OTTAWA (LifeSiteNews) – Bank of Canada Governor Tiff Macklem gave a grim assessment of the state of the economy, essentially telling Canadians that they should accept a “lower” standard of living.
In an update on Wednesday in which he also lowered Canada’s interest rate to 2.25 percent, Macklem gave the bleak news, which no doubt will hit Canadian families hard.
“What’s most concerning is, unless we change some other things, our standard of living as a country, as Canadians, is going to be lower than it otherwise would have been,” Macklem told reporters.
“Unless something changes, our incomes will be lower than they otherwise would be.”
Macklem said what Canada is going through “is not just a cyclical downturn.”
Asked what he meant by a “cyclical downturn,” Macklem blamed what he said were protectionist measures the United States has put in place such as tariffs, which have made everything more expensive.
“Part of it is structural,” he said, adding, “The U.S. has swerved towards protectionism.”
“It is harder to do business with the United States. That has destroyed some of the capacity in this country. It’s also adding costs.”
Macklem stopped short of saying out loud that a recession is all but inevitable but did say growth is “pretty close to zero” at the moment.
While some U.S. protectionist measures put in place by President Donald Trump have impacted Canada, the reality is that since the Liberals took power in 2015, first under former Prime Minister Justin Trudeau and now under Mark Carney, government spending has been out of control, according to experts. Rising inflation is rampant.
Canadian taxpayers are already dealing with high inflation and high taxes, in part due to the Liberal government overspending and excessive money printing, and even admitting that giving money to Ukraine comes at the “taxpayers’” expense.
As reported by LifeSiteNews, Carney boldly proclaimed earlier this week that his Liberal government’s upcoming 2025 budget will include millions more in taxpayer money for “SLGBTQI+ communities” and “gender” equality and “pride” safety.
As reported by LifeSiteNews, the Canadian Taxpayers Federation (CTF) recently blasted the Carney government for spending $13 million on promotional merchandise such as “climate change card games,” “laser pens and flying saucers,” and “Bamboo toothbrushes” since 2022.
Canadians pay some of the highest income and other taxes in the world. As reported by LifeSiteNews, Canadian families spend, on average, 42 percent of their income on taxes, more than food and shelter costs. Inflation in Canada is at a high not seen in decades.
