The National Telegraph - Wyatt Claypool - August 09, 2025


Carney Disaster! “Elbows Up” policy loses 41,000 jobs in July


Episode Stats


Length

15 minutes

Words per minute

169.75964

Word count

2,665

Sentence count

162

Harmful content

Misogyny

2

sentences flagged


Summary

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

Wyatt Claypool talks about Canada's economic woes and what Mark Carney should be doing to fix it. He also goes through a list put out by conservative economist and blogger Kirk Lubomov of his favourite things the PM has done in the past week.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
00:00:00.000 Hey guys, Wyatt Claypool here.
00:00:02.900 It's been a bit of a tough week for Mark Carney and the Liberals.
00:00:07.860 I know it's only a few months into Mark Carney's first full term in office,
00:00:12.820 but the thing is that business confidence matters.
00:00:16.360 And if the business community is confident that Mark Carney
00:00:19.900 is going to deviate heavily from what Justin Trudeau was doing in office,
00:00:24.300 then we wouldn't be seeing the terrible economic numbers coming out
00:00:28.260 like we've just seen.
00:00:30.000 This shouldn't be shocking to anyone because Mark Carney was quite literally
00:00:35.940 Justin Trudeau's economic policy advisor for five years.
00:00:41.280 Why would he act differently in office when Justin Trudeau pretty much just copy-paste
00:00:45.980 did whatever Mark Carney told him to, and now Mark Carney is the Prime Minister?
00:00:50.360 We really didn't swap out Trudeau for Carney on economics.
00:00:54.120 We swapped out Carney as advisor for Carney as advisor and Prime Minister.
00:00:59.200 And now our economy has lost 40,000 jobs just in the month of July.
00:01:06.080 The public sector is still doing great, by the way.
00:01:08.760 We are still hiring people into public sector service for some reason,
00:01:13.140 even though our actual private sector is withering and dying on the vine.
00:01:17.700 I'm going to get into some of the details here.
00:01:20.500 I think Kirk Lubomov on X did a great job of breaking down what happened in just the last
00:01:25.740 seven days.
00:01:27.000 Not a lot of it is very good.
00:01:29.500 Much of it hasn't come with bad results quite yet, but I think we can predict what's going
00:01:34.960 to happen when the government just shovels more money into the economy in hopes of saving
00:01:39.480 industries where the money isn't the problem, the efficiency is the problem.
00:01:44.480 Anyways, but before we get into it, guys, make sure to like the video if you like the channel.
00:01:50.240 Subscribe if you are not yet a subscriber.
00:01:52.400 We're trying to hit 100,000 subscribers by mid-December of this year, so I don't have
00:01:57.700 to buy my friends dinner.
00:01:59.560 And then also leave a comment.
00:02:01.260 It helps us in the algorithm, and I do like scrolling through and seeing what people are
00:02:05.220 saying about the topics.
00:02:06.840 But steal yourselves, my viewers, because we are going to go through this list put out by
00:02:12.180 Kirk Lubomov.
00:02:13.500 Great list.
00:02:14.320 Make sure you go out and follow him.
00:02:16.180 I will be linking his X account in the description and pinned to the top of the comments.
00:02:22.080 Really good person to follow for news from a conservative perspective.
00:02:25.440 He's not even really a news guy, but he puts out a lot of news updates.
00:02:29.320 But he says, Canada's week recap.
00:02:31.940 Mark Carney announces a $700 million loan guarantee for the software lumber sector.
00:02:38.660 I know he is basically trying to save the softwood lumber industry in the wake of 25%
00:02:44.960 tariffs being put onto it by the Americans, but this isn't going to save it.
00:02:50.020 It is just going to prolong its suffering.
00:02:53.560 And I'm not saying that we should let the softwood lumber industry go.
00:02:57.420 The whole point is that we should be lowering taxes.
00:02:59.780 We should be lowering regulations, especially on the provincial level.
00:03:03.400 And, you know, that's why I work with 1BC, because you actually need a party who will
00:03:07.820 actually heavily lower taxes and deregulate.
00:03:10.780 But just putting more money into these industries that are hurt is not actually helping them.
00:03:17.160 It's kind of the idea, like, we look like we're helping because we cut a check.
00:03:21.460 And it's like, okay, I guess that will preserve those jobs.
00:03:24.520 I guess it will preserve the industry.
00:03:26.120 But the big pivot that Canada needs to be making that Mark Carney doesn't seem to want
