Juno News - Carney gets REALITY CHECK as economic outlook worsens

00:00:00.000 Prime Minister Carney's rosy view of Canada's economy just got hit with a cold dose of reality.

00:00:11.440 A survey for Bloomberg News found economists slashing Canada's economic growth estimates.

00:00:18.580 They see the economy growing just 0.7% this year after shrinking in the first quarter.

00:00:25.640 Prime Minister Carney has predicted a much more robust rebound

00:00:29.460 in statements like this one in New York City last month.

00:00:33.260 We're just getting started, but the early results are encouraging.

00:00:38.240 Canada is projected to have the second fastest growth in the G7 this year and next.

00:00:43.020 We already have the strongest fiscal position in the G7,

00:00:46.540 and we're reinforcing that advantage by cutting 10% of the federal civil service,

00:00:51.660 20% of our spending on consultants and reducing the annual growth of operational spending from

00:00:58.060 over 8% per year, which is where it's been for the past 10 years, to less than 2%,

00:01:02.780 which is where it's been since I came into government and where it will stay.

00:01:06.540 But critics of the government say it's another indication Carney's economic policies are

00:01:11.880 failing. This post by Conservative leader Pierre Paglia, breaking economists downgrade growth to

00:01:18.540 the worst in a decade outside Dovid. That makes Kearney's growth record worse than Trudeau's.

00:01:24.800 Let that sink in. He's delivered the only recession and the worst food inflation among

00:01:31.500 G7 countries. You can't grow an economy with bailouts, handouts, and carve-outs for the liberal

00:01:38.220 club. The news is not much better on the trade front. This headline, Continental Trade Pact,

00:01:45.000 set to stay in place as U.S. blows past key deadline.

00:01:50.720 This quote, the United States is set to officially inform Canada and Mexico on Wednesday, that's tomorrow,

00:01:57.680 its intentions for the Continental Trade Agreement known in Canada as CUSMA,

00:02:03.840 and all signs indicate it will blow past the July 1st deadline without agreeing to renew the pact.

00:02:11.380 negotiations will continue, but hopes that the trade deal can be renewed for another

00:02:17.780 16 years are beginning to fade. Our guest today is Jocelyn Bamford, founder of the Coalition of

00:02:26.160 Concerned Manufacturers and Businesses of Canada. She's a Canadian businesswoman coming to us from

00:02:31.760 the GTA. Welcome, Jocelyn. Thanks, Mark. It's always great to spend time with you and your

00:02:37.020 Mueller's. A double dose of bad news. So that's not so great. We've got the economist Sovrat

00:02:43.180 Bloomberg, and they're hardly friends of conservatives or right-wingers, but they're

00:02:48.700 coming out and saying that the Canadian economy is only going to grow maybe 0.7%. I mean, we're

00:02:55.300 getting this rosy picture from the government saying that we're going gangbusters, that our

00:03:03.460 hiring is strong, certainly compared with the Americans. So we're getting two very different

00:03:09.000 pictures here. In this case, I think I'll trust the economists giving us a rather sobering view

00:03:15.780 of the future of Canada's economy. What do you think? Yeah, absolutely. Just look at the food

00:03:21.100 bank numbers. It used to be, you know, one in 50 people had to utilize a food bank. Now it's one

00:03:28.380 in 10. So you do the math. Talk to your friends. Talk to the people on the line up at the grocery

00:03:35.540 store. It is stunning the amount it costs for just a little amount of food. Everything is expensive.

00:03:45.300 So when you know that and you live that reality of filling up your gas tank and then the politicians

00:03:52.840 tell you that everything's great, well, there's a bit of a disconnect. Maybe everything is great

00:03:57.500 for them, but everything's not great for us. Yeah, I was in New York talking about how great

00:04:03.840 things are in Canada. Pierre Polyev has come out, seized on these numbers, saying that this

00:04:11.320 downgrade is the worst in a decade outside of COVID, making Carney's growth record even worse

00:04:18.580 than Justin Trudeau's. We're seeing Trudeau coming out, talking a lot about immigration these days.

00:04:24.220 I don't know why. I guess he's missing the limelight, although you'd think it'd be enough

00:04:28.320 with him hanging around with his new girlfriend, you know, Katy Perry. But

00:04:33.480 it's hard to take these guys overly seriously when they come out and nothing that they say

00:04:39.900 reflects reality. So in a way, I appreciate it when real numbers come out because they show a

00:04:46.300 picture of economic growth in Canada that is not good. Polyev also goes on to say you cannot grow

00:04:52.420 an economy with bailouts, handouts, and carve-outs for the Liberal Club. So that's a reference to a

00:04:59.060 couple of different stories. Recently, of course, the condo bailout story, where I guess they've

00:05:05.860 committed $3.2 billion for the entire program, but $1.45 billion is supposed to buy these condos.

00:05:12.200 Still waiting for the details on this. But that suggests that the Liberals do have a little club.

00:05:18.600 And if you're a member of that club, you're going to do really well.

00:05:21.920 You're going to do really well.

00:05:23.900 Meantime, if you're not in the club, well, you know, we'll feed you stories about how great things are.

