Juno News - What to expect from Mark Carney’s budget

00:00:00.000 Welcome to The Fighter with Chris Sims. I am Chris Sims. I'm the Alberta Director for the

00:00:11.120 Canadian Taxpayers Federation. Thank you so much for watching the show. If you haven't done so yet,

00:00:16.180 be sure to like this video, subscribe to the YouTube channel, and share it with your friends

00:00:20.860 who need to know what is going on. Okay, we've got a big show for you today because it is a big

00:00:27.560 week on Parliament Hill. The budget, finally. Yeah, you know that thing that's usually out in March?

00:00:34.260 Well, it's coming out tomorrow in February. The federal budget is coming out, and this isn't

00:00:40.880 just, you know, fiscal Christmas for, you know, nerds who like our pocket protectors and our

00:00:46.080 spreadsheets present, okay? But it's really important for everyday working Canadians because this is

00:00:53.500 basically the stress test for the government. This is where we get a look at the books and see

00:01:00.660 where the government is spending your money. And the bottom line is this. The main number that matters

00:01:08.340 in the budget tomorrow is how much is the carny government adding to the debt? It doesn't matter

00:01:17.140 what label on the bucket of spending, what that says, okay? Doesn't matter if it's in the capital

00:01:23.980 bucket or the operating bucket, okay? That cute little thing that they're trying to do with the

00:01:28.960 budget to try to, you know, squint and look at it sideways and maybe decide that it's not looking so

00:01:33.540 bad. That's all smoke and mirrors, okay? That is all a distraction, okay? What matters is how much

00:01:40.680 money are they adding to the debt? Because right now, our debt is more than 1.2 trillion dollars.

00:01:51.160 Former Prime Minister Justin Trudeau, who was fiscally illiterate, okay, who never balanced the

00:01:57.080 budget, not even one time, okay, he doubled the debt in 10 years. Trudeau doubled the debt in 10 years.

00:02:04.400 So, now, all eyes are on the new guy, okay? Is the new boss going to be the same as the old boss,

00:02:12.380 okay? Or will Prime Minister Mark Carney, who is no slouch when it comes to math, okay? The guy's got

00:02:19.720 a PhD from Oxford in economics. He is the former head of the Bank of Canada, former head of the Bank of

00:02:26.540 England. Is this guy going to do a better job with the budget than Trudeau? What he said earlier about

00:02:36.720 this isn't super comforting. I think if you're listening to it with an ear of like a normal

00:02:43.620 working person, we've got Prime Minister Mark Carney. Remember how I described that dude went to Oxford,

00:02:49.780 okay? He hasn't been eating a lot of macaroni soup, okay, or shopping for used running shoes lately,

00:02:56.180 to put this nicely. He hasn't been experiencing the same sort of financial difficulties the way a lot

00:03:04.100 of working Canadians have been, okay? And he came out and said that Canadians have to be prepared to make

00:03:12.060 sacrifices. Listen to this clip.

00:03:15.520 We won't transform our economy easily or in a few months. It will take some sacrifices and it will

00:03:24.820 take some time. Our government will work relentlessly to cut waste and drive efficiencies.

00:03:31.800 And when we have to make difficult choices, we will be thoughtful, we'll be transparent,

00:03:38.220 we'll be fair. Okay, so what do you think about that clip? Let me know in the comments because

00:03:44.660 I don't feel great about him using the word transforming the economy. They don't need to

00:03:53.160 transform the economy. They need to get out of the way of the economy, okay? Canada is blessed

00:04:00.700 with a ton of natural resources and a lot of hardworking people. All government needs to do

00:04:07.520 in this context is take the foot off of the neck of normal working people, especially in the resource

00:04:15.300 sector. There's no magical transformation that we need to do to our economy. The problem is the

00:04:22.720 federal government. The problem is what the Trudeau government did the last 10 years.

00:04:27.220 But when he's talking about cutting waste and getting rid of inefficiencies, that's a good thing.

