Those who got things right should be rewarded, while those who failed shouldn’t be in power.
As we know, it would be absurd to expect most people to accurately predict impending inflation.
And it would be absurd for most of us to be expected to predict when interest rates go up.
Unless that is someone’s job, they can’t be blamed for getting it wrong.
But what if it is someone’s job?
What if someone’s job is in fact explicitly and exclusively about accurately forecasting inflation and understanding whether interest rates are going to go up?
And what if, in addition to being responsible for making accurate forecasts, it is actually someone’s job to decide interest rate policy?
Perhaps we may call that position something like Bank of Canada Governor?
In that case, the Bank of Canada Governor should certainly face criticism and professional consequences (loss of job), for failing to accurately predict inflation and claiming interest rates weren’t going up.
Just take a look at this video recently released by CPC Leader Pierre Poilievre, showing how both BoC Governor Tiff Macklem and PM Justin Trudeau were totally wrong on inflation and interest rates:
Shouldn’t we reward those who get things right?
It’s not simply that Trudeau & Macklem were wrong, it’s that they had things completely backwards.
Macklem told Canadians interest rates weren’t going up, and then raised interest rates seven times.
Trudeau said his massive overspending was sustainable because interest rates were low, yet the government is still increasing spending amid higher interest rates – meaning debt service costs will grow significantly.
Meanwhile, Pierre Poilievre was right about inflation.
He was warning about it – accurately – and his warnings were ignored and rejected by both Macklem & Trudeau.
This raises a question Canadians must ask ourselves:
Shouldn’t we reward those who get things right?
After all, how can we keep the same people in power and expect them to solve challenges they couldn’t even fathom?
The Governor of the Bank of Canada failed on inflation, and led many Canadians into serious financial trouble by publicly claiming that interest rates would remain low.
PM Justin Trudeau failed to protect Canada’s finances, and – combined with his high-tax, anti-productivity agenda – has damaged our economy in both the short-term and long-term.
The fact is, on inflation and interest rates, Pierre Poilievre has credibility, while Macklem and Trudeau lack it, and Canada needs credible leaders now more than ever.
Spencer Fernando
Photo – YouTube
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