Poilievre calls out Trudeau for interest rate hikes | How do you expect people to pay their bills?
Poilievre calls out Trudeau for interest rate hikes | How do you expect people to pay their bills?
Conservative Leader Pierre Poilievre called out Prime Minister Justin Trudeau for inflation in Canada following another interest rate hike.
Subscribe to CTV News to watch more videos: / ctvnews
Connect with CTV News:
For the latest news visit: http://www.ctvnews.ca/
For a full video offering visit the CTV News Network: http://www.ctvnews.ca/video
CTV News on Facebook: https://www.facebook.com/CTVNews
CTV News on TikTok: https://www.tiktok.com/discover/CTV-News
CTV News on Twitter: https://twitter.com/CTVNews
CTV News on Instagram: https://instagram.com/ctvnews/
CTV News on Reddit: https://www.reddit.com/user/CTVNEWS
---
CTV News is Canada’s most-watched news organization both locally and nationally, and has a network of national, international, and local news operations.
Content
1.68 -> so Justin
4.14 -> how do you expect people to pay their
5.7 -> bills now
7.74 -> you remember
8.88 -> you told them that debt had no
10.559 -> consequences that interest rates would
12.66 -> be low for long
13.92 -> and people could borrow as much as they
15.66 -> wanted and there'd be no problem
18.3 -> and now
19.56 -> you know in a span of a year
22.68 -> interest rates have gone up by four and
25.74 -> a half percentage points a 19 times
28.619 -> increase
30.119 -> in barely a year
33.059 -> Canadians who believed Justin Trudeau
35.94 -> enough to take on Monster million dollar
38.34 -> mortgages in order to afford the
41.399 -> inflated homes that they had to buy in
44.52 -> formerly affordable communities now
47.579 -> don't know how they're going to make
48.66 -> their monthly bills we already see
51.379 -> Canadians experiencing six and seven
54.42 -> hundred percent sorry six and seven
56.399 -> hundred dollar monthly increases in
58.44 -> their mortgage payments and according to
60.42 -> the Bank of Canada over the next three
62.34 -> years a large share of Canadian
64.619 -> households will see their mortgage
66.06 -> payments go up by 40 percent I want you
69.42 -> to think of what that means if you're if
71.159 -> you're paying three grand a month you
73.619 -> could see your mortgage payment
75.24 -> go up by fourteen hundred dollars that's
77.88 -> over fifteen thousand dollars a year for
81.9 -> a family that brings home 80 grand after
84.24 -> tax that vaporizes a quarter or in some
88.32 -> cases even a third of their entire
90 -> take-home pay not for mortgage payments
91.92 -> but just for increases in mortgage
94.259 -> payments now
96 -> we have after eight years of Justin
97.619 -> Trudeau the most indebted households in
100.68 -> the G7 over two trillion dollars of
104.28 -> household debt in other words household
106.92 -> debt is equal to the size of the entire
110.159 -> Canadian economy today think of what
113.7 -> this means mathematically every one
116.46 -> percentage Point increase in interest
118.079 -> rates equals one percent of our GDP a
121.86 -> two percentage Point increase two
123.899 -> percent which is more than the average
125.64 -> annual growth of our economy we've had a
128.759 -> four and a half percent increase in one
131.879 -> year this is on the verge of becoming a
136.68 -> crisis and that is an overused term but
138.54 -> I want to consider this the people who
140.459 -> took out million dollar mortgages in
141.959 -> 2021 and 2022 will be up for Renewal
144.959 -> after their five years in 2026 and 2027.
148.5 -> as these hundreds of billions of dollars
151.14 -> of debt collide with the massive
154.2 -> increases in interest rates there will
157.26 -> be a severe default crisis that is not
160.68 -> according to me that is according to
162.72 -> last week's report from the IMF which
165.72 -> says that Canada is the single most
168.36 -> at-risk country for mortgage defaults of
171.239 -> any country in the G7 Justin Trudeau you
175.62 -> are and you're spending you're out of
177.54 -> control debt and Taxation are leading us
180 -> headlong into a full-scale financial
183.12 -> crisis and I will not let you do it
188.86 -> [Applause]
194.04 -> now it is true that the government does
197.159 -> not set the interest rates but it does
198.78 -> set the policy that drives inflation
200.76 -> which forces the bank to raise interest
203.04 -> rates and if you don't believe me on
204.54 -> that I know I've been saying it like a
206.04 -> broken record for three and a half years
208.739 -> if you don't believe me then listen to
210.599 -> the Liberals themselves
212.22 -> John Manley
213.78 -> John Manley the former liberal Deputy
216.3 -> Prime Minister and Finance Minister said
219.54 -> that Justin Trudeau by spending all this
222.42 -> money and running all these deficits is
224.459 -> putting his foot on the inflationary gas
227.28 -> pedal while the Bank of Canada is
230.4 -> pressing down on the brakes with higher
233.159 -> interest rates Stephen McNeil former
235.14 -> liberal premier of Nova Scotia recently
237.959 -> said that it is in fact domestic deficit
240.84 -> spending that is causing the inflation
242.94 -> and not some global factor indeed the
245.159 -> governor of the Bank of Canada has said
247.14 -> that the inflation in Canada today is a
249.42 -> domestic phenomenon not something Justin
251.64 -> Trudeau can simply blame on the rest of
253.92 -> the world other bank Governors and
256.44 -> liberal insiders have now admitted the
258.959 -> exact same thing so in other words the
