Juno News - July 01, 2026


Carney gets REALITY CHECK as economic outlook worsens

Topics
economists downgrade growth food bank numbers trade negotiations and tariffs
Mentioned
Jocelyn Bamford Justin Trudeau Pierre Poilievre Carney Sovrat Bloomberg Pierre Paglia Melanie Jolie Katy Perry Mueller Mark
Trudeau admits he was WRONG on mass immigration Reacting to woke ＂Cancel Canada Day＂ TikToks

Episode Stats


Length

17 minutes

Words per minute

152.15

Word count

2,724

Sentence count

116

Harmful content

Hate speech

3

sentences flagged


Summary

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

A double dose of bad news for Canada's economy this week. PM Carney's rosy view of Canada s economy just got hit with a cold dose of reality. A survey for Bloomberg News found economists slashing Canada's economic growth estimates.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00 Prime Minister Carney's rosy view of Canada's economy just got hit with a cold dose of reality.
00:00:11 A survey for Bloomberg News found economists slashing Canada's economic growth estimates.
00:00:18 They see the economy growing just 0.7% this year after shrinking in the first quarter.
00:00:25 Prime Minister Carney has predicted a much more robust rebound
00:00:29 in statements like this one in New York City last month.
00:00:33 We're just getting started, but the early results are encouraging.
00:00:38 Canada is projected to have the second fastest growth in the G7 this year and next.
00:00:43 We already have the strongest fiscal position in the G7,
00:00:46 and we're reinforcing that advantage by cutting 10% of the federal civil service,
00:00:51 20% of our spending on consultants and reducing the annual growth of operational spending from
00:00:58 over 8% per year, which is where it's been for the past 10 years, to less than 2%,
00:01:02 which is where it's been since I came into government and where it will stay.
00:01:06 But critics of the government say it's another indication Carney's economic policies are
00:01:11 failing. This post by Conservative leader Pierre Paglia, breaking economists downgrade growth to
00:01:18 the worst in a decade outside Dovid. That makes Kearney's growth record worse than Trudeau's.
00:01:24 Let that sink in. He's delivered the only recession and the worst food inflation among
00:01:31 G7 countries. You can't grow an economy with bailouts, handouts, and carve-outs for the liberal
00:01:38 club. The news is not much better on the trade front. This headline, Continental Trade Pact,
00:01:45 set to stay in place as U.S. blows past key deadline.
00:01:50 This quote, the United States is set to officially inform Canada and Mexico on Wednesday, that's tomorrow,
00:01:57 its intentions for the Continental Trade Agreement known in Canada as CUSMA,
00:02:03 and all signs indicate it will blow past the July 1st deadline without agreeing to renew the pact.
00:02:11 negotiations will continue, but hopes that the trade deal can be renewed for another
00:02:17 16 years are beginning to fade. Our guest today is Jocelyn Bamford, founder of the Coalition of
00:02:26 Concerned Manufacturers and Businesses of Canada. She's a Canadian businesswoman coming to us from
00:02:31 the GTA. Welcome, Jocelyn. Thanks, Mark. It's always great to spend time with you and your
00:02:37 Mueller's. A double dose of bad news. So that's not so great. We've got the economist Sovrat
00:02:43 Bloomberg, and they're hardly friends of conservatives or right-wingers, but they're
00:02:48 coming out and saying that the Canadian economy is only going to grow maybe 0.7%. I mean, we're
00:02:55 getting this rosy picture from the government saying that we're going gangbusters, that our
00:03:03 hiring is strong, certainly compared with the Americans. So we're getting two very different
00:03:09 pictures here. In this case, I think I'll trust the economists giving us a rather sobering view
00:03:15 of the future of Canada's economy. What do you think? Yeah, absolutely. Just look at the food
00:03:21 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 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 store. It is stunning the amount it costs for just a little amount of food. Everything is expensive.
00:03:45 So when you know that and you live that reality of filling up your gas tank and then the politicians
00:03:52 tell you that everything's great, well, there's a bit of a disconnect. Maybe everything is great
00:03:57 for them, but everything's not great for us. Yeah, I was in New York talking about how great
00:04:03 things are in Canada. Pierre Polyev has come out, seized on these numbers, saying that this
00:04:11 downgrade is the worst in a decade outside of COVID, making Carney's growth record even worse
00:04:18 than Justin Trudeau's. We're seeing Trudeau coming out, talking a lot about immigration these days.
00:04:24 I don't know why. I guess he's missing the limelight, although you'd think it'd be enough
00:04:28 with him hanging around with his new girlfriend, you know, Katy Perry. But
00:04:33 it's hard to take these guys overly seriously when they come out and nothing that they say
00:04:39 reflects reality. So in a way, I appreciate it when real numbers come out because they show a
00:04:46 picture of economic growth in Canada that is not good. Polyev also goes on to say you cannot grow
00:04:52 an economy with bailouts, handouts, and carve-outs for the Liberal Club. So that's a reference to a
