Juno News - August 19, 2021


Money policy is your job, Justin!


Episode Stats

Length

7 minutes

Words per Minute

187.34105

Word Count

1,326

Sentence Count

97


Summary


Transcript

00:00:00.040 Justin Trudeau admits that he doesn't understand money, he doesn't think about policy, and he isn't doing his job.
00:00:05.840 I'm Candice Malcolm and this is The Candice Malcolm Show.
00:00:12.440 Hi everyone, thanks for tuning in.
00:00:14.280 Now if you've been anywhere near social media lately, you've probably seen this clip of Liberal leader Justin Trudeau
00:00:19.160 smugly shrugging off a question about inflation and admitting that he just doesn't think about monetary policy.
00:00:24.720 Here's that clip.
00:00:25.420 You mentioned the Bank of Canada's mandate.
00:00:27.580 That mandate is actually expiring at the end of this year.
00:00:31.480 If re-elected, it's probably the review or the extension of the mandate is probably the first big economic policy decision you'd make after the election.
00:00:41.260 There's some talk of allowing the Bank of Canada to make some tweaks to the mandate to give it a little bit more flexibility to tolerate higher inflation
00:00:49.200 so it could help stimulate the economy a little bit more in this very difficult time.
00:00:55.320 Do you have a position on the mandate?
00:00:57.760 Would you support a slightly higher tolerance for inflation?
00:01:01.740 I don't know.
00:01:02.060 When I think about the biggest, most important economic policy this government, if re-elected, would move forward,
00:01:08.880 you'll forgive me if I don't think about monetary policy.
00:01:11.520 He doesn't think about money.
00:01:12.600 But of course we already knew that.
00:01:13.940 This is a guy who has racked up hundreds of billions of dollars in debt in the last five years.
00:01:19.560 Thanks in large part to Justin Trudeau, who doesn't think about money apparently, Canada's debt has now surpassed $1 trillion.
00:01:26.160 That's a million million dollars.
00:01:27.920 As of this morning, Canada's national debt is $1,138,864,000,000.
00:01:36.640 By 2025, it is expected to be $1.6 trillion.
00:01:41.060 The individual share per Canadian of that debt is $30,000.
00:01:45.580 And just keep in mind that that's only your share of the federal debt.
00:01:49.260 You also owe a heck of a lot more in provincial debt.
00:01:52.460 Now, the first clip I showed you, I will admit, is just the beginning of the clip.
00:01:56.680 There's more context, and I'm going to show you the full clip.
00:01:58.740 But that one is the one that is making the rounds on social media.
00:02:01.580 It is particularly damning to Justin Trudeau.
00:02:03.900 So I wanted to show you that so that you have a little bit more context.
00:02:06.840 But honestly, I'm not sure it's much better.
00:02:08.680 Here is that full clip.
00:02:10.100 I don't know.
00:02:10.400 When I think about the biggest, most important economic policy this government, if re-elected, would move forward,
00:02:17.240 you'll forgive me if I don't think about monetary policy.
00:02:20.120 You'll understand that I think about families.
00:02:22.100 When we first got elected in 2015, the very first thing we did was raise taxes on the wealthiest 1% so we could lower them for the middle class.
00:02:30.180 So he doesn't think about money.
00:02:31.820 And that's because he'd rather think about families and, in particular, how to raise taxes on successful Canadians.
00:02:37.080 Now, I'm sure that last bit of the line there is in response to the NDP's platform, which was just released.
00:02:43.400 And it is chock full of tax increases on what the NDP calls ultra-wealthy Canadians.
00:02:48.300 But back to Trudeau and his silly gaffe.
00:02:51.040 Trudeau is the Prime Minister of Canada.
00:02:53.320 It is literally his job to think about the fiscal policy of this country.
00:02:58.900 And this is especially true because his government has turned on the taps of spending,
00:03:03.340 and in large part, that spending has been funded through the printing of money.
00:03:07.360 So what is monetary policy and why is it important?
00:03:09.520 Let me give you a very quick lesson on sound money.
00:03:12.160 Canada has its own currency, and therefore we have a central bank.
00:03:15.380 That is the Bank of Canada, our government's bank.
00:03:17.320 A central bank controls the money supply.
00:03:19.940 It determines how much money will be printed and what the corresponding interest rates in the country will be.
