Documents obtained by the Canadian Taxpayers Federation demonstrate how the Bank of Canada used your money to reward themselves.
While they were ignoring warnings from common-sense people like us, and while they were repeatedly getting it wrong on inflation, it turns out the Bank of Canada was rewarding themselves for their failures.
Documents obtained by the Canadian Taxpayers Federation reveal the extent to which the Bank of Canada used your money to better their own financial situation, even as the financial situation of Canadians worsened – in large part due to Bank of Canada failures:
“The Bank of Canada gave its employees $45 million in pay raises and bonuses during the pandemic even though it failed to hit its inflation target, according to records obtained by the Canadian Taxpayers Federation.
“Why is the Bank of Canada patting itself on the back and handing out millions in bonuses and pay raises while Canadians are struggling to pay for groceries and gas?” asked Franco Terrazzano, Federal Director of the CTF. “If its objective is to keep inflation low, then it doesn’t make sense for Canada’s central bank to hand out bonuses and pay raises while the cost-of-living soars.”
In 2020, the Bank of Canada gave pay raises to 1,728 employees, costing $5.3 million. In 2021, it gave pay raises to 1,857 employees, costing $5.2 million. It did not cut the pay of any employees in 2020 or 2021.”
Amazingly, the Bank of Canada also seemed to be reveling in their ability to reward themselves despite failing, giving out bonuses for “meeting or exceeding expectations”:
“In addition to pay raises, the Bank of Canada gave bonuses to 1,632 employees in 2020, costing $16.2 million. In 2021, it gave bonuses to 1,752 employees, costing $18.4 million. The Bank of Canada told the CTF that it hands out bonuses for “successfully meeting or exceeding expectations.””
What expectations did they ‘meet’ or ‘exceed’ exactly?
Did they meet or exceed their goal of keeping inflation in check?
Nope.
Did they do the right thing by enabling Trudeau’s endless deficits?
Nope.
Did they do a good job predicting inflation?
Nope, just the opposite in fact, as they warned of the risk of “deflation” even as others were saying inflation was the threat.
Big government rewards failure, while punishing success
Aside from the contempt the Bank of Canada is showing Canadians by using our taxpayer dollars to reward themselves for failure, there is a deeper issue.
Big government rewards failure, and punishes success.
The more a government institution fails, the more they will claim that they failed because they didn’t have enough money.
The money they claim to need comes from only one place: Taxpayers.
And, the more taxpayers produce, the more the government will be able to take away.
But of course, the more they take, the less incentive there is to produce.
So, we see what happens:
Government gets bigger, the economy stagnates, and a deepening malaise and lethargy sets in.
This is where Canada is today.
The Bank of Canada fails over and over again, yet feels entitled to take your tax dollars and reward themselves.
The more Liberal policies cause damage to our country, the more they double-down.
What matters now is whether Canadians will continue to put up with this, or whether a critical mass of people will realize that the era of big government must be ended for Canada to thrive.
Spencer Fernando
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