00:04:32.540 So we're going to have to wait and see for tomorrow, I guess, to find out which Mark Carney

00:04:37.600 is going to turn up for work. Now, again, what did he mean by sacrifices? I just wanted to remind

00:04:43.440 people, okay, that we have got around 50% of Canadians, half of Canadians reporting that they're

00:04:51.060 around $200 every month of not being able to make the minimum payments on their bills. We've got record

00:05:00.680 numbers of working families needing to go to food banks. What that actually means, if you think

00:05:07.940 about it, working families going to food banks, is that a parent who's holding down a job still counts

00:05:15.680 on donated jars of charity peanut butter to feed their kid. That's what that means, okay?

00:05:22.620 What does Pierre Polyev, the leader of the Conservative Party, the leader of the opposition,

00:05:30.460 what are his thoughts on what's going to happen tomorrow at the budget? Let's listen.

00:05:34.560 Do you want an election before Christmas?

00:05:37.500 We want an affordable budget that will give Canadians affordable life before Christmas.

00:05:42.180 That's my priority. We shouldn't be playing, Mark Carney shouldn't be playing games and trying

00:05:46.420 to force an election. He should be sitting down with us. I'm willing to work all through the night,

00:05:50.740 tonight and tomorrow, to come up with an affordable budget that will make an affordable life for

00:05:55.600 Canadians. But we will not vote to raise grocery prices and increase housing costs, as the Liberals

00:06:02.660 have done over the last decade. Canadians cannot afford any more Liberal sacrifices. So my message

00:06:10.820 is one of let's bring in a budget that's affordable so that we can have hope, jobs and homes for all

00:06:16.600 Canadians.

00:06:17.020 So you'll notice there how Polyev keyed in on the word sacrifices too. That was not a good thing for

00:06:23.600 Carney to have said, especially where people are struggling already so much after 10 years of

00:06:30.020 Trudeau. And he was just a fiscal dumpster fire. There's no way of sugarcoating it or putting it

00:06:34.460 nicely. Just off the top there, the reason why that reporter asked Pierre Polyev, do you want an election

00:06:40.500 before Christmas? Okay. I might be the minority view on this, and it might be because I'm out of the bubble

00:06:46.200 in Parliament Hill, and I'm working here in Lethbridge. But the press gallery needs something

00:06:52.140 to talk about for two weeks leading up to a budget. Okay. And I've seen this happen before. Okay. It's

00:06:58.220 like, you know, throwing popcorn out to a crowd. Okay. It gets them talking and doing stuff.

00:07:02.780 What has happened is there's this rumor going around Parliament Hill saying, oh, maybe the NDP is going to

00:07:10.200 bring down the Carney government and force an election before Christmas. Now I might be wrong.

00:07:15.760 And if I am wrong, I will buy Brian Lilly a banana split. Okay. But I don't think I'm wrong because

00:07:21.780 look at the math. Look at how many seats the NDP has. Okay. The NDP, in my opinion, is not going to

00:07:30.640 bring Carney down. Why? Well, for starters, they don't have a leader. They don't have a leader. So who's

00:07:38.060 going to be on the debate stage for the leader's debate in this mythical election leading up to

00:07:42.320 Christmas? The interim leader? What's he going to say? What he hopes the new leader is going to say?

00:07:48.440 What? No. Second, the NDP doesn't have gas money to put into a minivan. Okay. It cannot afford an

00:07:57.540 election. And election campaigns involves a lot of stuff. Okay. Traveling. Remember how Jagmeet Singh was

00:08:03.260 on the bus? Okay. He wasn't even using a plane. Forget the bus. We're down to like a go-kart. No.

00:08:09.760 So in my opinion, this is just kind of churn for the press gallery to talk about for, you know,

00:08:15.780 two weeks to 10 days leading up to a budget. It's also a good way to kind of cow the NDP

00:08:21.100 into coming on side even stronger. So in my opinion, the NDP is either going to vote with the government

00:08:27.400 in favor of the budget, or they'll just abstain, which means the budget passes either way. Okay.

00:08:33.500 More importantly, what does this budget mean for Canada's finances? What will the bottom line be?

