Month after month, Canadians are watching our earning power erode amid the ongoing consequences of failed Trudeau/Bank of Canada policies.
Canadians are understandably hoping for a break from rising inflation.
Unfortunately, the massive overspending of the Trudeau-Singh Pact and enabling of that agenda by the Bank of Canada has elicited long-term consequences.
Indeed, rather than easing, it would seem that inflation is set to rise even further.
According to BNN Bloomberg, economists are predicting that inflation will hit the highest level in nearly 40 years:
“Canada’s inflation rate has probably hit its highest in nearly 40 years, according to a Bloomberg survey of economists.
Statistics Canada data due next week are expected to show the consumer price index rose 7.3 per cent in May from the previous year. That would be the fastest yearly pace since 1983, and will all but cement expectations for a 75-basis-point interest rate hike from the Bank of Canada at its next meeting.
Wednesday’s report will incorporate used car prices for the first time, and will give more weight to gasoline in the basket of goods and services, under a methodological change announced earlier this week. Annual price gains hit a three-decade high of 6.8 per cent in April.”
The Bank of Canada spent months and months claiming that ‘deflation’ was the big concern, and dismissed those who warned that massive money printing and financing Trudeau’s surging deficits would lead to higher and higher prices.
Meanwhile, Chrystia Freeland spent months dismissing the threat of inflation, often speaking in an arrogant and elitist manner regarding those who were concerned about inflation.
The fact that both the Finance Minister and the Bank of Canada got things so wrong over and over again is a key reason that fewer and fewer people trust our institutions in this country.
Institutional trust – like all forms of trust – is slowly built up, but rapidly lost.
By failing at their core task – controlling inflation – the Bank of Canada created an environment in which they are rightfully facing scrutiny, criticism, and demands for accountability at the top.
No amount of political spin from the Liberal government or Bank of Canada can change the reality Canadians are facing, a reality in which the value of our hard-earned money is eroding month after month after month.
Our government and our institutions have failed our nation to a profound degree, and only with a dramatic change of course can we begin to undo the damage.
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