If only there was something he could do about it.
Jagmeet Singh is angry.
The NDP Leader wants Canadians to know that he is sick and tired of Justin Trudeau’s inaction on the housing affordability crisis:
“Justin Trudeau keeps acting like everything is fine when the housing crisis is getting worse.
It’s harder than ever to find an affordable place — because, the Liberals & Conservatives have built a rigged system that benefits corporations.
With the NDP, that comes to an end.”
Justin Trudeau keeps acting like everything is fine when the housing crisis is getting worse.
It’s harder than ever to find an affordable place — because, the Liberals & Conservatives have built a rigged system that benefits corporations.
With the NDP, that comes to an end.
— Jagmeet Singh (@theJagmeetSingh) July 20, 2023
“Under Justin Trudeau – a couple with a variable mortgage rate will have to pay $1,713 more a month to afford their home.
That’s over $500k in additional interest over the life of their mortgage.
Families everywhere have been given a mortgage bombshell.
They need support.”
Under Justin Trudeau – a couple with a variable mortgage rate will have to pay $1,713 more a month to afford their home.
That's over $500k in additional interest over the life of their mortgage.
Families everywhere have been given a mortgage bombshell.
They need support. pic.twitter.com/DAtB8wC74O
— Jagmeet Singh (@theJagmeetSingh) July 19, 2023
NDP & Liberal Party ideology are now indistinguishable
Justin Trudeau leads a de facto majority government. He has this de facto majority government because Jagmeet Singh made the decision to create a pact with the Liberals to keep the Liberals in power.
The NDP has thus supported the policies that have made housing in Canada so unaffordable.
The NDP supports higher taxes that weaken economic growth.
The NDP supports anti-energy sector policies that drive up the cost of energy and kill jobs.
The NDP supports the rapid expansion of federal spending that has contributed to driving up the price of fixed assets like housing.
The NDP has taken an anti-business, anti-competition stance that demonizes the private sector and disincentivizes investment in Canada.
The NDP thus cannot claim to be innocent when it comes to the surge in housing prices.
How government spending drives up housing prices
As we’ve seen, the NDP’s answer to everything is to borrow more money and spend more money. But without strong productivity growth this just makes everything more expensive.
When a government spends excessively, it often involves the central bank creating new money to fund this spending (as we saw in Canada) especially if the government doesn’t have sufficient revenues to cover the increased spending. This increases the overall money supply. If this new money flows into the economy faster than the growth in goods and services – as it did in Canada – it can lead to inflation, as there’s more money chasing the same amount of goods, driving prices up.
The Trudeau government – supported by the NDP and (until recently) the Bank of Canada – all took actions that resulted in a rapid increase in government spending, government debt, higher inflation, and an out-of-control housing market.
Singh is directly responsible for much of this, as those policies are still ongoing. The Liberals are still rapidly increasing federal spending, the carbon tax is still going up, the oil & gas sector is still subject to a hostile federal government, and the overall business environment in Canada continues to worsen. And the NDP are with the Liberals every step of the way.
Angry at himself?
If Jagmeet Singh is really angry at all of this, he should be angry at himself. He isn’t some helpless observer. He is the leader of a federal party that is currently propping up the current federal government. He could end that at any time. He choses not to.
That is his choice. But by making that choice, he also relinquishes any credibility when it comes to criticizing the consequences of government policy, because he is de facto part of that same federal government.
To have any credibility going forward, Singh must end the Liberal-NDP Pact.
Spencer Fernando
Photo – Twitter
