cross-posted from: https://lemmy.ca/post/73057753
The Bank of Canada raised its key interest rate for the first time since July 2023 Wednesday to tamp down inflation, a hike Ontario Premier Doug Ford panned as “a massive mistake.”
“Higher rates won’t get oil moving through the Strait of Hormuz or lower tariffs on Canadian businesses. They will only make life more expensive for Canadian families and workers, punishing them for something they can’t control,” Ford wrote in a tweet before the announcement was made this morning.
Sure Doug, keep cutting revenue streams like Licence validation then feel your butthole pucker when you run up a $17B deficit and interest rates are going up.
Maybe a grade 12 grad was not the best idea to run a $1T economy?
I don’t think his high school education is the problem. I’ve known some pretty smart people who only had a high school education.
Now, I’ll point you to where the problem is. He says he wants to run the government like a business. Okay, valid. Now look at how he ran the last business he owned.
He’s doing a Trump. Trump threatened the federal reserve to lower their interest rates so he won’t look bad.
If dofo actually cared, there are plenty of things he could’ve done provincially.
You’re not one of those people who expects to get health care from your government, are you? /s
Fuck him. He’s just as bad.
Actually, he’s not wrong. This isn’t a domestic issue, it isn’t out of control Canadian growth causing prices to rise, this is external issues (orange fuckwit) hiking costs and an interest rate hike will only suppress domestic wage growth and reduce income.
Canada is supporting the US and keeps calling Iranians terrorists. Canada also supports Israel which controls the US.
Carney likes to do a lot of mouth-talk about supporting Canadians, but just like Trump and Doug Ford, he only cares about making his family and friends rich. Carney is spending billions like crazy which is just going to pump inflation.
Yah, nothing of what you said is the reason inflation is happening in Canada.
I don’t like Doug Ford either, but a broken clock is still right twice a day.
“Higher rates won’t get oil moving through the Strait of Hormuz or lower tariffs on Canadian businesses. They will only make life more expensive for Canadian families and workers, punishing them for something they can’t control,”
Wow. This fuckin’ idiot has no idea why shit is so expensive right now, does he? All the Bank of Canada can do, is slap a Band-Aid on this shit. The real “cause” of all this inflation, is sitting in the White House right now, masturbating to video clips of himself on Fox News.
The only tool the BoC has is a hammer. And the stupid part is he’s not wrong about businesses charging more to make up for the costs of the thing we can’t control. Take out gas right now and inflation’s where it should be. Will it still be in 6 months?
But gas is where it is because some asshole stated he was a Republican and had great hopes when Trump won in 2024.
https://www.cbc.ca/news/canada/toronto/ford-trump-win-comments-tariffs-1.7449512
businesses charging more to make up for the costs of the thing we can’t control
That’s literally how inflation works. In this case, it is a direct result of US foreign policy. “Taking out” the cause of the inflation, and then saying “without this, inflation would be where it should be”, is really kind of weird. Like, of course it would…but that’s not what’s happening.
The Bank of Canada is trying to compensate for all that…they aren’t responsible for causing it. And if things keep going the way they have been, with Iran and the tariffs, then they may have to raise rates again. Or, would you rather the inflation just keep picking up speed, until no amount of rate hikes can stop it?
What part of my comment gave you the impression I was against this rate increase?
Here, let me help. I don’t care what reason the BoC uses to do so, the rates should be a lot higher than they are right now.
I don’t know, man…your whole comment sounded like you were complaining about the rate hike.
By… using the same phrasing the BoC governor used in his press conference?
No one’s expecting anyone but Trump and Iran to control the supply side issues. He explicitly said he did it to reduce the likelihood that businesses pass those issues on.
Did the BoC governor also say “the only tool the BoC has is a hammer”? Because that would be an odd criticism coming from the guy in charge of the BoC.
And, yeah…the whole point in raising interest rates right now, is to slow borrowing, until energy costs have stabilized again. You don’t want the current cost of oil to impact borrowing, only to have it come down again in a year, and have people holding more debt than it’s worth.
This is simply an unfortunate economic fact.
Did the BoC governor also say “the only tool the BoC has is a hammer”?
No, that was me. And it was a fact, not a criticism. The only thing the BoC can do is tweak the interest rate. You want more than that, that’s gonna have to come from the other BoC governor. You know, the one we elected.
