00:00:25.180And while all of this is happening, Ottawa's still acting like nothing's wrong. Nothing to see here. So the question is, are we still one country, or are we watching the first stage of a breakup in real time? Think Yugoslavia 2.0.
00:00:43.680Ontario inhabitants are now poorer per capita than inhabitants of Mississippi and that's the0.66
00:00:50.720poorest American state. So the inhabitants of Canada's richest province are poorer than the
00:00:56.260inhabitants of the United States poorest state and that's actually occurred primarily in the last
00:01:05.50010 years. Yes. And because we were basically at parity before that. Canada's decline,
00:01:11.880intentional or due to incompetence a decade of policy failure that's what it really amounts to
00:01:18.340right a decade of policy failure that has left canada poor we have 10 of the population now
00:01:24.920below the poverty line and we have record numbers in food bank lineups
00:01:31.660and our gdp per capita is a complete disconnect from the united states of america i mean they're
00:01:39.280almost, they're close to double what ours is right now. It's absolutely crazy. The leading
00:01:43.700indicators point to economic decline or economic winter, but the opposite is true for the United
00:01:50.740States of America. Investment flows into the United States, including the prime minister
00:01:55.340himself has invested much of his wealth into the United States of America, while Canada gets left
00:02:01.420behind. So let me get this straight. Mark Carney promised a booming economy. And what did Canadians
00:02:07.900actually end up getting? 84,000 jobs gone in one month. A total of 109,000 full-time jobs
00:02:17.060vanishing. And then you have hours being cut across the country and massive layoffs.
00:02:22.880But don't worry, Carney says, everything is going great. Because when your paycheck shrinks,
00:02:30.600groceries double in price and young people can't find work that's apparently what success looks
00:02:38.180like in liberal canada because it's a debate amongst liberals and non-liberals they say our
00:02:44.560economy is going great because the imf says the imf is saying canada is supposed to be the tiger
00:02:51.900of the western world and i see people in places aside from downtown toronto fed by the government
00:02:59.000and Ottawa, fed by their gold and pensions,
00:03:27.800well that's what we've got going on here so diversification for auto is not an option if
00:03:33.300we do not have u.s access we do not have an auto industry that's just the bottom line so we really
00:03:38.300need to get this relationship right you would not build cars in canada to ship to europe or to asia
00:03:44.540it just doesn't make commercial or economic sense we happen to sit beside the largest most dynamic
00:03:49.720wealthiest economy in the world in the united states this is the gravity model of trade you're
00:03:54.100do the most trade with the largest economy that is geographically closest to you so uh well it
00:03:58.820would be nice to diversify not going to happen for auto remember the promise canada was supposed to
00:04:04.260be the fastest growing economy in the g7 instead canada now has some of the highest food inflation
00:04:11.700and rising unemployment full-time jobs are disappearing young workers are getting hit first
00:04:18.660and economists are warning that the labor market is starting to crack but don't expect ottawa to
00:04:25.060admit there's a problem because in liberal politics if you just say that the economy is
00:04:30.420strong enough times maybe canadians will end up believing it and so the imf created are they using
00:04:40.580uh you mentioned to me one time the imf includes something with the wealth of canada's pension
00:04:45.620plans. Yeah, yeah. There's several aspects of it. They don't factor in, an awful lot of countries
00:04:51.160don't have provinces that have provincial debt. We have massive provincial debt in Canada. So often
00:04:56.500you see comparisons, just federal debt to federal debt. And the IMF does factor in provinces to some
00:05:02.460extent, but not accurately, according to an awful lot of experts. But the CPP thing, the Canada
00:05:07.220Pension Plan, is really the big kahuna here that counts. We have almost $800 billion, which is
00:05:15.480like almost a trillion dollars in our CPP right now, which is good. We want it to be there for
00:05:20.840pensions for Canadians in the future. So that's not a bad thing. However, other countries do not
00:05:26.000have a funded public pension plan like Canada does. And what Canada does is include that as
00:05:31.500an asset against liabilities, against debt. So if you include that as an asset, that means the
00:05:39.180government thinks it can dip into it if it needs to, to offset some of these debts. It's not their
00:05:45.380money it's our money it is canadian employers and employees money that went into that and the
00:05:51.000government cannot dip into it it is not truly an asset this is the part that really gets me
00:05:55.760the liberals keep telling canadians that things are better than ever better really food prices up
00:06:03.740housing on affordable full-time jobs disappearing and young people can't even get started but
00:06:10.340according to mark carney the economy is doing fantastic sure if by fantastic you mean working
00:06:17.540harder paying more and getting less welcome to the liberal version of economic success
00:06:24.180joining me now is senior economist with the canadian labor congress dt cochran thank you
00:06:29.600sir for being here so canada lost roughly 84 000 jobs last month and employment ticking up to 6.7
00:06:37.400What do these numbers tell us about where the labor market could be heading?
00:06:42.460The really important story of this month's release are when we break down those job losses by full-time and part-time.
00:06:50.640The 84,000 jobs lost is actually 109,000 full-time jobs lost with a gain of 25,000 jobs.
00:06:58.740So this could be employers are starting to cut hours because the uncertainty of the economy means they can't keep holding on to the employees that they have been holding on to.
00:07:11.840The layoff rate has actually been remarkably low, but we might be at this tipping point where a flood of job losses is about to come.