Juno News - November 06, 2026


Carney’s budget delivers another massive debt bomb

Canadian troops deploy to Russia’s border Peter MacKay： Could Canadian troops get caught in a Russian conflict？

Episode Stats


Length

13 minutes

Words per minute

167.88

Word count

2,186

Sentence count

81


Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 While the Carney government has tabled a new budget, Prime Minister Carney says it is aimed
00:00:10.140 at making Canada less dependent on other countries. Let's listen. It's an extraordinary budget. Thank
00:00:16.200 you very much for your work, the work of all your teams, the suggestions from Canadians from coast
00:00:21.960 to coast to coast that have made this possible. And one thing that really has struck me over the
00:00:28.560 course of the last year in a world that's more turbulent and difficult is the positive attitude
00:00:34.560 of Canadians wanting to move forward together and that's what this budget does. It's the next big
00:00:41.820 step in our action plan to make this country more independent, more sovereign, masters of our
00:00:48.840 destiny. It focuses on growth, on people and that sovereignty so we can live our lives as we wish
00:00:55.800 And that's everything from celebrating our artists, supporting each other as we take care of each other, our caregivers, and providing, well, actually, I can't, I'm about to reveal the budget, which I'm not allowed to do.
00:01:10.980 Well, when they did reveal it, we found that the budget calls for a lot more spending, all thanks to a boost in oil revenues.
00:01:19.040 The plan is to use the windfall resulting from higher energy prices to spend the government's
00:01:26.160 way to economic growth. That's the plan anyway. Using a combination of tax cuts and other business
00:01:32.560 incentives, the Feds want to boost private sector investment and major nation-building projects.
00:01:38.960 That includes doubling the capacity of Canada's energy grid. But rather than using the billions
00:01:44.800 of dollars in extra cash to balance the books or pay down debt.
00:01:49.600 The plan is to spend almost all that extra money.
00:01:53.860 Conservative Pierre Paglia posted this reaction on X.
00:01:58.700 Carney's costly credit card budget adds $765 billion in new debt,
00:02:05.260 meaning higher inflation and interest today and higher taxes tomorrow.
00:02:10.820 Canadians will pay more for food, fuel, and homes
00:02:14.240 budget should be named mastered by debt our guest today is franco terrazzano he is federal director
00:02:22.760 of the canadian taxpayers federation welcome franco hey thanks for having me on really
00:02:27.900 appreciate it so are you totally stoked by this budget no i think i need a bucket to go throw up
00:02:33.620 i mean this is a debt disaster i mean like okay so i love the preamble that you gave okay and let
00:02:40.660 me just show you how irresponsible this budget is. Okay. Number one, the government is borrowing
00:02:45.680 more than $60 billion this year, more than $60 billion extra debt this year alone, borrowing
00:02:52.680 tens of billions of dollars every year, I guess forever, no plan to stop borrowing money. Okay.
00:02:58.680 And this is how irresponsible it is. The revenue compared to what it originally forecasted is $17
00:03:05.720 billion dollars higher okay so and after 17 billion dollars fell into the government's lap
00:03:11.560 and is still borrowing 60 billion dollars this year like you have to try to be that bad
00:03:19.460 well they would make the case and you've heard that case that we we have to spend in order to
00:03:26.580 quote unquote invest in our economy it's about growth it's about making ourselves less dependent
00:03:32.220 on other countries namely the united states and being masters of our own domain are you not buying
00:03:38.480 it no and you don't even believe me i mean look back past like to the last 10 years right we just
00:03:45.460 had the trudeau government who for 10 years spent money like crazy borrowed like crazy and now you
00:03:52.640 got cardi spending even more money so you don't have to take my word for it we just tried this
00:03:57.320 experiment, it failed. Okay. And not just that, what about, what about all the interest on the
00:04:04.300 debt? It's not like borrowing costs are low right now, right? We just had the parliamentary budget
00:04:09.480 officer come on and say that interest on the debt is the fastest growing cost in the, in the federal
00:04:15.620 budget. The fastest growing cost to taxpayers is not healthcare. It's not defense. Okay. It's the
00:04:21.300 government's credit card bill, $60 billion this year, paying interest. Interest costs more than
00:04:26.680 a billion dollars every week a brand new hospital okay so imagine building a brand new hospital
00:04:33.260 every week and then tearing it down before a single patient or doctor walks through those doors
00:04:38.860 that's how much money we're wasting paying interest on this government's debt and when
00:04:44.720 you look at that much investment 765 billion in new debt and you see the prime minister's
00:04:52.680 ongoing ties with Brookfield, you can't help but wonder how much of that money
00:04:56.080 is going to benefit that corporation. And I guess because of his investments,
00:05:03.580 you know, how much would benefit him? I mean, that's just an unfortunate aspect of all this.
00:05:09.260 But I mean, are you buying the fact that it's the tariff issue once again? You know, we live in a
00:05:16.280 more dangerous and divided world, as you know, as the prime minister likes to say. And so we need
00:05:21.780 to spend in order to offset the impact of tariffs no i don't buy that for a single second okay and
00:05:28.080 i think after i'm done talking we'll just cut through all that spin number one if anything
00:05:33.640 the book should be better given what's going on as you mentioned higher energy prices as i mentioned
00:05:40.420 the government just got an extra 17 billion dollars right the deficit should be going down
00:05:46.080 yeah okay number two the government released a budget last november okay last november mark
00:05:53.060 was trump in the white house yes was all this geopolitical stuff going on last november
00:05:58.420 yes well since last november the government is spending 14 billion dollars over its own budget
00:06:05.800 14 billion dollars over its own budget 14 billion dollars over its own plan that it released last
00:06:12.640 November. Well, last November, Trump was in office. So you can't be blaming Trump. You can't
00:06:17.980 be blaming geopolitics over it. What happened is the government got billions of dollars into its
00:06:24.140 lap. And instead of being fiscally responsible with other people's money, it just decided to
00:06:29.580 take that bucket of cash and throw it right back out the window as fast as it came in.
00:06:34.620 Right. That was a political choice. A political choice was made. The next thing I'm going to say.
00:06:39.660 i think we do got to respond to what's going on around the world i think we do got to respond to
00:06:45.940 what trump is doing down in the united states but you know how we take somebody's lunch money
00:06:50.420 we do that by cutting taxes here in canada cutting regulations here in canada that's how
00:06:56.120 we're supposed to be growing the economy not this corporate welfare corporate subsidy big debt type
00:07:02.420 of budget that's the wrong approach that this government has taken yeah i mean a lot of people
00:07:07.740 in Alberta are probably saying, you're welcome, by the way, I mean, to a government that is
00:07:12.780 on record as hating the resource sector, you know, because of the climate or whatever.
00:07:18.440 And yet, uh, you know, we owe so much to the, to the resource sector, especially in Alberta,
00:07:24.440 but also Saskatchewan, uh, for the fact that all this extra money came in, unfortunately
00:07:30.300 they're spending it and the government doesn't seem to see the connection between, uh, all
00:07:36.720 the spending and higher inflation. They don't seem to make the connection. Does that surprise
00:07:44.340 you? Because as Mr. Polyev noted in his post, higher taxes tomorrow, right? That's really what
00:07:52.240 we're looking at. You know, we spend more today, a lot more. Inevitably, it's going to lead to
00:07:58.240 higher taxes. And in the meantime, all this spending is just going to fuel inflation. But
00:08:03.000 i guess uh carney being an economist and a former central banker hasn't made that connection how do
00:08:09.100 you explain that why carney's a politician like how do i how do i how do i explain the fact that
00:08:14.080 politicians want to spend other people's money i mean come on it's this is what they're doing
00:08:18.420 right it's not that they don't know i mean they must know come on right we just we just had like
00:08:22.860 a 40-year high inflation during the heart of the pandemic when we had these massive borrowing
00:08:26.940 sprees you had the the printing press financing ottawa's deficits creating the perfect storm for
00:08:32.080 inflation too many dollars chasing too few goods like come on they know um but here's the thing
00:08:37.060 right and i and i do and i do like the point that you're really bringing up here people are
00:08:41.300 struggling everything is so expensive and government are is driving the cost of living
00:08:47.640 crisis here in canada right the cost of living is out of control because the cost of government
00:08:51.920 in canada is out of control folks uh you look at all the levels of government and how much they
00:08:58.540 take from you all right almost half of the average family's budget is going to taxes
00:09:04.300 right that's disgusting right so the the biggest cost for an average family here in canada is not
00:09:10.380 the home they live in it's not the food they eat and it's not the clothes they buy their biggest
00:09:15.740 cost is the taxes that all levels of government are taken from people it's brutal okay and like
00:09:22.380 we want to talk about economic competitiveness okay well canada ranks 28th out of 38 oecd
00:09:29.900 countries on income tax competitiveness brutal we rank 17th on business tax competitiveness
00:09:35.820 on both of those measures were behind the united states okay so if you want it if these politicians
00:09:41.500 wanted to make life more affordable if they really wanted to make canada's economy more competitive
00:09:46.380 then they would get out of the way they would stop taking so much money from people
00:09:50.740 Let's be real. Crime is up. Repeat offenders are released on bail. Police responses are slower
00:09:57.040 than ever. And in many places, law abiding citizens are expected to just hope nothing
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00:10:58.200 better to be safe than sorry. Yeah, I mean, other governments have tried many times to spend their
00:11:04.040 way to growth and it's always an abject failure. And I suspect it's not going to be a success
00:11:10.600 uh now either but there we are i mean they had an opportunity to pay down at least part of
00:11:16.640 i mean i maybe not balance the budget entirely but at least cut the size of the deficit and
00:11:23.260 instead they went the other way because they had this windfall of cash thanks to higher energy
00:11:29.380 prices but rather than cutting the cost of government they're increasing it and i think
00:11:35.920 you make a valuable point about that you know i think the cost of government is such that canadians
00:11:42.700 can't afford it anymore you know we we can't afford the cost of government that's what has
00:11:47.780 to come down and with that maybe the overall cost of living will come down as well last word to you
00:11:53.520 and they're not even trying and they're not even trying they said they would spend 588 billion
00:11:59.440 dollars this year now they're spending 602 billion dollars they're spending 14 billion dollars over
00:12:05.840 their own budget they're not even trying they're not even trying and canadians are paying the price
00:12:12.260 more than a billion dollars every week of our tax dollars being wasted on these interest charges
00:12:18.380 like come on two thousand dollars a second how do people find out more about the canadian
00:12:23.760 taxpayers federation and support your organization best place everyone taxpayer.com that's our
00:12:29.260 website newsroom petition you can support us there taxpayer.com all right franco terrazzano
00:12:35.960 appreciate you coming on the show hey i appreciate you thank you if you enjoyed the show and
00:12:40.780 appreciate great independent journalism please consider becoming a premier member of juno news
00:12:45.660 by going to junonews.com backslash straight up helps us do what we do here thank you so much
00:12:51.280 for tuning in we'll see you next time
00:12:59.260 You