By Andrew Kozak
At a time when Canadians are in more debt than ever and while interest rates are at record highs, Prime Minister Justin Trudeau advised Canadians to use their credit cards to make large purchases in order to grow the economy.
Trudeau faced a fury of criticism online after he made those comments at a townhall in Moncton, New Brunswick over the weekend.
At the townhall, the prime minister explained how borrowing money as a government is similar to using a credit card and suggested Canadians use their credit cards to pay for their tuition and home renovations.
“If you’re using your credit card to go back to school, or if you go into debt to build an expansion on your house, then you’re going to be able to sell your house for more,” said Trudeau in last week’s townhall in Moncton, New Brunswick.
“If you’re making investments that are going to return, that is how you grow a strong economy because quite frankly, confident economies invest in themselves.”
At a townhall in Moncton, Prime Minister Justin Trudeau explains how borrowing money as a government is like using a credit card and suggests Canadians use a credit card to pay for large purchases such as tuition and home renovations. pic.twitter.com/S3upKiNgHo
— True North (@TrueNorthCentre) April 11, 2023