Majority Of Canadians Lack Confidence In The Bank Of Canada

InsightSpencerFernando

Seemingly endless failures have shredded the credibility of Canada’s institutions.

The Bank of Canada was once a highly-regarded institution, trusted by Canadians after years of relative monetary stability that coincided with fiscally-responsible federal governments.

Those days are now over.

Having enabled Justin Trudeau’s reckless spending, and having been wrong over and over again on inflation, the Bank of Canada is now distrusted by the majority of Canadians.

According to a recent Angus Reid poll, just 5% of Canadians are “very confident” the Bank of Canada is “making the right decisions.”

A further 28% are “confident.”

Combined, that’s 33% of Canadians who have some confidence in the Bank of Canada.

By contrast, 18% say they are “not confident at all” in the Bank of Canada, while 34% say they are “not that confident.”

Combined, 52% lack confidence in the BoC.

Partisan differences

The partisan breakdown demonstrates that Pierre Poilievre was wise to criticize the Bank of Canada, as his views line up with opinion in the CPC.

67% of CPC supporters lack confidence in the Bank of Canada, compared to just 26% who have confidence in the institution.

Meanwhile, 34% of Liberals lack confidence in the BoC, while 47% express confidence.

Among NDP supporters, 47% lack confidence, while 34% express confidence.

This demonstrates that even many Liberals and New Democrats don’t trust the Bank of Canada.

Honestly, it’s a surprise that even 33% of Canadians still trust the BoC.

The Bank had one job to do, and they failed to do it.

And not only did they fail to keep inflation under control, but they repeatedly dismissed those who warned that inflation was going to surge.

They even claimed that “deflation” was the real threat, at the same time politicians like Pierre Poilievre were explaining how rampant money printing would devalue our money and generate surging inflation.

Poilievre campaign responds

As expected, the Poilievre campaign was quick to highlight the fact that Canadians lack confidence in the Bank of Canada:

“When I said I’d fire the Bank of Canada Governor for printing $400B for Trudeau to spend causing inflation, Liberal media mouthpieces & Bay Street insiders went apoplectic.

Turns out Canadians agree with me.”

Many will remember that Jean Charest and the establishment press attacked Poilievre for criticizing the Bank of Canada, but Charest has once again shown himself to be completely out-of-touch.

Politicians like Charest blame the public for failing to support Canada’s institutions, rather than blaming those institutions for being unworthy of support.

Rather than acting as if Canada’s institutions are somehow above reproach or criticism, it is essential that those institutions be held accountable.

Those who fail to perform at their jobs should be removed from their role. That would be true for most of us in our own lives, so why should the head of the Bank of Canada be exempt from that?

Canadians are right to see that the Bank of Canada can’t be trusted, and Canadians are right to demand real accountability from those who have failed and harmed our nation.

Spencer Fernando

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