00:08:41.700 Will we be able to bring industry and investment back into Canada and start improving our economy so

00:08:51.200 that people are going to have better jobs and ultimately be able to pay lower taxes? Let's find

00:08:59.480 out. Joining me now is that smart fella, Michael Campbell. He is the host of Money Talks. Be sure

00:09:06.360 if you are not yet a subscriber, be sure to subscribe to him online because that's where you get

00:09:11.900 really insightful market analysis in a way that people like me can understand. And I sure as heck did

00:09:19.500 not grow up on Wall Street. Michael Campbell, thank you so much once again for joining the show.

00:09:25.220 My pleasure. Absolutely. Tons of stuff to talk about.

00:09:28.200 Oh my goodness. Okay. So we were talking a little bit offline and I was speaking with my friend Franco

00:09:32.660 over the weekend about this too. Can you please explain to our viewers, does it matter that Prime

00:09:39.060 Minister Mark Carney is divvying up his budget into operating and capital when it comes to spending? At the

00:09:46.180 end of the day, what does that mean? And does it matter? Does not matter to the credit markets. And we've got to

00:09:51.520 remember that's who's financing. I mean, we need to borrow money. In fact, here's a number that'll blow you

00:09:56.660 away. We need $623 billion estimated this year alone. Why? Because we don't pay off our maturing debt. So we've got

00:10:03.900 about 76% of that as maturing debt. So we need someone to lend us that money again and about 24%. And it's an estimate

00:10:10.940 because we haven't seen the budget and where they plan to spend their money. We've been announcement

00:10:15.240 after announcement. You know, it's tough to accumulate them all, but the estimate is about

00:10:19.000 24% of that will be new spending. And that's every year now, right through 2029, 30. So that's our

00:10:26.080 biggest problem is who's going to lend us the money and at what rate they don't care what, how we

00:10:31.960 categorize our spending. They don't care if it's, we borrowed 10 billion for potato chips or 10 billion for

00:10:38.420 microcomputer chips. They don't care. So that's really the thing that it will obfuscate that.

00:10:44.720 I mean, there's a lot of criticisms because, you know, the definition, I made the claim when

00:10:49.940 Prime Minister Carney first said he was going to do this. I said, great, well, I can balance the budget

00:10:54.500 maybe by tomorrow morning then, because you can, you know, the definitions of what qualifies

00:10:59.760 specifically as an investment compared to what's operating is still very loose. And that's what the

00:11:06.000 Parliamentary Budget Office says, the definitions. So for example, keep in mind, they called arrive

00:11:11.140 Canada investment in like security. They call the CBC an investment in heritage and culture. They

00:11:17.100 called Sustainable Technology Development Canada, you know, an investment in technology and all those

00:11:24.140 things. And one more, because it's been on top of the news. They've been calling our EV manufacturing

00:11:29.500 investments. Well, they've been darn poor investments to this point. But my point is, they're setting the

00:11:35.240 definition. And I think that lends itself to, you know, let's see how strict they are in applying

00:11:41.300 it because they're talking about tax credits, for example, as an investment. That's, that's not what

00:11:45.400 I think traditionally is assumed to be that. So yeah, those things are all coming home to roost at

00:11:49.880 this point. I don't think it makes any difference to the credit markets. What are, you know, the way

00:11:54.660 we've categorized, just like right now, we do categorize what our health transfers are. We do categorize

00:11:59.920 what, you know, highway expenditure is. They don't care. What's the total number? And are they going

00:12:05.820 to get their money back when they lend it to us through the bond market when it matures? That's

00:12:11.060 what they care about. Does Prime Minister Mark Carney understand that? I think I'm safe in saying that

00:12:18.560 former Prime Minister Justin Trudeau had no understanding of that. None, not even the faintest

00:12:23.580 glimmer. But, you know, doesn't Carney understand that? I think he does. I assume he, of course, he

00:12:31.520 has to actually. I mean, also, I never knew what Prime Minister Trudeau understood about any of the

00:12:36.860 stuff he did. He didn't prioritize. I think it's very fair to say he never prioritized the economy

00:12:41.640 or economic growth. He had other issues. Climate change, probably number one. Number two, LGBTQ, you 1.00

00:12:48.240 know, reconciliation, all of those things. But they weren't about creating economic growth. And

00:12:53.540 presto, look where we've landed. I mean, we have this declining productivity per capita,

00:12:58.560 which economists will tell you, if you're only going to use one measure about our standard of

00:13:02.160 living or, you know, success or failure, that's what they'd look at. So it's declining. Capital

00:13:06.460 investment is declining. There are many, many pressing issues right now. And yeah, I'm sure Prime

00:13:13.080 Minister Carney understands that. But he has a real challenge within his own caucus. You have people

00:13:18.160 like Stephen Guibault. I mean, he is not in favor of economic growth at the expense of anything to do

00:13:25.380 with climate change. You know, he's got many of the same cabinet ministers are in there that were in for

00:13:30.280 the, you know, several years of the Trudeau government. So I think that might be a problem.

