Ottawa, ON – Yesterday, the Prime Minister claimed that ‘what we’re doing is working and we’re just getting started.’ Yet for too many Canadian families that is far from reality. 

While the Finance Minister says the economy is ‘doing just fine’, Canadians are squeezed by rising costs and left with no real economic plan. After more than a decade of this Liberal government, families are suffering from the highest household debt and some of the worst per-person growth in the G7.

The cost of living is now the top financial stressor for 63 per cent of workers. Canada has among the highest food inflation in the G7, and food insecurity now affects 38 per cent of Canadians, while 76 per cent say grocery costs are the greatest pressure on household finances. The pressure continues to build as StatCan reports a 24 per cent increase in costs of back to school supplies since 2015.

As families worry about their finances, CMHC recently found that 35 per cent of mortgage holders who renewed faced greater financial pressure due to higher interest rates. With economic uncertainty persisting and more borrowers choosing shorter-term mortgages, many households remain vulnerable to future interest rate changes. With budgets stretched to the limit, consumer insolvencies reached 37,523 filings in Q2, the highest level in more than a decade.

Beneath this reality is an economy that has failed to attract investment, create opportunity or inspire confidence in Canada’s future. Business closures have outpaced openings for three straight quarters while Canadian manufacturers continue moving south. It’s no wonder that economist Trevor Tombe stated that Canada is now on a ‘permanently poorer trajectory’ than before Carney took office. 

Carney may have said that ‘affordability is the best it’s been in over a decade,’ but the facts prove otherwise. Canadians continue to fall behind and the Liberal government has not presented a plan to change course.

That’s why Conservatives renew our call to reconvene Parliament and pass our Economic Action Plan to save Canadians’ money and Canadian jobs. Our plan will repeal job-killing laws like C-48 and C-69, unblock some 500 resource projects still awaiting approval, strengthen our economic sovereignty with strategic energy and critical mineral reserves, and reward Canadians who reinvest here at home.

That’s how Conservatives will unleash Canada’s potential to bring down inflation and make life affordable for Canadians once again.