Image Credit: The Canadian Press

By Doug Collins

One Man's Opinion

COLLINS: Tiff says higher interest rates are working. Tiff is wrong

Aug 20, 2023 | 7:30 AM

IN FEBRUARY OF THIS YEAR, Bank of Canada Governor Tiff Macklem told an audience in Quebec that the bank’s policy of hiking interest rates was working, that we would likely be able to meet the 2 per cent target for inflation.

This week, with the bank rate at 5 per cent, inflation was 3.3 percent in July. That will, without doubt, force another rate hike in September.

The monetary policy has been based for a long time on using interest rates to keep borrowing lower, keep the housing market under control and force consumers to spend less. It’s obviously time to take a look at a new policy that more accurately reflects today’s attitude towards handling money. Because, as you and I both know, the current policy isn’t doing the trick.

I’m no economic guru, but I know enough to realize that we can’t go on like this.

With higher interest rates, we are paying more for everything. Grocery prices continue to stay at extremely high levels, mortgage renewal costs will force people out of their homes, the number of homeless will rise because the costs of building supportive housing will make it difficult to build the number of units required. All the hikes continue even while the Bank of Canada continues to raise the base rate, an action which is supposed to slow things down.

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Governments continue this policy because they don’t have a clue what to do to make things better. And while they’re trying to figure something out, the little guy is faced once again with having to pay the rich and carry them on their backs.

It’s sort of a scenario where Tiff fiddles while the population burns.

Time to put on a new pair of glasses that gives us a new perspective.

I’m Doug Collins and that’s One Man’s Opinion.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or Pattison Media.