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Cost of living concerns must be balanced with fiscal restraint, Chrystia Freeland says – CBC News

Published

2 years ago

June 26, 2022

Finance Minister Chrystia Freeland says she must strike a balance between helping Canadians suffering from the effects of inflation and pursuing a policy of fiscal restraint — or risk making the cost of living problem worse.

In an interview airing Sunday on Rosemary Barton Live, Freeland, who also serves as deputy prime minister, said she was open to further action on affordability issues but that she believes measures already underway — worth $8.9 billion — would help alleviate the impact on Canadians.

“I have to strike a balance. One is supporting Canadians with affordability challenges and the other is fiscal restraint, because I don’t want to make the Bank of Canada’s job harder than it already is,” Freeland told CBC chief political correspondent Rosemary Barton.

The Bank of Canada has a mandate to maintain Canada’s inflation target, which is two per cent (within a one to three per cent range) per year. Freeland said it was the bank’s responsibility to deal with inflation and she respected its independence.

In a speech earlier this month, she argued that previously announced programs — including boosts to benefits for low-income workers, increasing other inflation-indexed benefits and implementing the government’s child-care and dental programs — would help with affordability concerns.

Freeland reiterated that view in the interview airing Sunday, saying money from those programs was already on its way to Canadians.

‘It’s OK to be mad’

The finance minister acknowledged the frustration felt by many Canadians around rising prices, particularly for key everyday goods. She said friends have been sending her pictures of prices at the pumps, and she’s aware that groceries are more expensive.

“And for a lot of Canadians, it is causing real hardship. I really understand that,” she said.

Asked about the general unease many Canadians feel about the economy, Freeland struck a similar tone.

WATCH | MPs discuss how government could move to handle inflation:

MPs debate tools to tackle the soaring cost of living

4 days ago

9:35

Peter Fragiskatos, parliamentary secretary to the minister of national revenue, and Dan Albas, Conservative finance critic, joined Power & Politics on Wednesday to discuss the soaring cost of living and what Ottawa can do to provide Canadians with relief.

“I say it’s OK to be mad,” she said. “It’s OK to be mad at me. I really understand that this is an incredibly challenging economic time. It’s really, really hard for a lot of people.”

The federal government has been under fire concerning inflation from both the opposition Conservatives and the New Democrats. The Liberals have a supply-and-confidence agreement with the NDP to keep the minority government afloat on key votes.

Opposition on the attack

In response to Freeland’s speech, Conservative MPs Dan Albas and Gérard Deltell issued a statement criticizing what they call the government’s “tax-and-spend” strategy.

“This flawed economic approach eats away at the earnings of hard-working Canadians and ignores the most basic principle of economics: that spending during an inflationary crisis will only fuel inflation further. Yet, the Liberals continue down this path with reckless abandon, inflicting more inflationary pain on Canadians.”

The NDP, which has argued that corporations are taking advantage of inflation to increase profits, says the government should put an “excess profits tax” on oil and gas companies and give money back to Canadians through the GST/HST credit and child benefit.

Leader Jagmeet Singh called Freeland’s approach “absolutely insulting.”

‘Soft landing’ still possible

Freeland met earlier this week with U.S. Treasury Secretary Janet Yellen, who said recently that a recession in the United States is not “inevitable,” although inflation is “unacceptably high.”

Canada still has a path to a “soft landing,” Freeland said, where the country could stabilize economically following the enormous blow of the COVID-19 pandemic without the severe recession feared by many.

WATCH | Finance minister, U.S. treasury secretary discuss economic conditions:

Freeland, Yellen discuss inflation, affordability plans

6 days ago

2:00

Finance Minister Chrystia Freeland and her U.S. counterpart, Janet Yellen, discussed rising inflation and various affordability measures, though Freeland maintains Canada is not planning a federal fuel-tax holiday as a break from record-high gas prices.

Freeland maintained an upbeat tone about Canada’s ability to weather global economic uncertainty, especially when compared with other G7 countries.

“The challenge is not over, but I truly believe that we’re going to get through this together,” she said.

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Allen nets shutout as Devils burn Oilers 3-0

Published

8 hours ago

November 4, 2024

Anne Joseph

EDMONTON – Jake Allen made 31 saves for his second shutout of the season and 26th of his career as the New Jersey Devils closed out their Western Canadian road trip with a 3-0 victory over the Edmonton Oilers on Monday.

Jesper Bratt had a goal and an assist and Stefan Noesen and Timo Meier also scored for the Devils (8-5-2) who have won three of their last four on the heels on a four-game losing skid.

The Oilers (6-6-1) had their modest two-game winning streak snapped.

Calvin Pickard made 13 stops between the pipes for Edmonton.

TAKEAWAYS

Devils: In addition to his goal, Bratt picked up his 12th assist of the young season to give him nine points in his last eight games and now 15 points overall. Nico Hischier remains in the team lead, picking up an assist of his own to give him 16 points for the campaign. He has a point in all but four games this season.

Oilers: Forward Leon Draisaitl was held pointless after recording six points in his previous two games and nine points in his previous four. Draisaitl usually has strong showings against the Devils, coming into the contest with an eight-game point streak against New Jersey and 11 goals in 17 games.

KEY MOMENT

New Jersey took a 2-0 lead on the power play with 3:26 remaining in the second period as Hischier made a nice feed into the slot to Bratt, who wired his third of the season past Pickard.

KEY RETURN?

Oilers star forward and captain Connor McDavid took part in the optional morning skate for the Oilers, leading to hopes that he may be back sooner rather than later. McDavid has been expected to be out for two to three weeks with an ankle injury suffered during the first shift of last Monday’s loss in Columbus.