00:05:29.840 What's your take on that?

00:05:31.860 Yeah, we just have to look at what happened during COVID.

00:05:34.520 Remember, with who got contracts for masks and ventilators, some of which we have never had delivered.

00:05:42.980 There's never been a deep dive into what happened with the COVID money, even though

00:05:48.740 it's been asked. And then fast forward to the carbon tax money. The federal government fell

00:05:58.580 because their own Auditor General said there was waste, fraud, and abuse

00:06:03.860 with the carbon tax money that was collected from all of us hard-working Canadians. And we've never

00:06:10.980 got a true account of who got that money so yeah uh we see a complete difference from the elites

00:06:18.580 in this country and ordinary um folks and i just wonder at when's the tipping point at what point

00:06:26.420 do people say enough is enough um we need politicians that represent us and work for us

00:06:34.180 instead of having uh the belief as many of them do that we work for them so what's that tipping

00:06:40.420 point what's it going to take for us as canadians to say we're going to elect politicians that only

00:06:47.220 support us and and what what do we see we see not a shift in qualified politicians people

00:06:54.660 that traditionally used to go into politics where people that were successful felt that they um had

00:07:01.700 had were very blessed and felt they needed to give back now we see you know look at the mayoralty

00:07:08.180 um campaign in hamilton and and the absolute fringe folks and they are fringe and and we

00:07:16.820 shouldn't be afraid to say that that are running for mayor of hamilton no skills in running a

00:07:24.660 business um managing um any kind of entity and and everyone thinks that this is okay

00:07:32.420 it's it would become a joke and apparently we like it i i don't understand it

00:07:38.180 Yeah, I mean, and the same thing seems to be happening south of the border in some of these blue cities like New York, where we just saw the Democratic Socialists of America seize on.

00:07:51.520 They're going to have representatives running for Congress.

00:07:54.980 These people are as far left as they get.

00:07:56.900 And so none of them have run businesses, met a payroll, but they are gaining steam, it seems like the radical left seems to be gaining.

00:08:08.180 steam in the united states certain parts of the united states anyway i mean i think once you get

00:08:12.580 out of some of these blue cities or blue states even you know americans are saying no thanks to

00:08:18.740 communism but when you see momentum in favor of people shifting to the far left it makes you

00:08:25.940 wonder about the future not only of the united states but uh of the west in general i mean you

00:08:31.220 expanded your company in the united states i mean when you see this sort of thing happening of course

00:08:36.260 now you have a left-wing governor in the state of virginia spanberger does it give you reason for

00:08:43.620 pause yeah absolutely it does and all we have to do is like let's let's follow the money where are

00:08:50.420 these folks getting their money to operate this ground game and i know mark we've talked every

00:08:56.900 time we get close to election uh in in virginia close in suffolk the the little tents pop up with

00:09:04.900 hey, get a free cell phone. And then you have to look at who's funding that. Are they

00:09:12.100 doing ballot harvesting? Are you exchanging your personal information to become on a voters list

00:09:24.700 where someone comes and visits you and maybe gives you a mail-in ballot that they help you fill out?

00:09:31.220 I mean, we have to start looking at some of this stuff and finding out where's the money.

00:09:36.840 And a lot of the money for a lot of the NGOs, the non-government agency, and I'm going to say charity in air quotes, comes out of our taxpayers' dollars.

00:09:48.460 So where's the deep dive into where the money comes from for some of these non-government groups and some of the charities that really don't end up doing any charity work.

00:10:03.660 We just have to look at what happened in Minnesota to see, yeah, there's some shady dealings going on there.

00:10:09.440 And that's our taxpayers' dollars. That's what we go to work for every day and end up giving to the government.

00:10:18.460 and it seems like they don't seem to be fussed that there's fraud and apparently we don't seem

00:10:25.340 that there's fuss so i think what's happened is um you know the governments uh treat you the way

00:10:31.260 you expect to be treated and and we have taught them that they can just about abuse us anyway and

00:10:37.180 we're just going to continue to roll along giving them um our hard-earned dollars

00:10:42.700 Let's talk a little bit about trade, because the deadline is about to come and go, and still no deal.

00:10:50.240 That was the first deadline.

00:10:52.060 So at this point, negotiations are going to continue, but a decision is going to have to be made about whether the deal is going to be extended.

00:11:02.280 As Canada has argued for another 16 years, the Mexicans, they love the deal.

00:11:07.840 They want to continue the deal.

00:11:09.600 No disruption.

