The National Telegraph - Wyatt Claypool - Carney CRASH - Liberals put Canada into Recession - Media makes excuses!

00:00:00.000 Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.

00:00:06.260 It must be doubly embarrassing today to be an elbows-up liberal after Canada has officially fallen into a recession.

00:00:14.680 I thought Prime Minister Mark Carney was supposed to be some economic guru.

00:00:19.940 Well, it turns out he is the same man that was Justin Trudeau's economic advisor for five years.

00:00:27.260 Yes, it wasn't just two different people with the same name. 0.99

00:00:30.960 The guy who sucked under Justin Trudeau, if you make him prime minister, still sucks. 0.99

00:00:37.480 Yes, he worked at Goldman Sachs. 0.99

00:00:39.480 Yes, he has a great education.

00:00:42.160 But if you're not using the skills properly, it turns out you're still going to do badly, even if you're highly credentialed.

00:00:50.620 Here, Polyev has had his messaging against Mark Carney's education pay off massively

00:00:56.260 today, because remember when the media was going after Polyev for saying that he's badly

00:01:01.700 educated, and they started, like, whining about, oh, well, he went to Harvard, he went

00:01:06.860 to all these other schools, he was the governor of the Bank of Canada, the Bank of England,

00:01:11.500 even though he sucked as the governor of the Bank of England, but, guys, no, he's bad. 0.93

00:01:17.520 it doesn't matter what school you go to if you suck at your job you have evidently been badly 0.98

00:01:22.080 educated or taken some blow to the head this video that mark carney posted the other day

00:01:28.880 has become very ironic just 20 hours ago mark carney posted this building a strong economy

00:01:36.320 is above all good for all canadians but is also good for the united states and it's not surprising

00:01:43.040 he made this speech in front of the economics club of new york talking about how well if you

00:01:49.080 want to make america great again you should also be wanting to work more with canada and by the

00:01:53.760 way that's not exactly wrong if you do want to make the american economy better trading more

00:01:59.440 with canada would be a good thing but it would also be good for canada to be trading more with

00:02:04.320 the united states which mark carney has kept denying over time and refused to engage in

00:02:09.520 serious negotiations with the Americans, and in fact, making sure we're never going to actually 0.99

00:02:14.140 get a negotiated settlement on the trade issue, because he keeps doing stupid things like 0.91

00:02:19.700 introducing more taxes on American companies right in the middle of him pretending like he's 0.97

00:02:24.660 actually trying to get a deal done. But let's check out this video, then I want to move on to

00:02:28.800 what the Conservatives have been saying about the aftermath of the recession announcement.

00:02:33.400 Well, Canada and the United States have had our differences over the centuries. We have always

00:02:38.980 worked and eventually worked through them because we share values and our common interests run deep.

00:02:47.100 They run through our economies. Canada is America's largest customer. We buy more goods from America

00:02:53.440 than China, Japan, and Germany combined. Those common interests run through our supply chains

00:02:59.080 where 70 percent of Canadian exports are inputs to American cars, homes, aircraft, machinery,

00:03:05.960 refinish goods, creating hundreds and hundreds of billions of dollars of U.S. value add. As a

00:03:11.300 country whose founding values of liberty, democracy, justice, and openness should continue to serve as

00:03:17.060 guides to its future and the future of the world, that future should include a new partnership with

00:03:23.980 Canada. Oh, so we have to create a new one because he declared the old one dead. Like, no, like, what

00:03:30.420 is he talking about here? Nothing ever died. He's just rediscovering the fact that, yes, in fact,

00:03:35.940 we should rely on the biggest economy that's right over our southern border and stop trying

00:03:40.500 to diversify away it's not that trade diversification is bad but trying to diversify

00:03:46.580 your trade as a direct you know while sacrificing trade with your closest ally both geographically 0.97

00:03:53.940 and figuratively is very stupid uh but he's going to get to his big make america great again point 0.98