00:13:35.080 I think he still has a climate agenda, which, of course, is a hot topic about whether the government

00:13:40.060 supports, you know, for example, a pipeline to the West Coast, you know, for oil. So he's got all

00:13:46.480 of those challenges within him. But I think he does understand it. And I summarized his speech,

00:13:52.580 what was it about 10 days ago, we did the national speech, I summarized it, if you were going to make

00:13:56.820 a bet on the private sector, or make a bet on government, further government intervention,

00:14:01.280 he's chosen further government intervention. And what worries me about that is the track record is

00:14:06.920 abysmal. I mean, really, I mean, I just looking at the numbers. So clearly, whatever's happened to

00:14:12.640 this point, you know, hasn't worked. And secondly, those things like examples like Stellantis or

00:14:18.740 North Fold, they give them the money for an EV battery, and it declares bankruptcy protection

00:14:23.760 within 12 months, you know, the track record is not good when the government says I'm going to pick

00:14:27.620 the winners. So when the lights come on, like when do those dashboard indicator warning lights

00:14:34.300 actually show up for politicians, because I keep running into this where I had a lot of experience

00:14:40.720 on the Hill back when Gretchen was Prime Minister, and Paul Martin was Finance Minister, and nobody's

00:14:46.200 perfect, okay, they had lots of things that they did as a government that, you know, wouldn't have

00:14:50.140 been good. However, they had some people who seemed to understand how the economy worked. You know,

00:14:57.440 we were speaking with people like Dan McTague and John Manley, like these members of Parliament

00:15:02.180 who seemed to understand the need for fiscal restraint and fiscal discipline, because the

00:15:08.840 deficit, which is a which is a basically a yearly debt. So a deficit is like a miniature debt that

00:15:14.720 is added on to the big debt every single year. They finally were taking that seriously, after

00:15:20.600 years and years of budget overruns, because eventually, those creditors that you're talking

00:15:26.140 about there, stop lending the money. In Saskatchewan, provincially, they ran into that, where

00:15:31.880 back in the day in the in the 1990s, they ran into a situation where, yep, sorry, but no more money

00:15:38.660 coming in for you. They wound up having to close like dozens and dozens of rural hospitals, like

00:15:43.600 things got pretty rough there. So my question to you, Michael is, with this new Prime Minister, I'm

00:15:50.420 hoping he has different advisors that he's brought in from like the real world, from the private business

00:15:55.680 and industry world. When do those dashboard crash indicator lights pop up, pop up for this guy?

00:16:02.460 Well, clearly, they didn't when the interim parliamentary budget officer Jason Jacques was

00:16:07.960 there and warning about this is unsustainable. He used language that he was criticized for in some

00:16:13.160 quarters because it was but I'm thinking from his point of view, asking the same question, what is it

00:16:18.500 going to take for you guys in Parliament to understand this is a serious situation? And I got

00:16:23.380 to say something about Paul Martin and Jean Chrétien. This is not the same Liberal Party. You know,

00:16:29.040 clearly, it's not the same Liberal Party. I mean, Paul Martin, you know, worked diligently to get

00:16:35.680 finances under control and with the support of Prime Minister Chrétien. So I don't see any similarity

00:16:40.700 whatsoever when it comes to public finances with the current government. And we'll see with Mark Carney,

00:16:45.440 but so far, he hasn't given me any indication that is similar to Paul Martin. I think Mr. Carney's

00:16:51.540 approach is going to be government intervention to grow the economy faster than, of course, our

00:16:58.580 expenditures. And that's been a big problem under the last I looked like since 2020, for example,