00:11:10.360 the Americans are saying, no, we want concessions, we're not happy. And as long as the Americans are

00:11:16.280 unhappy, then it's not going to proceed. And so Canadians have a bit to concern themselves with

00:11:22.280 around trade. Meantime, as we try and cozy up to the Chinese, they are imposing their own tariffs

00:11:30.320 on Canada. They've done so in the past, but now we have China coming out and saying they're going

00:11:36.560 to impose a 73 and a half percent preliminary tariff on imports of canadian pea starch i mean

00:11:43.500 they already hit other industries other agriculture products in canada it's like uh and so here they

00:11:52.700 are doing it again and so they're accusing us of dumping imagine that the chinese are accusing us

00:11:59.220 of dumping I mean this isn't working out for us like we're looking at the Americans say okay well 0.95

00:12:08.280 if you're going to do this to us then we're going to broaden our horizons sell to the Chinese sell

00:12:13.680 to other people in Asia sell to the Europeans and now we're getting the same pushback from the 0.59

00:12:18.840 Chinese so it's like what do they do now yeah it and we've been warning about this um the

00:12:26.820 Coalition of Concerned Manufacturers of Business been worrying about this trade negotiation for

00:12:32.740 a very long time. Of course, the government never asked us our opinion or what we thought

00:12:39.120 should have been done or if there's any advice we could give them. They didn't care, even though

00:12:46.420 and remember, if you look at the economy of Canada, 92% of all Canadians work for companies,

00:12:53.500 a hundred people below so you think that we would be their go-to folks um when negotiating and

00:13:00.780 getting some input on how to grow small and medium-sized business but never never engaged us

00:13:07.100 which is interesting um and so we had been warning that this was was going to happen we've been

00:13:13.340 telling stories um and providing real life examples of a product which is subsidized by

00:13:22.220 the companies owned by the Chinese Communist Party landing on our shore. And that is really

00:13:27.740 one of the irritants. If you talk to any of the American politicians, the irritants are they don't

00:13:33.260 want Canada to become a gateway for dumped Chinese products. And we're not doing anything to protect 0.85

00:13:41.340 our own Canadian manufacturers and industry. And that's one of the major irritants. There's

00:13:49.740 no plan or strategy to prevent dumping we have no plan or strategy for manufacturing and i'm

00:13:55.740 convinced that the politicians are not just not it's not incompetence it's by design they they

00:14:03.420 can't wait to get manufacturing out of canada so that they can get to their nirvana which is

00:14:09.020 a finance and services industry um and that is so short-sighted because technical innovation

00:14:17.580 um engineering all of that stems from manufacturing and their complete and utter disdain for

00:14:24.940 manufacturing even though they give it lip service this is shown by the fact they don't even have a

00:14:29.340 manufacturing strategy if you wanted manufacturing you first come up with a strategy there there is

00:14:35.100 no strategy on it um and then second you consult with the small to medium-sized uh businesses that

00:14:41.340 make up the majority of manufacturing and and say to them hey how do we work to grow this

00:14:47.580 what do we need and we would have told them like we've told them all along affordable energy cut

00:14:52.860 the red tape which they haven't been able to do um develop our resources all of those things it's

00:14:59.740 not rocket science um just we need some willingness to get it done yeah the strategy

00:15:05.980 is obviously blowing up in their face.

00:15:10.300 I mean, when you hear them say

00:15:12.440 that the Europeans are now lining up

00:15:14.840 for Canadian steel,

00:15:16.420 which is going to be decarbonized.

00:15:18.460 So obviously there must be somebody in Europe,

00:15:20.960 according to Melanie Jolie,

00:15:22.820 the industry minister,

00:15:24.240 others in the government,

00:15:25.600 apparently they're lining up

00:15:26.660 to buy Canadian steel,

00:15:28.600 which is going to be decarbonized,

00:15:29.860 but it's going to be obviously at a premium

00:15:32.480 because anything that adds to the cost,

00:15:35.220 as you well know, anything that adds to the cost of production means that the end user,

00:15:40.360 the buyer is going to pay for it. Otherwise you go broke. And so, you know, they keep throwing

00:15:46.260 this out like, oh yeah, the Europeans want our decarbonized steel, you know, our low carbon

00:15:52.120 produced steel, but there's no specifics here. There's no names, like which country

00:15:57.060 has asked for this stuff, you know, which government in Europe has said, yeah, we'll pay

00:16:02.540 an extra 10 percent or 20 percent whatever it is because we're you know on the same green page as

00:16:08.480 you are we're happy to pay more which of course then our own people are going to have to pay more

00:16:12.320 our own manufacturers are going to have to pay more because they're using this deal presumably

00:16:16.660 to build stuff but you know it's like they say this stuff and i just don't know where it's coming

00:16:23.140 from i think they just throw it out hoping that people buy it last word well and and you know but

00:16:28.960 you know, who did come to Canada and ask for stuff was not gas. They were, Germany was asking

00:16:37.320 for our stuff and that's all on record, but we couldn't seem to find our way to sell them. I

00:16:43.000 look for financial gas. So there were people come and ask for our stuff and we weren't selling it.

00:16:48.720 We wanted to sell you this other stuff that, again, can't put a name to, can't put a country

00:16:54.200 too, can't put a face too. It's very interesting, isn't it? Absolutely. Jocelyn, thank you so much

00:17:00.940 for coming on the show. We appreciate it as always. My pleasure. Have a great day. If you enjoyed the

00:17:06.400 show, consider supporting great independent journalism by becoming a premier member of

00:17:10.520 Juno News. Please go to junonews.com backslash straight up. You can find a link below. Helps

00:17:17.380 us do what we do. Thank you so much. We'll see you next time.

00:17:24.200 Thank you.

Juno News - July 01, 2026

Carney gets REALITY CHECK as economic outlook worsens

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