00:04:00.020 at the very end here this whole thing seems like groveling and i know there are so many people in 0.99

00:04:04.260 media try to say no no he's actually being a strategic genius right now strategic genius i.e

00:04:10.420 he's having to beg for forgiveness true partnership that reimagines cooperation in specific sectors

00:04:20.260 that are deeply challenged by global competition a partnership with a different canada a stronger

00:04:26.580 canada a more confident canada a country that is applying the lessons from past crises a country

00:04:32.980 unleashing its enormous potential a country aggressively translating our belief and openness

00:04:40.900 into dozens of new partnerships a country that's predictable reliable and principled in a world

00:04:46.980 that's anything but oh hey this this clip doesn't actually include the america make america great

00:04:52.420 again thing i was actually wondering if that was going to be included because that was like the

00:04:55.700 big line that was going around saying you know a strong canada is a great way of you need a strong

00:05:01.700 Canada to make America great again. So apparently he even he knew his own followers would not like

00:05:07.580 that line. So he did not cut it, put it into the clip that he ended up posting on his old social

00:05:12.300 media. So that's very telling. But now let's get into what the conservatives have been saying in

00:05:17.260 the aftermath of the recession being announced. Because no matter what people try and tell you,

00:05:22.800 it is a recession if you've gone through two quarters of a GDP decline, not just GDP per

00:05:29.460 capital decline, just overall GDP has gone down. So this is the post that Pierre Polyev made

00:05:37.140 just this morning here. It says, bring it up on screen, breaking news, Mark Carney is the only

00:05:47.340 G7 leader to have driven his economy into recession. All other G7 countries are facing

00:05:52.700 the same issues with tariffs and the same global challenges, but none are in recession. In fact,

00:05:58.040 Mark Carney says we still have the best deal with the Americans, no matter what people say.

00:06:02.760 So he, based on his own standards, should be having the easiest time fighting through the current challenges of the global economy.

00:06:12.480 But Polly here goes on to say, excuses, speeches, fine words, and signing ceremonies do not make the economy grow.

00:06:19.100 Kennedy is the only G7 country in recession because Mark Carney's liberals have increased the industrial carbon tax, maintained anti-development laws, and doubled Justin Trudeau's debt.

00:06:28.040 Now, I agree with most of what he says at the last line there saying it's because of things like the industrial carbon tax and anti-development laws. It's more than just that, though. It's just the overall taxes, overall regulations, overall just bad business climate.

00:06:46.200 If Pollyov really wants to make a point right now about how Mark Carney's bad for the economy and he knows how to fix it, run on a big across-the-board tax cut, 15% to 20% every bracket, including corporate, and why not take a point off the GST for good measure?

00:07:04.760 Why not? Because right now, people are open to hearing new ideas on the economy. Don't just run on tinkering around the corners by saying, oh, I'll also spend the gas taxes for a year. Who cares?

00:07:16.200 Get rid of a tax forever. Lower a tax forever. That's the way you do it. And don't just lower a tax for the first $50,000 people made. It's pathetic. People don't even pay taxes on the first $18,000 you make. It's exempt. And then you only have to pay a very small percentage on everything up to $50,000 after that.

00:07:36.440 run on reducing taxes for people making over $100,000. Again, we are in a situation where

00:07:43.540 if you've ever heard the Laffer curve, it's just this general concept that if you tax people 100%,

00:07:48.260 you will raise no money. And if you tax people 0%, you'll raise no money. Obviously, the government

00:07:54.060 brings in no revenues if you don't tax people. But if you tax people 100%, what's the point of

00:07:58.460 working? Nobody will work. And so you will collect no taxes. So there's somewhere in the middle

00:08:04.520 lies the tax rate that will get the most amount of revenue. And it's not a higher tax, it's actually

00:08:10.740 usually a lower tax that brings in the most revenue, because people are incentivized to work

00:08:15.720 more, they produce more, they expand their businesses. So the pie grows from the of the