00:17:04.220 program spending is up 20 65%. The economy grew eight to 10%. Well, that's not a good formula. And I think

00:17:11.660 he would understand that. But his it's more his belief that the government can be a major player

00:17:16.600 in goosing that productivity and goosing, you know, economic growth, GDP growth. And what that remains

00:17:24.020 to be seen, that's the big government model. I'm not betting on it personally, by the way, but that's

00:17:30.260 the big government model. So he does acknowledge that he knows that's a problem. But it's what the

00:17:34.840 solutions are going forward. And of course, sorry, I'm going on and on, but it's so problematic

00:17:39.500 to not be taking advantage of our greatest resource. I mean, we're the only country doing

00:17:45.460 that to this degree. And, you know, we remain, this will be the final blow, whether he's going to,

00:17:51.640 whether it was, you know, in one time, he goes to Quebec, French language, and says he's not going

00:17:56.020 to do pipelines against the First Nations or provincial objections. Another, you know, about three days

00:18:01.800 before he said he would, it's a national priority. So we'll get a chance to really see that in black

00:18:07.280 and white coming up. I'm not so sure our house gets back in order without taking full advantage

00:18:12.800 of our most important and most productive resource. I wanted to zero in on that right now. We were

00:18:18.620 speaking with Professor Ian Lee, very smart gentleman from Sprott School of Business there in Ottawa.

00:18:23.580 And he basically said, hey, to your point, hello, like we're sitting on, you know, a treasury

00:18:30.400 of oil and gas here. We have got a ton of natural resources. So we have got all of this stuff,

00:18:37.820 even apart from oil and gas, all of our minerals and rare earth minerals and potash and like the

00:18:43.300 stuff, okay, geographically under our feet, that the rest of the world wants to buy with money for us.

00:18:51.140 Like, this should be pretty clear. Like, as a family, if you're worried about your finances,

00:18:57.740 one of the first things you look at is, where's the money coming in from? Do I need to pick up a

00:19:03.240 second job? Does someone else need to pick up a second job? Can we cut back on our spending? Like,

00:19:07.760 this is not rocket science. And so this is where I think a lot of regular people are getting frustrated

00:19:14.060 here, Mike, is that we've got access to all of this stuff that we can sell to other countries

00:19:21.200 for profit in order to, to your point, goose that level of the budget, okay, the revenue side of the

00:19:28.760 budget coming in, because it's not just royalties that come in, it's the income taxes that come in

00:19:34.480 from the folks who are building those pipelines and working in those industries who have those big

00:19:39.200 energy and resource jobs, because those are high paying jobs, and they're long term jobs,

00:19:44.420 and they pay higher income taxes, which brings in more revenue for government. Okay, so I, the last

00:19:51.340 little bit of hope I had was about a month or so ago, it feels like, is when they were talking about

00:19:56.880 the Keystone Pipeline. Suddenly that word came back up, because last I checked, we had it built right

00:20:03.580 to our border, and then Biden killed it. Biden's not in the White House anymore. There's a guy in there

00:20:09.360 that kind of likes pipelines. So this is where I'm hoping that push comes to shove, and that Carney

00:20:15.220 says, you know what, we need to take advantage of our natural resources. Couldn't he convince

00:20:19.480 himself here, here, Michael, couldn't he convince himself that government is doing good by getting

00:20:24.920 out of the way? Or do they need that credit so bad that they would rather go to the casino and gamble

00:20:31.440 on corporate welfare projects? Well, I think with Keystone, it was a political ploy. It certainly doesn't

00:20:37.040 address the things they were talking about in February and March, April, June, which is diversify

00:20:41.900 our customer base. You know, that would be a US pipeline, you know, through the US consumer. It

00:20:47.280 wouldn't, as opposed to Asia, which would do that diversification. We were talking so much about,

00:20:52.460 by the way, we talked specifically the same words, same words in 2018, with Trump and the aluminum and

00:20:59.500 steel tariffs. Then we didn't do anything about it. But so yes, that would certainly help because it's

00:21:04.580 still more product going out, etc. Again, I think the challenge is that we've had a lot of mixed

