John Bolton - November 21, 2025


Carney Horrific #2 - Carney Is A Budget Failure (Canada is broken)


Episode Stats

Length

2 minutes

Words per Minute

142.99944

Word Count

335

Sentence Count

15


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 article national post link in the description ottawa's fiscal watchdog says there's a low
00:00:17.660 probability that the carny government will reach any of the three targets that it has referred to
00:00:22.960 as its fiscal anchors just months after establishing those key long-term benchmarks
00:00:27.960 Jason Jacques, the Interim Parliamentary Budget Officer, told a parliamentary committee Thursday that there's only a 7.5% chance that the government, for example, will hit its target of reducing Canada's deficit to gross domestic product ratio over each of the next few years.
00:00:44.540 The Kearney government had earlier established three fiscal targets or anchors.
00:00:49.380 Balancing the operating budget within three years, a declining deficit to gross domestic product ratio over the next few years,
00:00:56.580 and a declining debt to GDP ratio over the next few years.
00:01:00.760 The government's first budget, released on November 4th, dropped the third of those targets.
00:01:05.900 Jacques' comments are the latest to criticize the Kearney government's fiscal policy in recent months.
00:01:11.180 In his first few weeks on the job, Jacques has described the government's spending as
00:01:15.280 stupefying, shocking and unsustainable.
00:01:19.320 The PBO, an independent officer who scrutinizes government raising and spending of tax dollars,
00:01:25.160 also criticized the federal government last week in a report for using an
00:01:28.820 overly expansive definition of investments that will help the Carney government hit its first fiscal target.
00:01:34.740 That move, the PBO said, shifts about $94 billion in daily spending over the next five years
00:01:40.860 to the more palatable capital side of the ledger.
00:01:44.820 The Kearney government's first budget marked the first time
00:01:47.280 that Ottawa separated capital and operational or day-to-day spending.
00:01:51.860 The accounting move has its defenders, but critics say it could lead to more spending.
00:01:57.380 Ottawa has now accumulated $1.27 trillion in debt,
00:02:02.180 almost half of which has been added over the last five years.
00:02:05.860 With the budget's updated forecast for this fiscal year,
00:02:08.500 the government is now on pace to amass $593.1 billion in debt over that five-year span,
00:02:15.960 or 46% of the total debt accumulated in Canadian history.