00:08:22.520 portion and the portion that the government takes, although it's a smaller percentage,

00:08:26.640 ends up being more valuable than like socialist countries that tax people like 60%. And everyone

00:08:32.840 just basically works enough to stay alive, and that's kind of it, because what's the point

00:08:36.560 if they're going to take everything away from you, pretty much? But anyways, now I want to move into

00:08:41.560 some of the clips of Pierre Polyev speaking at his press conference this morning. You can't

00:08:47.180 underestimate just how big of a win this is for the Conservatives, and it's kind of ghoulish because,

00:08:52.320 yes, it is a win based on the economy not doing very well, but, you know, Polyev's point is now

00:08:58.400 proven, and he should take a victory lap on the fact that he was right about Pekarni being

00:09:02.100 incompetent in the g7 to have plunged his economy into recession he's been prime minister for four

00:09:10.300 quarters now the economy has shrunk in three of those quarters he's the only g7 leader who can

00:09:17.060 say that the economy is smaller today than when mark carney became prime minister a year ago

00:09:23.380 he's the only g7 leader who can say that he's been uh mark carney uh will like to make excuses

00:09:33.720 today but let me ask him a question but before i do i'm going to actually quote back to him

00:09:38.420 something he said to one of you mark carney said to one of the journalists rosie look inside

00:09:44.500 yourself well i'm going to ask mark carney to look inside himself and i'll ask him directly

00:09:49.940 Mr. Carney, if it really is global factors and tariffs that have given Canada the only recession in the G7, why have France, Italy, Japan, Germany, the United Kingdom and the United States all avoided a recession?

00:10:07.960 in fact again we have the best deal with the united states still on trade so why are we

00:10:14.180 getting down in the dumps right now if by mark carney's own admission that we have all the

00:10:19.340 advantages at the moment and by the way even if and this is kind of paulia's point even if all

00:10:24.600 those things were affecting our economy what's your excuse for not doing anything about it to

00:10:28.880 grow the economy not throwing money into the economy and try and stimulate it artificially

00:10:32.720 but lower taxes or regulations they get a better place to invest but carney doesn't want to do that

00:10:38.220 because in his heart he's a big government liberal who wants to grow the economy through

00:10:42.780 means of the government they all have the same tariffs and the same global factors yet none of

00:10:47.140 them not one is in recession only mark carney has the distinction of leading his country

00:10:51.900 into a recession but of course the media comes to try and defend mark carney and that is why i now

00:11:00.080 to show you one of the funniest clips from today and that was a hill times journalist trying to

00:11:06.400 basically play defense for mark carney and saying well you know it's only a technical recession and

00:11:11.280 isn't this somehow bad of you for going after him or you could be wrong in the future because

00:11:17.040 forecasts show that we might grow blah blah blah sorry mr probably just to jump back to the economy

00:11:23.760 real quick um in q3 2025 the economy grew at an annualized rate by 2.6 percent we have economists

00:11:30.640 saying that today's numbers are so nominal they could be forecasted away and revised away so

00:11:35.280 aren't you jumping a little bit calling this a full-blown recession right a recession guys is

00:11:41.440 two quarters half a year of no growth you don't get to do this where it's like no it's a technical

00:11:47.920 recession now if a conservative was prime minister would the liberals or the media be

00:11:52.480 saying it's a technical recession for two quarters in a row of decline. Now, we had second quarter

00:11:59.440 decline also in 2025. Third quarter was up, which is really not that hard. If you've had a bad

00:12:06.000 month, it's easier to have a good month afterwards simply because you're in a hole and basically just 0.98

00:12:11.360 stepping out of the hole technically counts as growth, which is kind of pathetic. But we've had 0.90

00:12:16.400 two quarters of decline. You don't get to say, well, it's not really that big of a deal. I'm

00:12:21.520 sorry did anyone who voted liberal uh because he's an economist think that we were going to have

