Nova Scotia Journal

Here’s a look at the reasons behind inflation in Canada

reasons behind inflation in Canada

Key Takeaways:

  • It wasn’t long ago that the Conservative Party of Canada took pride in being well-versed in current economic and financial issues.
  • But, if the party’s growing obsession with inflation and insistence on blaming it on the prime minister is any evidence, those days are long gone.

Instead, they appear content to trade in the kind of tattered fiction and populist fear-mongering that defined and continues to animate Trumpist economics.

As an example, consider their decision to appoint conspiracy theory enthusiast Pierre Poilievre as shadow finance minister. After demoting him from the position in the spring, leader Erin O’Toole reinstated him. That signaled the CPC’s intention to keep banging the same drum Poilievre had been hitting all summer: accusing the Liberal government of inflating the economy through excessive spending.

leader Erin O’Toole

Predictably, those are the same things Poilievre objected to back in March 2020, when the pandemic was still in its early stages: spending money to support Canadian households and businesses.

Also Read: Cameron Bailey has been appointed as the CEO of the Toronto International Film Festival

“You might need to address it through big, fat government programs,” he said when asked if he thought tax cuts were the best way to respond to COVID-19. “Because we’re conservatives, we don’t believe in it.”

Never mind that prominent conservative pundits such as Ken Boessenkool and John Ivison have admitted that the current bout of inflation Canadians are experiencing has nothing to do with the federal government’s policies. Moreover, similar inflation levels in Germany, the United Kingdom, and the United States would indicate it can’t possibly be Justin Trudeau’s fault.

The flash floods in British Columbia and their impact on everything from shipping to agriculture will provide an unwelcome preview of this.

Poilievre or the Conservative Party of Canada will ignore this looming threat, just as they have studiously downplayed and dismissed the threat of climate change for as long as they have been in power. Even the most obstinate observer will eventually recognize the reality of climate-driven inflation.

The only original questions are whether it will be too late to do anything by then and how much it will cost the hardworking Canadians for whom conservatives like Poilievre claim to fight.

Source: Nationalobserver News

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *