Conservative leader Pierre Poilievre blasted Prime Minister Justin Trudeau for not keeping interest rates low like he said he would. .“People believed them — and racked up massive personal debts,” said Poilievre in a Wednesday tweet. .“Now, they face bankruptcy.”.Poilievre asked if Trudeau will pay for people’s mortgages. .He included a video with his tweet, which starts off with CTV National News journalist Glen McGregor saying future governments are going to have to carry Trudeau’s debt. .“The servicing costs on that are going to be very high,” said McGregor. .Trudeau said interest rates are at historic lows. McGregor said it's a ton of money. .He asked Trudeau how he is going to pay for those costs in future years. He said will he increase taxes or cut services. .The video goes to Bank of Canada Governor Tiff Macklem saying interest rates are going to be low for a long time. .It moves to Liberal MP Sean Fraser saying the BoC’s policy rate is .25%. Fraser said the Conservatives “keep raising fear about a potential 1% increase, which would represent a potential 500% increase if it were to shoot to 1.25 overnight.” .“In any event, the Bank of Canada, during the testimony before this committee, has explained there is no plan to do that for the next potentially few years and in any event, the conditions that would justify such a radical increase would essentially tell the story that the economy is doing very well," he said. .The BoC raised its rate by .25% on Wednesday, the highest since 2007. .READ MORE: BoC raises interest rates to highest in 15 years.”In Canada, recent economic growth has been stronger than expected and the economy remains in excess demand,” said the BoC..“Labour markets are still tight, the unemployment rate is near historic lows and businesses are reporting ongoing difficulty finding workers.” .Poilievre said Canadians were “hit with another inflationary interest rate uppercut today.” .He said deficits are driving up inflation and interest rates. He acknowledged Macklem said deficits are driving higher costs. .Poilievre went on to say one mother told CBC she signed into a 1.9% variable rate mortgage because she believed interest rates would be low for a long time. The mother said she punches herself over this decision. .“Mr. Speaker, how is this mother going to pay the extra thousand dollars per month in mortgage payments that they’re putting on her back?” he said.
Conservative leader Pierre Poilievre blasted Prime Minister Justin Trudeau for not keeping interest rates low like he said he would. .“People believed them — and racked up massive personal debts,” said Poilievre in a Wednesday tweet. .“Now, they face bankruptcy.”.Poilievre asked if Trudeau will pay for people’s mortgages. .He included a video with his tweet, which starts off with CTV National News journalist Glen McGregor saying future governments are going to have to carry Trudeau’s debt. .“The servicing costs on that are going to be very high,” said McGregor. .Trudeau said interest rates are at historic lows. McGregor said it's a ton of money. .He asked Trudeau how he is going to pay for those costs in future years. He said will he increase taxes or cut services. .The video goes to Bank of Canada Governor Tiff Macklem saying interest rates are going to be low for a long time. .It moves to Liberal MP Sean Fraser saying the BoC’s policy rate is .25%. Fraser said the Conservatives “keep raising fear about a potential 1% increase, which would represent a potential 500% increase if it were to shoot to 1.25 overnight.” .“In any event, the Bank of Canada, during the testimony before this committee, has explained there is no plan to do that for the next potentially few years and in any event, the conditions that would justify such a radical increase would essentially tell the story that the economy is doing very well," he said. .The BoC raised its rate by .25% on Wednesday, the highest since 2007. .READ MORE: BoC raises interest rates to highest in 15 years.”In Canada, recent economic growth has been stronger than expected and the economy remains in excess demand,” said the BoC..“Labour markets are still tight, the unemployment rate is near historic lows and businesses are reporting ongoing difficulty finding workers.” .Poilievre said Canadians were “hit with another inflationary interest rate uppercut today.” .He said deficits are driving up inflation and interest rates. He acknowledged Macklem said deficits are driving higher costs. .Poilievre went on to say one mother told CBC she signed into a 1.9% variable rate mortgage because she believed interest rates would be low for a long time. The mother said she punches herself over this decision. .“Mr. Speaker, how is this mother going to pay the extra thousand dollars per month in mortgage payments that they’re putting on her back?” he said.