00:12:27.440 three quarters of lowering gdp with him at the helm it doesn't matter what trump does you could

00:12:34.000 be growing the economy like like like gangbusters right now if you simply just cut tax across the

00:12:40.160 board 20 you would have the economy explode overnight because everyone would start investing

00:12:45.120 if you got rid of all the dumb carbon taxes and like you know bill c69 bill c48 and deregulated

00:12:51.280 you would have so many business expansions in this country. But again, Carney doesn't believe

00:12:56.880 in the free market, he believes in government managed free markets. And so every single one

00:13:01.920 of his solutions has been the government coming in from on high and trying to drive investment

00:13:07.280 artificially itself rather than letting it happen organically by getting out of the way.

00:13:11.600 But I'll get back to this interaction here. So I know that there's a lot of excuses being

00:13:17.120 made for mark carney today and i i'm not surprised by the way which outlet are you with

00:13:21.700 it's 2.6 economy excuse or is that just the number it's actually there's no 2.6 percent

00:13:28.860 economic growth the economy if i could if i could sorry this guy's just arguing with him you won't

00:13:35.060 even let poly of answer his smarmy question well you know economists say that we could just forecast

00:13:40.340 away this problem in the future oh in the future this would this this won't actually be that bad

00:13:44.640 of a big of a problem because by end of year, maybe we're up. It's like, okay, we're still in

00:13:49.320 a recession because month to month, we are struggling to grow. We are sometimes declining.

00:13:55.480 We are growing. A recession is not a depression. A depression is when you're just going down.

00:13:59.460 A recession is like basically you can barely move upwards. Obama was the president during

00:14:06.000 a recession. Most of the quarters, he was president. The economy did grow, but it's

00:14:10.680 barely growing there was a few months of decline and then later on we're barely growing because

00:14:16.380 to get out of a recession you don't just have two quarters of growth you have to have like

00:14:20.520 substantial growth that are beating inflation we're not just not eating inflation we're reversing

00:14:26.060 course and when they're going to somehow they're going to like attack polyev for pointing out the

00:14:30.920 obvious fact that this isn't good so you're having to go back how many quarters are you having to go

00:14:35.940 back now so you're having to go back okay so let's get this straight there's been four quarters

00:14:40.900 since mark carney became prime minister the economy shrunk in three of those four quarters

00:14:46.000 canada is the only g7 country for which that is the case there's now been an entire year of mark

00:14:53.340 carney that is recorded in economic data and the gdp is smaller today than when he took office

00:14:59.600 that is only true of canada among g7 countries and now there are two back-to-back

00:15:05.700 quarters where the economy shrunk which is the literal definition of a recession canada and by

00:15:13.920 the way it's not just that our economy is shrinking quarter after quarter it's that we

00:15:17.980 have the second highest unemployment in the g7 you think that the you think that the 120 000

00:15:24.580 people that lost their jobs since the beginning of this year call this just a technical recession.

00:15:30.820 No, they call this real job loss. And then you have the delinquency rate that is up 32 percent

00:15:38.640 year over year at 17 year highs. We have the highest household debt of any country in the G7,

00:15:45.640 the worst housing costs of any country in the G7 for most of the last year, the worst food price

00:15:51.800 inflation of any country in the G7. So yes, you are making excuses and trying to hide from the

00:15:57.600 reality that Mark Carney has given Canada the worst economy in the G7. And it's time to stop

00:16:03.720 making excuses, not for political reasons. It's time to stop making those excuses because this

00:16:08.940 is people's lives. Behind these statistics are empty stomachs, empty fridges, and empty bank

00:16:15.500 accounts. Behind these numbers are 120,000 people who have come home to their kids saying,

00:16:20.360 we can't have you registered for hockey this year. We have to sell our home. I don't know

00:16:25.240 what we're going to do. That is the reality of Mark Carney's economy, and it's trying to stop

00:16:30.380 covering it up with illusions. Now, if you actually check out the current headlines right now

00:16:35.500 from the various media outlets, some of them at best are calling it a technical recession. Others

00:16:40.360 are saying there are recession worries out there. There's worries that a recession could come. The

00:16:44.560 recession has already come. I'm sorry, why are we changing the definition of what a recession is?