00:04:59 couple of different stories. Recently, of course, the condo bailout story, where I guess they've
00:05:05 committed $3.2 billion for the entire program, but $1.45 billion is supposed to buy these condos.
00:05:12 Still waiting for the details on this. But that suggests that the Liberals do have a little club.
00:05:18 And if you're a member of that club, you're going to do really well.
00:05:21 You're going to do really well.
00:05:23 Meantime, if you're not in the club, well, you know, we'll feed you stories about how great things are.
00:05:29 What's your take on that?
00:05:31 Yeah, we just have to look at what happened during COVID.
00:05:34 Remember, with who got contracts for masks and ventilators, some of which we have never had delivered.
00:05:42 There's never been a deep dive into what happened with the COVID money, even though
00:05:48 it's been asked. And then fast forward to the carbon tax money. The federal government fell
00:05:58 because their own Auditor General said there was waste, fraud, and abuse
00:06:03 with the carbon tax money that was collected from all of us hard-working Canadians. And we've never
00:06:10 got a true account of who got that money so yeah uh we see a complete difference from the elites
00:06:18 in this country and ordinary um folks and i just wonder at when's the tipping point at what point
00:06:26 do people say enough is enough um we need politicians that represent us and work for us
00:06:34 instead of having uh the belief as many of them do that we work for them so what's that tipping
00:06:40 point what's it going to take for us as canadians to say we're going to elect politicians that only
00:06:47 support us and and what what do we see we see not a shift in qualified politicians people
00:06:54 that traditionally used to go into politics where people that were successful felt that they um had
00:07:01 had were very blessed and felt they needed to give back now we see you know look at the mayoralty
00:07:08 um campaign in hamilton and and the absolute fringe folks and they are fringe and and we
00:07:16 shouldn't be afraid to say that that are running for mayor of hamilton no skills in running a
00:07:24 business um managing um any kind of entity and and everyone thinks that this is okay
00:07:32 it's it would become a joke and apparently we like it i i don't understand it
00:07:38 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 They're going to have representatives running for Congress.
00:07:54 These people are as far left as they get.
00:07:56 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 steam in the united states certain parts of the united states anyway i mean i think once you get
00:08:12 out of some of these blue cities or blue states even you know americans are saying no thanks to
00:08:18 communism but when you see momentum in favor of people shifting to the far left it makes you
00:08:25 wonder about the future not only of the united states but uh of the west in general i mean you
00:08:31 expanded your company in the united states i mean when you see this sort of thing happening of course
00:08:36 now you have a left-wing governor in the state of virginia spanberger does it give you reason for
00:08:43 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 these folks getting their money to operate this ground game and i know mark we've talked every
00:08:56 time we get close to election uh in in virginia close in suffolk the the little tents pop up with
00:09:04 hey, get a free cell phone. And then you have to look at who's funding that. Are they
00:09:12 doing ballot harvesting? Are you exchanging your personal information to become on a voters list
00:09:24 where someone comes and visits you and maybe gives you a mail-in ballot that they help you fill out?
00:09:31 I mean, we have to start looking at some of this stuff and finding out where's the money.
00:09:36 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 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 We just have to look at what happened in Minnesota to see, yeah, there's some shady dealings going on there.
00:10:09 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 and it seems like they don't seem to be fussed that there's fraud and apparently we don't seem
00:10:25 that there's fuss so i think what's happened is um you know the governments uh treat you the way
00:10:31 you expect to be treated and and we have taught them that they can just about abuse us anyway and
00:10:37 we're just going to continue to roll along giving them um our hard-earned dollars
00:10:42 Let's talk a little bit about trade, because the deadline is about to come and go, and still no deal.
00:10:50 That was the first deadline.
00:10:52 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 As Canada has argued for another 16 years, the Mexicans, they love the deal.
00:11:07 They want to continue the deal.
00:11:09 No disruption.
00:11:10 the Americans are saying, no, we want concessions, we're not happy. And as long as the Americans are
00:11:16 unhappy, then it's not going to proceed. And so Canadians have a bit to concern themselves with
00:11:22 around trade. Meantime, as we try and cozy up to the Chinese, they are imposing their own tariffs
00:11:30 on Canada. They've done so in the past, but now we have China coming out and saying they're going
