OTTAWA, Sept. 07, 2022 (GLOBE NEWSWIRE) — Today’s newest price hike on prime of the continuing inflation disaster means extra struggling households are dealing with an ever‑tightening monetary squeeze.
Bea Bruske, President of the Canadian Labour Congress, stated with the House of Commons returning in lower than two weeks, it’s crucial Parliament returns to work able to act urgently to deal with the affordability disaster.
“Workers and their families must not be asked to pay the price for high inflation, while greedy corporations grow richer and richer. Politicians must hold these mega-profitable corporations to account for taking advantage of this crisis to pad their profits,” stated Bruske. “With so many struggling to afford the skyrocketing prices of daily essentials, decision makers must put Main Street, not Bay Street, first.”
Bruske added that with company revenue margins at a historic excessive, worthwhile corporations should now be requested to do their half. Governments cannot proceed to face by as wages and staff’ share of nationwide revenue has fallen drastically.
“While European countries are taxing energy companies’ exorbitant profits to invest in emergency supports for workers and their families, Ottawa has failed to act,” stated Bruske. “With the top four energy companies in Canada bringing in an astounding $12 billion in the second quarter alone, it is vital for highly profitable corporations to finally be made to pay their fair share.”
Bruske additionally famous that whereas inflation might have lastly peaked, the price of residing for staff and their households remains to be nicely above the central financial institution’s two-percent goal and inflation is predicted to remain nicely above this goal for a while.
“With so many workers experiencing month after month of their paycheques lagging behind and their buying power going backwards, we continue to urge the Bank of Canada governor to stay in his lane – and out of the collective bargaining process,” concluded Bruske.
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