00:16:48.440 And he's right. It's not just that, let's say, we, you know, we sent back a bunch of TFWs or we sent back a bunch of people.

00:16:55.460 You know, it's not like, you know, we lost some population because we moved people out of the country and the GDP fell.

00:17:01.000 That shouldn't happen with a functional economy. 0.97

00:17:04.460 Getting rid of some cheap labor, putting you into a recession is absolutely pathetic.

00:17:08.760 And it shows the only thing that was keeping us pretending we aren't in a recession was by just importing cheap labor,

00:17:14.460 which was in fact causing the GDP per capita to be going down for literally like countless

00:17:21.040 quarters. I think it was like eight, nine quarters in a row, the GDP per capita was falling in

00:17:25.980 Canada. And the only reason the GDP was going up under Justin Trudeau is because he kept importing

00:17:30.020 people. But that doesn't mean you're actually a healthy economy. And now that we've gotten rid

00:17:34.060 of the illusion of growth from just cheap labor, now it's becoming very clear that the economy

00:17:40.460 doesn't function properly and we're in a recession. But of course, the media is now

00:17:44.140 going to try and defend him. But this is a fantastic new cycle for Peter Palliev. And

00:17:50.040 Mark Carney is absolutely praying that they can find an excuse to end parliament early because

00:17:56.300 he's not going to want to step into question period now. There is nothing he can claim that

00:18:01.480 he is doing right when the economy is not actually growing. Because everything he's hanging his hat

00:18:07.660 on the idea that he's making historic investments. Okay, well, you've been making those historic

00:18:12.840 investments for over a year. Why does everything suck? Again, the thing is, economies can turn 0.97

00:18:19.120 around very quickly. Look at Javier Mele in Argentina. Back in British Columbia in 2002,

00:18:26.620 when Gordon Campbell just slashed taxes across the board like 50%, some of the brackets were

00:18:30.760 lowered massively. Literally, the next month, the economy was growing massively. Because if you give

00:18:37.080 you know if you let the free market work it will work very well anyways the one thing i will have

00:18:42.580 to criticize pure poly of here for is look at that tie guys look at it this is my jihad that i'm still

00:18:48.800 on he's wearing a navy tie and a navy suit and maybe it does make sense because you're delivering

00:18:54.640 bad news and you're commenting on bad news he needs a different colored tie and i have in fact

00:19:00.100 rectified this issue because i went to his event in vancouver and i handed his team the brown tie

00:19:06.080 I have sometimes worn demanding that he starts wearing that tie or another tie with some color.

00:19:12.460 My entire life's goal is to make beer poly of wear a little bit of color because every day he continues wearing a navy tie and a navy suit and it's becoming a bit generic.

00:19:23.260 It actually hurts the, it literally does hurt the spread of his video clips when you see an image of it and you don't know if it's this week or it was like a year ago because he's been wearing the same thing every day.

00:19:35.500 if you actually wear different things visually it indicates that a new video that's out is in fact

00:19:40.660 new because they knew what you wore the previous few days not that you like literally memorized it

00:19:45.600 like psycho psychologically it helps people know that it's a new video when there's a slight

00:19:50.480 difference in how in your appearance anyways so with all that being said thank you guys for

00:19:56.360 watching this video i will be back no doubt later to cover more of the media's excuse making on the

00:20:02.620 recession. But until then, make sure to like, share, subscribe, leave a comment. Consider

00:20:08.620 hitting the join button and becoming a channel member. And I will see you guys all next time.

The National Telegraph - Wyatt Claypool - May 29, 2026

Carney CRASH - Liberals put Canada into Recession - Media makes excuses!

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