Inflationary deficits are driving up inflation and interest rates. The Governor of the Bank of Canada has said these deficits are even driving the higher costs. One mother told the CBC that she signed in to a 1.9% mortgage variable rate because she believed the government that rates would be low for long. And now she says, "I punched myself on that decision."
00:00:18.000And you don't know where, okay, so, but how are you going to pay for that?
00:00:21.000How are you going to pay for those costs in future years?
00:00:24.000Are you going to increase taxes or are you going to cut programs?
00:00:28.000Against that background, we are being unusually clear that interest rates are going to be low for a long time.
00:00:36.000The policy rate of the Bank of Canada, which is at the effect of lower bound, is currently at 0.25.
00:00:42.000The Conservatives keep raising fear about a potential 1% increase, which would represent a 500% increase if it were to shoot to 1.25 overnight.
00:00:52.000In any event, the Bank of Canada, during the testimony before this committee, has explained that there is no plan to do that for the next potentially few years.
00:01:00.000And that in any event, the conditions that would justify such a radical increase would essentially tell a story that the economy is doing very well.
00:01:08.000Well, Canadians were hit with another interest rate uppercut today after inflationary deficits by this Liberal government are driving up inflation and interest rates.
00:01:21.000The Governor of the Bank of Canada has even said these deficits are driving the higher costs.
00:01:25.000One mother told the CBC that she signed in to a 1.9% mortgage variable rate because she believed the government that rates would be low for long.
00:01:34.000And now she says, I punched myself on that decision. Why did I listen to these people?
00:01:40.000Mr. Speaker, how is this mother going to pay the extra $1,000 a month in mortgage payments that they're putting on her back?