interest cost index rose 25.4% on a year-over-year basis in March, following a 26.3% increase in February.” This huge leap in housing expenses makes numerous families unaffordable for many making them miss their dream since they can only afford renting homes.
Our latest poll on the Scoop Canada YouTube Channel delved into the pressing question of whether Canada should reduce its income tax rates to boost economic growth. The findings were remarkable, with nearly every participant endorsing the idea. Join the ongoing discussion on our Scoop Canada YouTube channel and share your opinion by casting your vote here to have a say on this critical matter!
Another aspect clearly pointing out their complacency is related to Bank of Canada’s decision to keep its key interest rate at 5%. That even though it agrees with public expectations that there should be intervention made, leaving rates unchanged still seems like complacent strategy adopted by Bank of Canada Governor David Dodge who commented on June’s possibility of “a rate cut”. But such stance does little to inspire confidence among citizens who are desperate for effective steps taking by authorities towards easing some financial burdens off their shoulders.
Coming right before the announcement of federal budget; this report reveals how disconnected the ruling party’s words have been from actual experiences lived by Canadians. It signals government should stop making big promises and start doing hard work in terms of long-term and effective solutions that will address the root causes of this economic crisis.
The budget is about to be released this week as Canada waits with bated breath. The government must show real consideration for its community or citizens. If the ruling party does not come up with a holistic, prudent master plan on how to deal with inflation, housing affordability and cost of living; then public confidence erosion will continue unabated.
Now is no longer the time for jargon and empty gestures. The Canadian people deserve a government that prioritizes their needs, understands the gravity of their predicament and is ready to take decisive actions aimed at accelerating economic recovery and stability. They swore an oath to safeguard the interests of these individuals; it’d be wrong if they fall short of it.
Last Updated on by Alshaar Ansari
