If the premiers of B.C. and Ontario wish to speed up the decline in interest rates, they could tend their own overgrown gardens
As Doug Ford tells it, Bank of Canada Governor Tiff Macklem is some sort of economic sadist, intent on ruining Canadians’ finances.
Oh, and one more thing. Both the B.C. and Ontario premiers seem to think that a rise in interest rates increases inflation, in defiance of the most elementary economic thought. “I think it is critically important to go on the record … to point out to the Bank of Canada that Statistics Canada is saying that the biggest driver of inflation in our country right now is rising mortgage rates,” Mr. Eby said last week.
Similarly confounding is the contention from both premiers that more, not less, government spending is the fix for inflation. Mr. Ford’s version – Ottawa should pay for more highways! – is particularly nonsensical. Boosting spending on roadworks is the classic way to boost demand in an economy. In other words, it is precisely the wrong step to take.
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