The Canadian economy continues to take a beating, with a $78 billion deficit, the largest in the history of the G7 nations, and the worst quarterly GDP decline since the Great Depression. Meanwhile, the Canadian dollar continues to slide against the US dollar.
00:00:18.300Marcia, the downturn driven by the ongoing trade war, signaling signs of a possible recession.
00:00:24.560So Mark Carney just dropped his first budget called Canada Strong, a 400-page word salad that is really more of the same.
00:00:34.240This isn't Canada Strong, it's more like Canada in chains, indebted.
00:00:40.540Because, let's be honest, this thing is a budget from hell.
00:00:44.520We're talking record debt, very little economic growth, and record delusion.
00:00:50.540Over $115 billion on vague infrastructure announcements, then $30 billion on defense, again, without specifying exactly what will come of it, and still a $78 billion deficit.
00:01:06.560Much bigger than all of Trudeau's terrible budgets.
00:02:38.140Vehicle exports plummeting nearly 25% industrial machinery exports and travel services also falling drastically.
00:02:46.080In fact, Canada saw an unprecedented trade deficit in the second quarter, with a big gap between its minimal exports versus its massive amount of imports.
00:02:57.000You'd think they would throw Canadians a bone with a tax cut, maybe, I don't know, some sort of relief, fiscally speaking, for working families or even small businesses.
00:03:06.560But nope, not a single meaningful tax break, more consultants, more bureaucracy, while your buying power continues to collapse.
00:03:16.840They claim they'll trim the public sector by 10% over four years.
00:04:04.880Stretched by ideology, arrogance, and spending addiction.
00:04:10.180A real strong budget would cut waste, lower taxes, and strengthen the dollar.
00:04:15.460Instead, the liberal government just poured jet fuel on inflation and called it progress.
00:04:23.800So, the next time they brag about generational investments, remember they're talking about your kids and your grandkids.
00:04:32.780Because they'll be the ones paying for this budget from hell long after these politicians have retired.
00:04:38.660Okay, so we're quickly going to take to Twitter and see what people are saying about today's disastrous budget.
00:04:47.240We got Government X is corrupt saying, Champagne, I think that's the finance minister, says the liberals can't be held accountable for the last decade of failures.
00:05:17.240It's always someone else's fault with this effing government, says the tweet.
00:05:23.900So, have a listen to what they had to say.
00:05:25.420I would say my impression after going through the budget is, the pitch is, we have to spend this much.
00:05:31.320I know you're going to say invest, but you're spending money, you're spending taxpayer money, in order to garner a significant growth in the return on investment.
00:05:38.520And my question to you is, like, how do you know that that return will come?
00:05:42.340And I put to you with great respect, you were the ministry who oversaw decisions to put a ton of taxpayer money into the EV sector that is now blowing up in all our faces.
00:05:50.480People don't understand at home, we have some Edwins.
00:05:53.660We live in a very different world, and the way forward for us, and I know you would want to use the word spending, but folks at home understand.
00:06:01.120When you go to the grocery store, you spend.
00:06:04.160For government, it's about the same, you know?
00:06:06.120As you speak, it reminds me so clearly of a message you delivered as a different kind of minister under a different prime minister, but from the same party.
00:06:13.160Went over and over the refrain from your government at the time was, confident Canadians invest in themselves.
00:06:18.620And the promise was also for economic growth.
00:06:21.080Instead, what happened on a per capita basis is that GDP declined by 2.5% below pre-pandemic levels over the last five years.
00:06:30.640Liberals were not able to deliver on the promise that you're making tonight.
00:06:39.740The scope, speed, and scale of the change, I wish you would be at the G7 with me.
00:06:44.300When we sit together, we say what we're seeing today is unprecedented, probably since 1945.
00:06:50.080So you can compare a period before the world changed when our largest trading partner decided to change the rules of the game, not only for Canada, but for the world.
00:07:01.720But really, because you're saying the exact same things.
00:07:04.180We need to invest in ourselves in order to get a return on the investment, and you're guaranteeing that will come when it never did before.
00:07:10.660This is what the liberals have done for the past decade.
00:07:31.440They've been in power for 10 freaking years, and they still can take a little bit of accountability that their way of governing has brought us here.
00:07:41.240They invested a lot of our taxpayers' money into electric vehicles, and just recently that blew up in their faces.
00:09:02.640Now, that's not the $100 billion some people projected, but that's a heck of a lot higher than people are used to seeing in a non-COVID year, and it stays at an elevated rate in all the years after this, going out until 2030.
00:09:17.100You can see the $78.3 billion this year.
00:09:19.880It's going to be $65.4 billion next year, $63.5 billion the year after that, just shy of $58 billion and just shy of $57 billion by 2029, 2030.
00:09:31.720Broadly, Rosie, this year, in the next couple of years, the deficit is twice as high as we would have seen in the fall economic statement that Christopher Freeland tabled in December, and growth is half of what was projected just nine, 10 months ago.
00:09:46.160Hey, if you've made it this far, thank you so much for watching.
00:09:49.900If you'd like to be notified every time a new video is published, hit the subscribe button and activate the notifications bell.
00:09:55.940It's completely free, and it helps our channel grow.
00:09:58.840A heartfelt thank you to all our channel members.