The former chief economic analyst at Statistics Canada has warned that inflation will be far more substantial and longer-lasting than Canadian government officials have admitted, according to Blacklock's Reporter.
"Containing inflation may not be a simple or short process," wrote Phillip Cross, who now works as a senior fellow at a top think tank.
"Economists did not foresee the surge in prices," he added. "Inflation is symptomatic of a society’s inability to agree on who will pay the record government debt incurred during the pandemic."
Under Prime Minister Justin Trudeau, Canada's inflation has hit 4.7 percent. This is the highest level of inflation in 18 years, with the costs of housing, food, and transportation particularly steepening.
Last week, Conservative Shadow Minister for Finance Pierre Poilievre attacked the Trudeau Liberals over their reckless spending and deficits during the 44th Parliament's first Question Period this afternoon.
"The cost of government is driving up the cost of living. Almost a half a trillion dollars of inflationist, Liberal deficits mean more dollars chasing fewer goods, driving higher prices," said Poilievre.
Cost of living was recently found to be the top concern for Canadians this winter, topping even the pandemic as the most important issue, according to Global News.
According to a new Ipsos poll released this week, the cost of living has skyrocketed as a concern for Canadians. This is particularly the case for essential goods like food and gas.
"But the prime minister says that he doesn't think much about monetary policy. That's no surprise, after all, it's Justinflation."
The Trudeau government has pledged $78 billion in new spending over the course of the next five years. This is in addition to the $101 billion that the prime minister has already committed in his previous budget.
Despite this, Trudeau claimed on the campaign trail that when he thinks "about the biggest, most important economic policy this government, if re-elected, would move forward. You’ll forgive me if I don’t think about monetary policy."
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