The latest MNP Consumer Debt Index revealed 44 per cent of British Columbians are less than $200 away from insolvency at the end of each month. This includes 31 per cent who already don’t earn enough to cover their bills and debt obligations. Sixty-two per cent are more concerned about their ability to pay their debts as interest rates rise, and 55 per cent say they’ll be in financial trouble if those rates go up much more.
Meanwhile, a new study from Deloitte indicates a recession is coming and will hit B.C. hard because of high debt levels. Under the NDP, taxpayer-supported debt has grown by $20 billion dollars and will have grown by nearly $50 billion in 2024. The NDP will have doubled the provincial debt by the next election.
All of this is at odds with the government’s claim that it is making life more affordable. This is why our BC Liberal caucus proposed inflation-fighting measures like a temporary suspension of the gas tax to provide people with relief at the pumps. Sadly, the government wasn’t interested in taking this step to lower fuel prices.
Our leader Kevin Falcon has also spoken about how he would tackle high housing and rent costs. More supply is needed quickly, and that need can be met if there’s more certainty around the approval process, as well as financial incentives for municipalities that meet targets and penalties for those that do not.
People need real relief, not rhetoric, from their government — and they need it fast.