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OTTAWA Today, media has reported that nearly two-thirds of Canadians have seen the rising rate of inflation outpace their wage gains over the pandemic. This creates the same effect as a pay cut for millions of workers. The new interest rate hike announced by the Bank of Canada this morning will also put more pressure on the household budgets of Canadians.

"Canadians are now paying more interest on their debt to the big banks. To make matters worse, big companies are raising their prices and its putting an unreasonable amount of pressure on household budgets, said NDP Finance Critic Daniel Blaikie (ElmwoodTranscona). Canadians with stagnant wages shouldn't be expected to pay more to increase the giant profits of banks and big corporations. In last week's budget there was some progress to make the ultra-rich pay their fair share, but more needs to be done. These measures should be expanded to include the grocery and big box stores making record profits."

In last weeks federal budget, New Democrats used their power to make big banks and other financial institutions pay a little bit more of their fair share after making record profits. New Democrats are calling for these measures to be extended to big box stores and big oil companies making record profits so that the money can be reinvested in solutions that make life more affordable for you and your family.

When the cost of food, housing and gas for your cars goes up faster than workers wages, its like getting a hefty pay cut its not fair, said Blaikie. Rich CEOs are lining their pockets on the backs of struggling Canadians. It doesnt have to be this way. Instead of maintaining a rigged system that benefits the wealthiest, we need to fix it by making sure those at the top pay their fair share. By doing so, we can invest more in healthcare, build affordable homes, and create good jobs that help fight the climate crisis for Canadians.

Read more:
The Liberals must stop giving a free pass to the ultra-rich and make them pay their fair share: NDP - New Democratic Party