262.68 -> domino effect is he is creating by
264.6 -> running these deficits is that he drives
266.88 -> up inflation which drives up interest
268.86 -> rates which could drive up defaults what
272.4 -> do we do to save Canadians from this
274.979 -> financial catastrophe the answer is to
277.44 -> reverse the policies that got us into
279.24 -> the mess in the first place absolutely
283.139 -> thank you
285.24 -> and look we thought that the Liberals
287.34 -> agreed because it was only six months
289.56 -> ago they put forward a fall economic
291.12 -> update which promised to balance the
292.8 -> budget by 2027. now he says budget
295.56 -> balanced budgets are dangerous well only
298.56 -> six months ago he said he was going to
300.54 -> do it this is not a promise from eight
302.52 -> years ago when he ran for office on all
305.16 -> of his lofty uh promises and unrealistic
308.22 -> commitments this was six months ago when
310.139 -> his Finance Minister wrote her her
312.66 -> fellow colleagues and said you'll have
314.16 -> to find savings to match the new
316.5 -> spending and she said that deficits poor
319.56 -> fuel on the inflationary fire she was
322.38 -> absolutely right up until the point
323.88 -> where she introduced a budget that
325.5 -> poured 60 billion dollars of
327.96 -> inflationary fuel on the fire that's
329.639 -> forty two hundred dollars in new
331.86 -> inflation for every family in Canada but
335.46 -> conservatives are fighting back we have
337.62 -> announced that we are going to use every
339.419 -> parliamentary tool in our toolkit to
342.3 -> block this disastrous risky and
344.46 -> inflationary budget from passing until
346.979 -> the Prime Minister makes the commitment
349.32 -> to balance the budget in order to bring
351.78 -> down inflation and interest rates and
354.24 -> today I'm announcing that I will be on
356.039 -> my feet at roughly 7 pm
358.74 -> to stand up against this budget and I
360.9 -> will keep speaking and keep speaking and
363 -> keep blocking this inflationary train
365.34 -> wreck until the Prime Minister Rises
367.139 -> with a plan to balance the budget and
369.24 -> bring down inflation and interest rates
380.4 -> the way out is to bring home lower
383.46 -> prices by getting rid of the
384.78 -> inflationary deficit that involves
386.4 -> bringing in a common sense dollar for
388.08 -> dollar law
389.039 -> a law that requires government find a
391.02 -> Dollar of savings for every new dollar
393.66 -> of spending Justin Trudeau might think
395.699 -> that's hard but it's the same fiscal
397.38 -> discipline that every single mother
398.699 -> every small business person every farmer
400.919 -> follows every day they want to spend
402.66 -> more here
403.74 -> they spend less there or they get a
405.9 -> bargain on both if they want to grow
409.139 -> their advertising budget they have to
411.3 -> reduce their maintenance budget or they
413.699 -> have to find a better deal for both
415.259 -> advertising and maintenance that is how
417.66 -> small businesses run their operation
419.819 -> that's why they balance their budgets
421.56 -> because small business people understand
423.06 -> that budgets do not balance themselves
428.639 -> We Will We Will raid out we will root
430.979 -> out waste and mismanagement we'll end
432.84 -> the practice of giving a big fat juicy
435.72 -> contracts to Liberal insiders for
437.639 -> Unnecessary products like the arrive can
439.8 -> app we'll ax the 35 billion dollar
442.68 -> infrastructure bank that has existed for
444.84 -> five years and hasn't completed a single
446.819 -> solitary infrastructure project we will
449.759 -> root out waste and mismanagement
451.86 -> to progressively and responsibly balance
454.08 -> our budget so that we can protect our
456.479 -> social services but also bring down
458.699 -> inflation and therefore interest rates
461.099 -> before that massive bulge of mortgages
464.639 -> comes up for Renewal so that families
466.979 -> are able to keep their homes their homes
470.9 -> their homes are their security it is our
474.36 -> job to bring it home we will bring home
476.28 -> lower prices by ending the inflationary
478.68 -> deficits and carbon taxes bring home
481.139 -> powerful paychecks with lower income
482.88 -> taxes that reward hard work and by
484.74 -> removing Gatekeepers so immigrants can
486.36 -> work as professionals First Nations can
488.039 -> develop their resources we can produce
490.199 -> our energy here in Canada on Canadian
492.539 -> soil we will bring homes Canadians can
494.639 -> afford by removing the government
496.199 -> Gatekeepers to free up land and speed up
498.419 -> permits to build millions of new
500.22 -> affordable dwellings for our young
502.08 -> people to buy we'll bring home safety
504.419 -> safety with jail and not bail for repeat
506.94 -> violent offenders and by ending the war
509.16 -> on law abiding licensed Firearms orders
511.8 -> and going after a border security and
514.26 -> the real criminals instead and we will
515.7 -> bring home Freedom by ending government
518.039 -> censorship of the internet and on our
519.959 -> campuses so that Canadians can speak
521.52 -> freely on these matters and others none
524.64 -> of this is a revolution my friends this
526.5 -> is just common sense it is the common
528.959 -> sense of the Common People United for
531.3 -> our common home your home my home our
534.3 -> home let's bring it home thank you
538.62 -> guys
Source: https://www.youtube.com/watch?v=iBg8Wj2cyY8