Sabrina Maddeaux: Sorry Trudeau, thinking about monetary policy is thinking about families

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Inflation hit 3.7 per cent in July NP Bloomberg | James Alexander Michie

Inflation hit 3.7 per cent in July. PHOTO BY BRENT LEWIN/BLOOMBERG FILES

These decisions will hugely impact families’ ability to afford everything from groceries to housing, as well as their ability to pay down debts and mortgages

The first week of Trudeau’s campaign hasn’t exactly been smooth sailing, but perhaps his biggest unforced error was saying he «doesn’t think about monetary policy.» The comment was in response to a question about the rising cost of living and whether he’d change the Bank of Canada’s mandate when it expires at the end of this year. While the Bank of Canada is a crown corporation that operates independently of the federal government, it’s mandate, which includes inflation targets and whether it should consider things like employment rates and climate change, comes up for renewal every five years. That it’s set for review in the midst of what Trudeau himself calls such a «pivotal» time should make it a priority. Supposedly thinking about families ahead of monetary policy is utter nonsense.

On the same day he made the statement, Statistics Canada reported inflation hit 3.7 per cent in July, one of the highest levels in over two decades. High inflation rates effectively act as a tax on the working class. There’s a wide range of opinions of how Canada should tackle monetary policy in the post-pandemic era.

Trudeau, who claims he wants voters to have a strong voice in their future, should be encouraging Canadians to learn more about it and have their opinions heard, not brush it aside.

Source: Sabrina Maddeaux | NP 

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