Shuvaloy Majumdar, Calgary Heritage
Linked statement
“The Prime Minister borrowed record amounts of money, and now Canadians are paying for it. Interest rates are up, making mortgages and loans cost over $1,100 more a year. That is on top of the $6,000 every family pays each year just on the government's debt interest. Canada's economy is barely growing while our peers do much better. Handouts to industry are driving up inflation. We need lower taxes, fewer rules, and real growth instead.”
“Mr. Speaker, the Prime Minister chose to borrow record amounts every year. Today, Canadians got the bill. The Bank of Canada has raised rates. A typical variable mortgage now costs $80 more a month, a line of credit costs $10 more and a car loan costs $5 more. That is more than $1,100 a year, on top of the $6,000 each family already pays toward interest on Liberal debt. Growth is flatlining. Canada is growing at under 1%, Europe at 2% and the United States at 4%. Billions of dollars in industrial subsidies feed demand and inflation. Canada needs supply-side reform, competitive taxes, lighter regulation and a plan for transformational growth. Instead, the Prime Minister trafficks in promises of someday, maybe and never. What we are seeing is just the beginning. How did the former central banker get it that wrong?”
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A repeated line
“The Bank of Canada has raised rates.”
Said 3 times by 2 members since October 28.
Every time it was said
Mr. Speaker, the Prime Minister chose to borrow record amounts every year. Today, Canadians got the bill. The Bank of Canada has raised rates. A typical variable mortgage now costs $80 more a month, a line of credit costs $10 more and a car loan costs $5 more. That is more than $1,100 a year, on top of the $6,000 each family already pays toward interest on Liberal debt. Growth is flatlining. Canada is growing at under 1%, Europe at 2% and the United States at 4%. Billions of dollars in industrial subsidies feed demand and inflation. Canada needs supply-side reform, competitive taxes, lighter regulation and a plan for transformational growth. Instead, the Prime Minister trafficks in promises of someday, maybe and never. What we are seeing is just the beginning. How did the former central banker get it that wrong?