00:21:10.960 messages to this point. We've had them acknowledge, Tim Hodgson, who is the energy minister, acknowledge

00:21:17.300 we've got a terrible regulatory process going on. That's the other challenge. Keep in mind,

00:21:21.900 we have short term problems you alluded to earlier. You know, we have people who are having trouble

00:21:26.780 making ends meet. And we don't need to chronicle, there's 1.5 million people without jobs, 2.2

00:21:33.160 million used food banks in March, you know, that kind of thing. Well, these are long term projects,

00:21:38.700 nothing in what we've been discussing, you know, broadly over the last couple of months has addressed

00:21:43.720 the need for attracting capital investment. You know, because that's where you start. There's no

00:21:49.200 economic growth. If I want to expand my restaurant, I need capital. You know, it doesn't matter. If I want

00:21:54.100 to start a business, I need capital. Well, Canada has not been in a positive competitive position.

00:22:00.480 And look at what across the border, they're lowering taxes, they're lowering the cost of

00:22:04.680 regulation. That's our competition, immediate competition. So now we're reading about, you know,

00:22:09.840 companies saying, I'm going to relocate to the States. And there seems to be a new one every couple

00:22:13.900 of days there, we have to address that competitive aspect. So finally, I'll say that, you know, we've got

00:22:20.800 short term problems and long term problems, the sort of five major capital investments we could

00:22:25.380 talk about, but that's still a long term solution. Critical minerals is the new buzzword. I don't

00:22:30.280 know, they couldn't discover it two years ago, but now they've got it in the dictionary, you're still

00:22:34.540 looking at 10 to 15 years to go from discovery into production in that way. I mean, along the way,

00:22:40.040 of course, you're building stuff. So there will be some income and there will be some jobs. But

00:22:43.840 the point is, you know, we need some short term, midterm and long term. And I think that's very

00:22:48.760 difficult to argue against. Again, that's why this budget's got so many people with eyes on it. Are

00:22:54.180 they finally going to answer some questions they have not answered? The Prime Minister's not answered

00:22:59.220 in six months. That's why I brought up Keystone, because it felt a little bit more shorter term, because

00:23:05.240 last I was told, I actually had a friend's husband who was working on it when it got canned. Last I was

00:23:11.480 told, it was built on the Canadian side, at least, up to the border. So it felt a little shorter term

00:23:17.480 than, say, one out to the West Coast, which, by the way, we also need to get rid of the West Coast

00:23:21.780 tanker ban, because it'd be all fine and good to have a pipeline out there. But if we can't fill 0.98

00:23:27.140 ships with the stuff that we have coming out of the pipeline, then what exactly are we doing?

00:23:32.120 Michael, before I let you go, so again, a layman here, but if Carney announced, okay, all that stuff

00:23:39.980 that was bad, okay, Bill C-69, the no more pipelines, the West Coast tanker ban, any of

00:23:45.720 the other regulatory strangling red tape, if he said that's gone today, gone, ordering council,

00:23:52.880 I'm getting rid of all of it. I don't care how fast I need to move, it's happening right now.

00:23:56.740 Poof. Is that short term? Like, is that more of like a green light dinner bell for capital

00:24:03.540 investors? Do they hear things like that and say, hey, maybe I will put my money there now?

00:24:08.080 Well, of course, that talks to regulation, that would be a good thing, reducing regulation,

00:24:12.680 taxation, we have to be competitive with the states when it comes to taxation.

00:24:17.640 Also, though, again, my first question, by the way, would have been, what took you so long?

00:24:22.180 If you're going to do this, why didn't you do it six months ago, for goodness sakes?

