On July 24, the Bank of Canada announced that the interest rate will be lowered for the second time to 4.5 per cent. While this is welcome news, high interest rates were only the tip of the iceberg threatening to sink Canadians during the current cost-of-living crisis.
While neoliberal economists claim that hiking interest rates is the only tool to fight inflation, this is not the entire picture. It’s clear that profiteering in the oil and gas and grocery sector — or “greedflation” — has been a major driver in the cost-of-living crisis. This is not adjusted with an interest rate hike. All the hike does is punish Albertans struggling to get food on the table and a roof over their heads and rewards big players in the corporate sector. Read more →
