PJ The Belt - March 16, 2026


Carney is SCREWED! Canada OFFICIALLY in RECESSION


Episode Stats

Length

8 minutes

Words per Minute

150.51093

Word Count

1,252

Sentence Count

77

Hate Speech Sentences

1


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 but we might be at this tipping point where a flood of job losses is about to come being our
00:00:06.800 own best customer will put more of every public dollar back into our economy creating good
00:00:12.880 canadian jobs canadian careers using canadian resources and benefiting canadian communities
00:00:19.120 a lot of job losses to report from the month of february yeah not good reading at all the really
00:00:23.280 bad reading actually uh the employment in this country uh saw some significant declines and this
00:00:28.480 is on top of declines that we saw in january as well which were considered more of an edging down
00:00:34.080 these are pretty bad let's show you some of the numbers right now employment declining
00:00:37.520 by 0.4 percent in february that accounts for 84 000 jobs lost these are mainly full-time positions
00:00:43.680 in the private sector which makes these numbers worse so let me get this straight mark carney
00:00:48.640 promised a booming economy and what did canadians actually end up getting 84 000 jobs gone in one
00:00:57.840 month. A total of 109,000 full-time jobs vanishing. And then you have hours being cut across the
00:01:06.740 country and massive layoffs. But don't worry, Carney says, everything is going great, right?
00:01:14.160 Because when your paycheck shrinks, groceries double in price, and young people can't find work,
00:01:22.480 that's apparently what success looks like in liberal Canada.
00:01:27.840 Prime Minister Carney, I just want to go back to a response you had to a question about Canadian job losses earlier today.
00:01:33.960 You primarily talked about macroeconomics, the Major Projects Office, which has yet to actually approve the project,
00:01:39.620 and some more things the government has announced that are going to be more medium to long-term projects.
00:01:44.020 But what's your message to the 84,000 additional Canadians who are looking for work right now, who are worried about their bills today?
00:01:50.680 Well, the first thing is that any job loss, of course, is a challenge for the individuals, for their families.
00:01:59.640 And what's important is that we're putting in place not just the measures for the long term.
00:02:04.400 By the way, I don't have time to go through all the elements of the premise that aren't exactly accurate there in terms of approvals and moving forward.
00:02:12.660 But also that we're providing support and moving the economy forward.
00:02:16.660 Here's where the Canadian economy is today.
00:02:18.620 Well, we've lost jobs. We've also created jobs.
00:02:22.100 Well, we have taken steps immediately to help Canadians in terms of the tax cut for 22 million Canadians.
00:02:28.760 That is starting to take effect now, the income tax cut there,
00:02:32.980 providing groceries and essentials of benefit to Canadians, so the Canadians most affected.
00:02:38.660 That's a benefit that reaches millions of Canadians, including up to about $1,400 over the course of a year for a family of four.
00:02:48.560 There's other measures that are coming that would provide immediate support.
00:02:52.380 Remember the promise?
00:02:54.180 Canada was supposed to be the fastest growing economy in the G7.
00:02:58.780 Instead, Canada now has some of the highest food inflation and rising unemployment.
00:03:04.860 Full-time jobs are disappearing.
00:03:07.160 Young workers are getting hit first.
00:03:09.640 And economists are warning that the labor market is starting to crack.
00:03:14.080 But don't expect Ottawa to admit there's a problem.
00:03:16.940 Because in liberal politics, if you just say that the economy is strong enough times, maybe Canadians will end up believing it.
00:03:46.940 I think many Canadians would feel that it is a disappointment.
00:03:49.940 Well, Judy, I'd say the following.
00:03:52.940 First is we've created 84,000 net jobs since I became Prime Minister.
00:03:59.940 The United States created about 6,000 jobs over that period of time.
00:04:03.940 Secondly, in terms of major projects, that's the first point.
00:04:06.940 The second is that every month wages have grown faster than inflation.
00:04:10.940 In fact, you saw in the most recent month wage growth above 4%.
00:04:14.940 percent. So Canadians, you know, cost of living moved up a lot. Canadians are getting ahead.
00:04:21.800 It's going to take longer for that to fully realize. But every month, Canadians' wages
00:04:26.000 are growing faster than the rate of inflation. In terms of major projects, we have shifted
00:04:31.680 the whole process for major projects. We've greenlighted Contra Cour that's moving forward.
00:04:38.900 We've approved a series of natural gas projects and moving forward. We've just approved
00:04:43.960 two of the largest uranium projects in the world in the course of the last month.
00:04:49.560 We approved an oil pipe or gas pipeline in British Columbia.
00:04:53.700 We are moving forward with projects such as Bay de Noir off Newfoundland.
00:04:58.320 There's a series of others.
00:04:59.380 You and I were just in the Northwest Territories announcing a series of measures,
00:05:05.220 including the Mackenzie Valley Highway, which is a project that has been on the books my entire lifetime.
00:05:12.340 I'm not a young man anymore. It's been on the books an entire lifetime. And this summer we will
00:05:18.280 have shovels in the ground on McKenzie Valley Pipeline. I can go on. We've removed all the
00:05:23.000 federal barriers from interprovincial trade. So there's more to do without question. But we have
00:05:29.960 moved forward on a very wide range of issues. This is the part that really gets me. The liberals
00:05:35.560 keep telling Canadians that things are better than ever. Better? Really? Food prices up,
00:05:43.560 housing unaffordable, full-time jobs disappearing, and young people can't even get started?
00:05:50.200 But according to Mark Carney, the economy is doing fantastic. Sure, if by fantastic you mean
00:05:57.880 working harder, paying more, and getting less, welcome to the liberal version of economic success.
00:06:06.180 Joining me now is senior economist with the Canadian Labour Congress, D.T. Cochran.
00:06:10.860 Thank you, sir, for being here.
00:06:12.660 So Canada lost roughly 84,000 jobs last month and employment ticking up to 6.7%.
00:06:19.800 What do these numbers tell us about where the labour market could be heading?
00:06:24.720 The really important story of this month's release are when we break down those job losses by full-time and part-time.
00:06:32.640 The 84,000 jobs lost is actually 109,000 full-time jobs lost with a gain of 25,000 jobs.
00:06:42.280 So this could be employers are starting to cut hours because the uncertainty of the economy
00:06:49.760 means they can't keep holding on to the employees that they have been holding on to.
00:06:55.240 The layoff rate has actually been remarkably low.
00:06:58.020 But we might be at this tipping point where a flood of job losses is about to come.
00:07:04.720 Very interesting.
00:07:06.640 Today's report shows full-time jobs and youth employment taking significant losses.
00:07:12.120 Which workers or sectors appear most vulnerable right now?
00:07:15.400 And what does that tell us about inequality and job quality in Canada's labour market?
00:07:20.060 the youth unemployment rate was at generational highs for much of 2025 and then it improved
00:07:29.920 towards the end but now it's heading back up so the trend of unemployment was falling and it's
00:07:36.480 unclear if we're hitting a sort of steady state around 6.7 percent which is still too high but
00:07:43.300 it's also possible that we are about to see the overall unemployment rate climb with youth serving
00:07:49.380 as canaries in the coal mine. And the fact that the majority of the job losses were in the private
00:07:54.820 sector indicate that this is for profit businesses no longer able to hold on to the employees as
00:08:02.340 uncertainty only grows. Hey, if you've made it this far,
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00:08:16.980 See you all in the next one.
00:08:18.660 Peace.