OILERS DEAL FOR D-MAN

The Oilers have acquired defenceman Ronnie Attard from the Philadelphia Flyers in exchange for defenceman Ben Gleason.

The 6-foot-3 Attard has spent the past three season in the Flyers organization seeing action in 29 career games. The 25-year-old right-shot defender and Western Michigan University grad was originally selected by Philadelphia in the third round of the 2019 NHL Entry Draft. Attard will report to the Oilers’ AHL affiliate in Bakersfield.

UP NEXT

Devils: Host the Montreal Canadiens on Thursday.

Oilers: Host the Vegas Golden Knights on Wednesday.

This report by The Canadian Press was first published Nov. 4, 2024.

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Mahomes throws 3 TD passes, unbeaten Chiefs beat Buccaneers 30-24 in OT

Published

8 hours ago

November 4, 2024

Anne Joseph

KANSAS CITY, Mo. (AP) — Patrick Mahomes threw for 291 yards and three touchdowns, and Kareem Hunt pounded into the end zone from two yards out in overtime to give the unbeaten Kansas City Chiefs a 30-24 win over the Tampa Bay Buccaneers on Monday night.

DeAndre Hopkins had two touchdown receptions for the Chiefs (8-0), who drove through the rain for two fourth-quarter scores to take a 24-17 lead with 4:17 left. But then Kansas City watched as Baker Mayfield led the Bucs the other way in the final minute, hitting Ryan Miller in the end zone with 27 seconds to go in regulation time.

Tampa Bay (4-5) elected to kick the extra point and force overtime, rather than go for a two-point conversion and the win. And it cost the Buccaneers when Mayfield called tails and the coin flip was heads. Mahomes and the Chiefs took the ball, he was 5-for-5 passing on their drive in overtime, and Hunt finished his 106-yard rushing day with the deciding TD plunge.

Travis Kelce had 14 catches for 100 yards with girlfriend Taylor Swift watching from a suite, and Hopkins finished with eight catches for 86 yards as the Chiefs ran their winning streak to 14 dating to last season. They became the sixth Super Bowl champion to start 8-0 the following season.

Mayfield finished with 200 yards and two TDs passing for the Bucs, who have lost four of their last five.

It was a memorable first half for two players who had been waiting to play in Arrowhead Stadium.

The Bucs’ Rachaad White grew up about 10 minutes away in a tough part of Kansas City, but his family could never afford a ticket for him to see a game. He wound up on a circuitous path through Division II Nebraska-Kearney and a California junior college to Arizona State, where he eventually became of a third-round pick of Tampa Bay in the 2022 draft.

Two year later, White finally got into Arrowhead — and the end zone. He punctuated his seven-yard scoring run in the second quarter, which gave the Bucs a 7-3 lead, by nearly tossing the football into the second deck.

Then it was Hopkins’ turn in his first home game since arriving in Kansas City from a trade with the Titans.

The three-time All-Pro, who already had caught four passes, reeled in a third-down heave from Mahomes amid triple coverage for a 35-yard gain inside the Tampa Bay five-yard line. Three plays later, Mahomes found him in the back of the end zone, and Hopkins celebrated his first TD with the Chiefs with a dance from “Remember the Titans.”

Tampa Bay tried to seize control with consecutive scoring drives to start the second half. The first ended with a TD pass to Cade Otton, the latest tight end to shred the Chiefs, and Chase McLaughlin’s 47-yard field goal gave the Bucs a 17-10 lead.

The Chiefs answered in the fourth quarter. Mahomes marched them through the rain 70 yards for a tying touchdown pass, which he delivered to Samaje Perine while landing awkwardly and tweaking his left ankle, and then threw a laser to Hopkins on third-and-goal from the Buccaneers’ five-yard line to give Kansas City the lead.

Tampa Bay promptly went three-and-out, but its defence got the ball right back, and this time Mayfield calmly led his team down field. His capped the drive with a touchdown throw to Miller — his first career TD catch — with 27 seconds to go, and Tampa Bay elected to play for overtime.

UP NEXT

Buccaneers: Host the San Francisco 49ers on Sunday.

Chiefs: Host the Denver Broncos on Sunday.

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AP NFL:

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NHL roundup: Kuemper helps visiting Kings shut out Predators 3-0

Published

8 hours ago

November 4, 2024

Anne Joseph

NASHVILLE, Tenn. (AP) — Darcy Kuemper made 16 saves for his first shutout of the season and 32nd overall, helping the Los Angeles Kings beat the Nashville Predators 3-0 on Monday night.

Adrian Kempe had a goal and an assist and Anze Kopitar and Kevin Fiala also scored. The Kings have won two of their last three.

Juuse Saros made 24 saves for the Predators. They are 1-2-1 in their last four.

Kopitar opened the scoring with 6:36 remaining in the opening period. Saros denied the Kings captain’s first shot, but Kopitar collected the rebound below the goal line and banked it off the netminder’s skate.

Fiala, a former Predator, made it 2-0 35 seconds into the third.

The Kings held Nashville to just three third-period shots on goal, the first coming with 3:55 remaining and Saros pulled for an extra attacker.

Elsewhere in the NHL on Monday:

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DEVILS 3 OILERS 0

EDMONTON, Alta. (AP) — Jake Allen made 31 saves for his second shutout of the season and 26th of his NHL career, helping the New Jersey Devils close their western Canadian road trip with a 3-0 victory over the Edmonton Oilers.

Jesper Bratt had a goal and an assist and Stefan Noesen and Timo Meier also scored. The Devils improved to 8-5-2. They have won three of their last four after a four-game skid.

Calvin Pickard made 13 saves for Edmonton. The Oilers had won two straight.

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