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I don't want to delve into politics, but I would not call the BoC unaccountable. Their goal is to juggle employment and inflation by setting the interest rates.
by belval 3y ago
I don't want to delve into politics, but I would not call the BoC unaccountable. Their goal is to juggle employment and inflation by setting the interest rates. Inflation is/was high and unemployment was low, that calls for increased interest rates (especially as the US is raising rates anyway).
The government not cutting spending is an appeal to the people though. Seems like the BoC is the one acting like grown ups.
- itsoktocry 3y ago>I would not call the BoC unaccountable To whom are they accountable? Poilievre has been campaigning on threats to apply pressure on the BoC, but there's no mechanism to actually do so. Have the people of Canada been asked what the best balance of inflation and unemployment is? Or has the BoC decided for us, despite how the average Canadian might be harmed in the process?
- belval 3y ago> Have the people of Canada been asked what the best balance of inflation and unemployment is? I know this is a rhetorical question, but yes people of Canada will be voting on that issue in October 2025 (or before) when they elect their government. The BoC is still very much ruled by parliment and their mandate is set by the elected party. The reason their mandate does not change with every whim of public opinion is precisely because people don't like the medecine (high interest rates). Alternatively they also dislike high inflation and labor shortage caused by record-low unemployment.