MONTREAL, QC – Inflation is hurting Canadians in every community across the country with more families than ever searching for help from food banks and other community support non-profit organizations. As we’ve tried to navigate a pandemic, multiple climate disasters, and escalating global conflict, people have been struggling an increasing number of, and inequality has been growing to unprecedented levels. The federal government must be doing more to make sure everyone has their most simple needs met.
Tackling inflation the rate of interest policy applied by the Bank of Canada will definitely assist in reducing demand nevertheless it won’t control inflation. It takes rather more than higher rates of interest to get inflation under control and the tools available to the Bank of Canada are limited. We’d like government to step up with long-term policy for economic stability and community self-sufficiency.
Liberals keep telling us inflation is a worldwide problem and that Canada is doing higher than most, citing unemployment and GDP numbers which can be higher than pre-pandemic levels, numbers which can be outperforming our G7 partners. Step outside Parliament Hill, step off Bay Street and confer with anyone you see not wearing a suit, they’ll let you know how those numbers don’t reflect their reality.
Conservatives keep beating the “no latest taxes” drum, trying in charge the carbon tax for rising fuel costs when this is completely a drop within the bucket in comparison with the surplus profits seen by fossil fuel firms. The Conservative government in the UK experimented with their very own tax cuts recently and the result was such economic havoc that they are actually attempting to aggressively reverse course. The evidence is obvious, an across the board reduction in taxes would only increase government deficits, further reduce the standard of presidency services which were struggling recently, and fuel even greater inflation.
Meanwhile the NDP proposes solutions like increasing taxes on corporations that will surely help with wealth distribution but is a band-aid to a situation that requires nothing in need of complete economic transformation.
Greens know the basis reason behind the present inflationary crisis is supply instability and that’s largely as a consequence of climate disruption. Storm upon storm, forest fires, flooding, drought and fatal heat waves are all having an impact on the availability chain and the value of products. And the way can we reply to these crises but with government spending and payouts from insurance firms, although the latter is becoming increasingly unlikely because the climate crisis worsens.
We’re told by government and mainstream economists that the economy is growing because these short-term “recovery” measures register as GDP growth, yet our well-being continues to say no.
To interrupt the unsustainable status-quo the Green Party of Canada proposes:
- Implementation of a universal and guaranteed livable income so everyone can provide themselves and their families with their most simple needs
- Implementation of a real progress indicator dashboard following the doughnut economic model
- Eliminate our dependence on fossil fuels as a approach to control inflationary pressure
- Invest massively in climate adaptation and resilience to ensure that Canada to prosper in the longer term
- Develop a national strategy for complete economic transformation to a circular economy on the national, regional and native level
- Implement a windfall tax on excess profits from oil and gas firms, as called for by the UN Secretary General
- Get well the $30B in taxes lost through corporate tax loopholes
- End the subsidies going to the fossil fuel industry including the Carbon Capture Utilization and Storage tax credit
The Green Party is the just one the deep causes of the multiple crises we’re all attempting to face. If we’re to construct a more resilient society able to enabling everyone to live their life with dignity, we must address climate disruption and the unsustainably of extractive capitalism, now.
Deputy Leader and Finance Critic,
Green Party of Canada
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Fabrice Lachance Nové