00:11:36 to impose a 73 and a half percent preliminary tariff on imports of canadian pea starch i mean
00:11:43 they already hit other industries other agriculture products in canada it's like uh and so here they
00:11:52 are doing it again and so they're accusing us of dumping imagine that the chinese are accusing us
00:11:59 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 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 to other people in Asia sell to the Europeans and now we're getting the same pushback from the 0.59
00:12:18 Chinese so it's like what do they do now yeah it and we've been warning about this um the
00:12:26 Coalition of Concerned Manufacturers of Business been worrying about this trade negotiation for
00:12:32 a very long time. Of course, the government never asked us our opinion or what we thought
00:12:39 should have been done or if there's any advice we could give them. They didn't care, even though
00:12:46 and remember, if you look at the economy of Canada, 92% of all Canadians work for companies,
00:12:53 a hundred people below so you think that we would be their go-to folks um when negotiating and
00:13:00 getting some input on how to grow small and medium-sized business but never never engaged us
00:13:07 which is interesting um and so we had been warning that this was was going to happen we've been
00:13:13 telling stories um and providing real life examples of a product which is subsidized by
00:13:22 the companies owned by the Chinese Communist Party landing on our shore. And that is really
00:13:27 one of the irritants. If you talk to any of the American politicians, the irritants are they don't
00:13:33 want Canada to become a gateway for dumped Chinese products. And we're not doing anything to protect 0.85
00:13:41 our own Canadian manufacturers and industry. And that's one of the major irritants. There's
00:13:49 no plan or strategy to prevent dumping we have no plan or strategy for manufacturing and i'm
00:13:55 convinced that the politicians are not just not it's not incompetence it's by design they they
00:14:03 can't wait to get manufacturing out of canada so that they can get to their nirvana which is
00:14:09 a finance and services industry um and that is so short-sighted because technical innovation
00:14:17 um engineering all of that stems from manufacturing and their complete and utter disdain for
00:14:24 manufacturing even though they give it lip service this is shown by the fact they don't even have a
00:14:29 manufacturing strategy if you wanted manufacturing you first come up with a strategy there there is
00:14:35 no strategy on it um and then second you consult with the small to medium-sized uh businesses that
00:14:41 make up the majority of manufacturing and and say to them hey how do we work to grow this
00:14:47 what do we need and we would have told them like we've told them all along affordable energy cut
00:14:52 the red tape which they haven't been able to do um develop our resources all of those things it's
00:14:59 not rocket science um just we need some willingness to get it done yeah the strategy
00:15:05 is obviously blowing up in their face.
00:15:10 I mean, when you hear them say
00:15:12 that the Europeans are now lining up
00:15:14 for Canadian steel,
00:15:16 which is going to be decarbonized.
00:15:18 So obviously there must be somebody in Europe,
00:15:20 according to Melanie Jolie,
00:15:22 the industry minister,
00:15:24 others in the government,
00:15:25 apparently they're lining up
00:15:26 to buy Canadian steel,
00:15:28 which is going to be decarbonized,
00:15:29 but it's going to be obviously at a premium
00:15:32 because anything that adds to the cost,
00:15:35 as you well know, anything that adds to the cost of production means that the end user,
00:15:40 the buyer is going to pay for it. Otherwise you go broke. And so, you know, they keep throwing
00:15:46 this out like, oh yeah, the Europeans want our decarbonized steel, you know, our low carbon
00:15:52 produced steel, but there's no specifics here. There's no names, like which country
00:15:57 has asked for this stuff, you know, which government in Europe has said, yeah, we'll pay
00:16:02 an extra 10 percent or 20 percent whatever it is because we're you know on the same green page as
00:16:08 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 our own manufacturers are going to have to pay more because they're using this deal presumably
00:16:16 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 from i think they just throw it out hoping that people buy it last word well and and you know but
00:16:28 you know, who did come to Canada and ask for stuff was not gas. They were, Germany was asking
00:16:37 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 look for financial gas. So there were people come and ask for our stuff and we weren't selling it.
00:16:48 We wanted to sell you this other stuff that, again, can't put a name to, can't put a country
00:16:54 too, can't put a face too. It's very interesting, isn't it? Absolutely. Jocelyn, thank you so much
00:17:00 for coming on the show. We appreciate it as always. My pleasure. Have a great day. If you enjoyed the
00:17:06 show, consider supporting great independent journalism by becoming a premier member of
00:17:10 Juno News. Please go to junonews.com backslash straight up. You can find a link below. Helps
00:17:17 us do what we do. Thank you so much. We'll see you next time.
00:17:24 Thank you.