00:03:25.020 The bank operates at arm's length from the Trudeau government,
00:03:28.120 but the Prime Minister works with the Bank of Canada to set its inflation rate.
00:03:31.940 This happens every five years and is up for renewal this year,
00:03:35.080 meaning that if Trudeau is re-elected, he will have to think about monetary policy at least a little bit.
00:03:39.940 The Bank of Canada, in part, funded the enormous spending spree the government went on
00:03:43.740 in order to keep the economy afloat during the pandemic.
00:03:46.360 They printed money.
00:03:48.240 Lots and lots of money.
00:03:49.920 And Economics 101 tells us that when you have more of something, it's worth less.
00:03:54.000 The more money that is printed, the less value it holds.
00:03:56.780 That's why inflation is up.
00:03:58.280 Way up.
00:03:59.100 Statistics Canada's recent report showed that inflation is up 3.7% in July.
00:04:04.260 The Bank of Canada aims to keep inflation at around 2%,
00:04:06.780 so that is nearly double what our target is.
00:04:09.200 And it's the fourth month in a row that it's been over 2%.
00:04:12.280 So how does this impact Canadians?
00:04:14.440 Well, it means the cost of everything is getting more expensive.
00:04:17.520 It's part of the reason why housing prices are up.
00:04:19.840 It's part of the reason why everything you buy, including food, gas, clothing, you name it, it costs more.
00:04:25.500 Here are a few highlights from that Statistics Canada report.
00:04:28.020 So gasoline prices have risen 30.9% since last July.
00:04:32.540 The cost of owning a home rose 13.8% from last year, which is the sharpest increase since October 1987.
00:04:40.080 Wow.
00:04:40.740 The cost of food is up 1.7% from last year.
00:04:44.360 Food at a restaurant is up 3.1%.
00:04:46.560 And the cost of owning a car rose 5.5% from last year.
00:04:51.040 And here is a nifty little ad that the Conservative Party put out
00:04:55.520 pointing to how this monetary policy and inflation will hit you at the grocery store.
00:05:01.200 Alongside this ad, popular Conservative MP Pierre Polyev has been following this topic for months
00:05:22.720 and he's been ringing the alarm bell about the risks of printing money, risks of inflation, and how it will impact Canadian families.
00:05:29.420 Now perhaps this is why the media have mostly ignored Justin Trudeau's gaffe.
00:05:34.100 They don't want Canadians to see how arrogant and how clueless he is or how strongly Conservatives have been on this issue.
00:05:40.240 In fact, the only coverage outside of us here at tnc.news that I saw on this gaffe was in Bloomberg, which is the financial news outlet.
00:05:48.120 And this headline just made me shake my head.
00:05:49.840 Here's the headline.
00:05:50.580 It reads,
00:05:51.180 Tories pounce after Trudeau says monetary policy not a priority.
00:05:54.600 Well, at least they covered it and at least they made the important point that the Bank of Canada sets inflation rate every five years
00:06:00.720 and it's up for renewal this year.
00:06:02.480 And of course, they let Canadians know that Trudeau said that he just doesn't think about money, doesn't think about monetary policy.
00:06:07.900 But as you can see from the headline, the story isn't about Trudeau's stupid comment.
00:06:11.800 It's about those mean, awful Tories and how they're pouncing.
00:06:15.520 Now, I've made this point on the podcast before, but this is a dirty little trick in the media in the way that they cover the news.
00:06:20.860 It shows their bias and it makes it clear who they are cheering for.
00:06:25.380 When the Conservatives do something bad or the Tory leader says something stupid, the headline is Conservatives do something bad or Tory leader says something stupid.
00:06:33.420 But, but when the Liberals do something wrong or the leader says something stupid, the headline switches and it turns back to the Conservatives saying Conservatives pounce.
00:06:43.900 Those mean, angry Conservatives are pouncing.
00:06:46.100 They're attacking poor Trudeau just because monetary policy isn't his priority.
00:06:50.060 So, no matter what happens, the Conservatives are painted negatively and the Liberals are still painted positively.
00:06:55.440 That's exactly what we've come to expect here in Canada.
00:06:58.560 Justin Trudeau is a fool and the legacy media is trying to hide that from you.
00:07:02.780 I'm Candice Malcolm and this is The Candice Malcolm Show.