Rising interest rates mean families suffer another hit in the pocketbook

Bruske: With Parliament set to return, decision makers must put Main Street, not Bay Street, first

OTTAWA –– Today’s latest rate hike on top of the ongoing inflation crisis means more struggling families are facing an ever‑tightening financial squeeze.

Bea Bruske, President of the Canadian Labour Congress, said with the House of Commons returning in less than two weeks, it is critical Parliament returns to work ready to act urgently to address the affordability crisis.

“Workers and their families must not be asked to pay the price for high inflation, while greedy corporations grow richer and richer. Politicians must hold these mega-profitable corporations to account for taking advantage of this crisis to pad their profits,” said Bruske. “With so many struggling to afford the skyrocketing prices of daily essentials, decision makers must put Main Street, not Bay Street, first.” 

Bruske added that with corporate profit margins at a historic high, profitable companies must now be asked to do their part. Governments can not continue to stand by as wages and workers’ share of national income has fallen drastically.

“While European countries are taxing energy companies’ exorbitant profits to invest in emergency supports for workers and their families, Ottawa has failed to act,” said Bruske. “With the top four energy companies in Canada bringing in an astounding $12 billion in the second quarter alone, it is vital for highly profitable corporations to finally be made to pay their fair share.”

Bruske also noted that while inflation may have finally peaked, the cost of living for workers and their families is still well above the central bank’s two-percent target and inflation is predicted to stay well above this target for some time.

“With so many workers experiencing month after month of their paycheques lagging behind and their buying power going backwards, we continue to urge the Bank of Canada governor to stay in his lane – and out of the collective bargaining process,” concluded Bruske.

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