While Mark Carney promises $130 billion in new inflationary spending that will drive up taxes, food and housing costs, Poilievre will axe the inflation tax so your dollars go further.
Surrey, BC — Conservative Leader Pierre Poilievre announced today he will axe the inflation tax by ending Liberal overspending. Specifically, Poilievre announced the Conservatives will cut the annual budget for consultants by $10 billion annually, returning to Harper-era levels of spending on outside help.
Next, Poilievre’s plan for change will repeal Liberal anti-development laws, remove the cap on energy production, axe the industrial carbon tax and fast-track the 10 priority resource projects. This plan will create more of what money buys and economists have calculated that it will generate an extra $70 billion in tax revenue over the next five years–a number calculated by Philip Cross, former Chief Economic Analyst at Statistics Canada, and Dr. Tim Sargent, former Associate Deputy Minister at Finance Canada.
“Inflation is a silent thief, robbing you of your money bit by bit,” Pierre Poilievre said. “It drives food prices up, forcing families and seniors to go hungry. It’s doubled housing costs in just 10 years, pricing an entire generation out of a home. You’ve been pinching your pennies long enough, it’s time for the government to start pinching its pennies.”
Under the Liberals, inflation soared to the highest it’s been in a generation and Canadians are still paying the price. Food prices have continued to increase, skyrocketing 3.2 percent over the last year. In the last month alone, food prices surged 1.9 percent—the largest monthly jump for food prices in decades.
While Canadians face sticker shock every time they reach the checkout, Mark Carney actually denied that Trudeau’s deficits and money printing would lead to inflation. In December 2020, he said that inflation was “unlikely to materialize to a serious extent;” less than six months later, inflation skyrocketed. It was not the first time he’s been wrong.
As the governor of the Bank of England, he overshot the 2 percent inflation target for 5 out of the 8 years in his term. He was blamed for inflation in the UK hitting the highest among G7 countries at over 11 percent. After getting his inflation predictions disastrously wrong, however, Carney switched his tune, saying inflation was “a good scenario” that signalled the economy was “moving forward.”
Meanwhile, rich insiders were able to cash in as inflation boosted the value of their assets. That includes Brookfield – the company Carney chaired until earlier this year – whose CEO said in 2022, “many of our infrastructure, renewables and real estate assets [are] positioned to benefit from inflation.” Canadians’ pain was Carney’s gain as his millions of dollars in Brookfield shares profited from inflation.
Now Mark Carney plans to spend an additional $130 Billion dollars on top of Trudeau’s reckless spending, blowing past even Justin Trudeau’s fiscal guideposts. His platform will add almost a quarter-trillion dollars to the debt with no plan to pay for it. After reviewing Carney’s Liberal platform, Bloomberg warned of “Canada’s fiscal position worsening if the Liberals are re-elected,” while a Carney-friendly economist said the Liberals’ platform was a “spend-o-rama with even larger deficits than Freeland’s that just go on forever.”
Carney’s inflationary spending will only continue to drive up costs for Canadians, just as it did when he advised Justin Trudeau to spend billions five years ago. To pay for it, Liberals will have to print even more money and hike taxes even higher, with inflation driving up the cost of groceries, housing and gas–again.
“After the pain of inflation over the Lost Liberal Decade, Canadians can’t afford a fourth Liberal term of rising costs,” Pierre said. “Your dollars should keep their value with sound money. My government will axe the inflation tax and protect your money because you earned it and you should bring it home. For a Change.”