00:24:26.260 You know, there's a lot of, a lot of things we can talk about with that. We haven't taken our

00:24:31.900 economic growth seriously in a long time. And I'll give you an example. Weren't we supposed to have

00:24:36.000 no provincial trade barriers by July 1st? Well, we find out that's a lot easier to say than it is

00:24:43.060 to do because it's provinces and the federal government. I'm not doubting the federal government

00:24:47.440 would like to get rid of them. But, you know, clearly we have problems on the provincial level

00:24:51.060 there. But that's more than offsets anything with the Trump tariffs. You know, so there's the other

00:24:57.180 big thing that we're really discussing and a bigger issue is uncertainty. Nobody knows. That is not why

00:25:03.740 people make capital investments. You mentioned Keystone. Well, do we have any doubt that the

00:25:07.880 Trump administration would support it? You know, of course they would, you know, but that's an

00:25:12.500 example of one area of capital investment. But there's so many others. The level of uncertainty and

00:25:17.700 some of it is not caused by Canadians. It's the Trump tariff approach. But in my opinion, that should 0.98

00:25:23.340 have been clear years ago. I mean, Trump started to talk about tariff is my favorite word back in

00:25:28.580 November. We made no reaction to that whatsoever. And here we are running these Reagan-esque ads.

00:25:34.880 Where were you 12 months ago? I was, I said right away, tell Americans it's going to cost them more.

00:25:40.500 That's don't talk about Canada. Talk about it's going to cost you more. I still think that's

00:25:45.620 effective. They have been saying that and certain governors certainly have. But again, what are those

00:25:51.140 ads really accomplishing? It was 12 months late. And there's a lot of things like that, that create

00:25:55.880 this level of uncertainty and there's alternatives. And the U.S. is providing themselves for a lot of

00:26:00.860 reasons as a positive alternative for capital investment. So we've got our work cut out for

00:26:05.780 excuse me. And I think we've got 15 minutes to solve it. That's how pressing it is.

00:26:12.840 Reminds me, showing our generations here reminds me of that. How close are we to midnight?

00:26:18.720 Four minutes to midnight type thing. Yeah. Michael Campbell, I really appreciate your insight here.

00:26:24.480 I will check back with you after the budget. I'm still trying to be hopeful here that the smart

00:26:29.980 guy will win out and realize that we've got a huge bloated bureaucracy. We're wasting way too much

00:26:35.560 money. And we have got to get regular capital investment, smart guys and gals back in Canada,

00:26:42.140 spending their money on big projects. Any, any last words on the budget in your heart?

00:26:47.460 Just a reminder that the budget are forecast numbers. They are not held accountable for,

00:26:52.220 I'm not blaming them, but I mean, think of all the variables they're dealing with.

00:26:55.440 We shouldn't be talking about them as if they're certainty. Secondly, this has nothing to do with

00:27:00.880 the incredible reports that are coming out of our Auditor General for a number of years of how much of

00:27:05.420 our tax dollars are wasted. And I just don't want people to assume this is going to be effective

00:27:10.380 spending, no matter what it is, whether it's cut in half, it still doesn't mean that last half is

00:27:14.600 effective. Nobody is addressing that issue. We haven't heard a word from government,

00:27:18.640 government, not from the Liberal Party, not, you know, and they've been in power now 10 years.

00:27:23.020 But I don't think the Conservatives dare take that on, you know, because of the power of the

00:27:26.980 public sector unions. But we've got a problem that way. Michael Campbell, host of Money Talks. Be sure

00:27:32.900 to subscribe. Thank you so much, sir. My pleasure. Once again, that is Michael Campbell. He has his own

00:27:38.640 show called Money Talks. It's been on forever. And he explains stuff that way. You know, I'm not some

00:27:44.720 capital investor from other countries, but I still understand what he's talking about because Michael

00:27:49.860 is such a great communicator and he keeps his eye on the markets and what smart, intelligent, wealthy

00:27:57.240 people are doing with their money. And unfortunately, they're not parking it in Canada, which is what we

00:28:03.300 need them to do. What do you guys think? Leave a comment, please. Leave a note in the comments. What are

00:28:09.620 your hopes for the budget? Do you think that the economist Carney is going to win out? Or

00:28:16.020 do you think that the guy who used to work at the UN Carney is going to win out when it

00:28:21.800 comes to the budget? Folks, if you haven't done so yet, be sure to like this video, subscribe

00:28:27.480 to the YouTube channel, head on over to Juno News and become a subscriber and a supporter of

00:28:33.820 Juno News. Because remember, journalists must not be paid by the government. Most importantly,

00:28:41.760 share this video with your friends who need to know.

Juno News - November 04, 2025

What to expect from Mark Carney’s budget

Episode Stats

Summary

Transcript