A Canadian veteran's point of view on political, social, and economic issues in Canada. The Krusty Canuck Podcast Episode 386: Generational Investments + Generational Debts = Generational Debt. The federal government is going to borrow billions more, and spend billions more. What are we getting into? A recession? Depression? All that and more coming up on the show.
00:00:25.880All that more coming up to the show, ladies and gentlemen.
00:00:28.040Listener of your discretion will be advised because we'll make funny faces, swear at our leaders, and of course, you know, just the usual from me.
00:02:12.100You can go through every little fine detail that every economist or every expert, expert, likes to say when it comes to the money in this country.
00:02:40.760Now, I'm a firm believer in funding our military.
00:02:42.760I'm a firm believer in social programs when people need them and when there's actual revenue out there to generate said programs.
00:02:50.920Now, they made mentions of cutting public sector jobs, but then miraculously, there's another 63,000 jobs that just come out of nowhere, which is more or less probably part-time and public sector jobs, which comes from the Canadian taxpayer.
00:03:04.340It doesn't come from the magical money tree in Ottawa or the magical money tree in Quebec.
00:03:38.580But anyhow, ladies and gentlemen, we don't understand how the tax code works because there's probably 3,600 pages in the Canadian tax code.
00:03:50.040I think there's more going to be added sometime in the near future.
00:03:57.660But this budget has promoted nothing but virtue, nothing but crap, nothing but garbage.1.00
00:04:01.940Just another excuse to spend more and more and more.0.99
00:04:05.360To spend, not to save because when you're supposed to budget, you're supposed to budget what you have on a daily or on a weekly or a bi-weekly or a monthly or a quarterly or a yearly basis.
00:06:30.260They all think we're stupid, ladies and gentlemen.1.00
00:06:32.100Not to mention a couple of politicians that were rumored to cross the floor.0.99
00:06:35.200Now, one crossed the floor that Michael Detremont, I think he was, out of Nova Scotia, you know, about a month ago was saying how the carny regime, how the carny mentality is going to make us go broke.
00:07:06.140But, ladies and gentlemen, it's like every time we turn on the tube and we listen to our federal government, it's the same old shit again.1.00
00:09:34.800Check out Northern Perspective, ladies and gentlemen.
00:09:36.820They're going to talk to Ryan Tetrisano, the director of the Canadian Taxpayers Federation.0.99
00:09:41.280And he's going to summarize as best he can the idiocy of our budget.
00:09:45.700So I'm just going to queue up the Brian Lilley thing here for you.
00:09:48.340And like I say, ladies and gentlemen, you guys decide, as always, you know, when I put these clips on,
00:09:54.680I expect my audience just to think for yourselves and as we should, because mainstream media has done one hell of a rotten job in making things sensible.
00:10:06.940I remember when he actually used to watch the news and it was actually kind of fun to watch the news, you know, just to see what was going on in the world.0.99
00:10:13.880But of course, they got too many assholes calling the shop.0.96
00:10:16.560But like I said, this is Brian Lilley talking about the floor crossing and his take on the budget.0.99
00:10:25.520Hi, I'm Brian Lilley, political columnist for the Toronto Sun.
00:10:28.860How bad are things going with the drama off Parliament Hill?
00:10:32.420Well, so much so that people are falling for fake posts about fake MPs, fake crossing the floor.
00:10:37.880This all started because Chris Dantremal, the lone Conservative MP from Nova Scotia, decided to cross the floor and join the Liberals on Tuesday.
00:10:46.800He did this because he said he liked what the government was doing with the budget, even though it's exactly the opposite of what he called on them to do just a few weeks ago.
00:10:54.320But I digress. Then on Thursday, Matt Jenneru, a Conservative MP from Edmonton, who some say was speaking to PMO, announced that he's resigning to spend more time with his family.
00:11:05.260When that resignation will take place, we're not quite sure.
00:11:08.540So despite the fact that Mark Carney delivered a stinker of a budget this past week, all the focus is on the Conservatives and problems with them.
00:11:17.200Yeah, let's focus on the opposition, not the guys in power that can actually change policy.
00:11:23.460So up comes this post claiming that breaking Conservative MP from Nova Scotia, Randy Leahy, who represents the riding of Springvale J-Rock, is crossing the floor from the Conservatives to the Liberals.
00:11:36.400This caught an awful lot of people off guard.
00:11:38.380They're like, wow, some were excited. Some were saying, I hope it's true.
00:11:41.300Some said it was true. Look, proof, Pierre Polyev is in trouble.
00:11:44.680Well, here's the problem. There is no Conservative MP from Nova Scotia called Randy Leahy.
00:11:50.240There is no riding called Springvale J-Rock.
00:11:53.240This guy in the photo, that's Canadian actor Rob Webber, who played Ricky on Trailer Park Boys.
00:11:59.360And this whole post is filled with references to the Trailer Park Boys.
00:12:04.420This is a joke, and people are falling for it because the feeding frenzy in Ottawa is out of control.
00:12:10.140Meanwhile, as I said, we've got a stinker of a budget so bad that Fitch Rating Agency has put out a statement saying that if things don't improve, Canada will face a downgrade in the future.
00:12:22.880While Canada's rating is broadly stable, persistent fiscal expansion and a rising debt burden have weakened its credit profile and could increase rating pressure over the medium term.
00:12:33.140This may be exacerbated by persistent economic underperformance caused by tariff risks and structural challenges, including low productivity.
00:12:41.860Look, I know that Trump and the tariffs and the trade uncertainty is hurting, but look at that key phrase there, persistent underperformance, persistent economic underperformance.
00:12:53.120That doesn't come about because tariffs were introduced a few months ago.
00:12:56.480This has been years in the making, and it is our own fault.
00:13:00.260It's our own bad policy choices that this government is not turning around.
00:13:32.240And I know that the Kearney government says that they will get spending under control next year.
00:13:38.160Well, it turns out I'm not the only one that doesn't believe them.
00:13:41.700Here's what Fitch had to say about that.
00:13:43.860The Canadian government has a track record of upward deficit revisions with subsequent budget updates consistently worse than prior projections.