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 .

In his first few weeks on the job, Jason Jacques has described the government's spending as "stupefying, shocking and unsustainable." The PBO, an independent officer who scrutinizes government raising and spending of tax dollars, also criticized the federal government last week for using an overly expansive definition of investments that will help the government hit its first fiscal target.

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.