00:03:30.760 to do is we need to become more free market.
00:03:33.460 We need to become more competitive.
00:03:35.380 This is more bloated.
00:03:37.040 This is more government involved.
00:03:38.940 And it's terrible.
00:03:40.980 Second point Kirk has here is $500 million investment into supercharging product and market
00:03:48.140 diversification.
00:03:51.020 So a bunch of more subsidies, just $500 million more in subsidies.
00:03:55.260 So we have $700 million that he's given out to the softwood lumber industry, $500 million
00:04:00.060 invested in supercharging product and market diversification.
00:04:04.980 So we are already at $1.3 billion extra spending announced in one week.
00:04:10.000 Now, third one, companies contracting with the federal government will be required to use
00:04:15.540 Canadian lumber, which means that prices are going to go up.
00:04:19.180 Because naturally, when you're only able to get your product from one particular industry,
00:04:23.640 that means that those companies can then charge you more.
00:04:27.680 So anyone contracting with the federal government, if they're like, you know, creating the new
00:04:33.020 modular homes that Mark Carney wants them to, well, those modular homes are going to come
00:04:38.440 in at a far higher price than anyone would actually have assumed.
00:04:43.240 Carney was pitching it as a very cheap solution to the housing crisis.
00:04:46.940 And in fact, it may be an expensive solution to the housing crisis if he's going to force
00:04:51.340 them to only use Canadian lumber companies, which means that they effectively have a monopoly
00:04:56.320 over the resources that these companies need to build these homes.
00:05:01.600 Going down again, $50 million to reskill and upskill and income support for softwood lumber
00:05:08.420 workers.
00:05:08.980 I don't know why we need $50 million to reskill and upskill people if we're already giving
00:05:14.580 the industry $700 million.
00:05:16.300 If we're giving them $700 million in loan guarantees, then we should also require them
00:05:22.280 not to be firing anyone at the same time.
00:05:25.880 We have Mexico's president said no to a bilateral trade deal with Canada.
00:05:31.040 Yeah, that was an embarrassing story that happened a couple of days ago.
00:05:33.840 The Mexican president, Claudia Scheinbaum, doesn't even want to talk with Carney. 0.97
00:05:37.900 Next one down, this is not about the liberals, but it is still stupid.
00:05:43.740 Nova Scotia bans hiking, fishing, and camping and using vehicles in the woods.
00:05:48.080 Yes, you can't even camp on your own land.
00:05:51.020 You can't go hiking if you own every hectare that you're walking over.
00:05:55.160 That is against the law because Nova Scotia doesn't want to do proper forest management.
00:06:00.200 So instead, you can't even walk into the forest and sit down and have a picnic.
00:06:05.520 No flames involved, just eating pre-wrapped sandwiches.
00:06:09.380 That is against the law in Tim Houston's Nova Scotia.
00:06:12.400 Tim Houston, supposedly a conservative, by the way.
00:06:16.220 Now, next one down, Canada's manufacturing PMI rose to 46.1%, but still well below the 50%
00:06:24.180 threshold.
00:06:26.540 We have trade deficit widens to 5.9 billion in June, and we used to be a net exporter country
00:06:34.540 because we do so many raw resources, but our exports are down and our imports are up.
00:06:40.660 Exports, the next line down, exports to the U.S. increased by 3.1 month by month, but down
00:06:47.180 12.5% year on year.
00:06:49.720 So our exports to the United States went up in July, but compared to the overall year,
00:06:55.100 we are still 12.5% down.
00:06:58.360 Exports to other countries is down 4.1% month over month, but up 14.7% year over year.
00:07:04.200 That is one bright spot, but it's because obviously we are not shipping to the United States as much.
00:07:09.740 But I will make the point that 12% reduction in U.S. exports is not good for us because that is
00:07:19.400 our 80% of our exports go to the U.S.
00:07:22.020 So the part that represents 20% is up 14.7%, but the part that is representative of 80% of
00:07:28.820 our exports is down 12.5%.
00:07:30.940 Another one, total exports declined 12.8% in Q2.
00:07:36.900 So that's exactly right, overall exporting is just down in general.
00:07:43.740 Student unemployment is at the highest level since 1993.
00:07:49.080 Toronto's real estate listing hit a record high of 30,220 in July.
00:07:57.180 And then we say Canadian consumer insolvency in June saw the largest volume since 2010.
00:08:03.800 And then employment falls 41,000 jobs in July.
00:08:10.300 And yes, and then Kirk ends this post off by saying,
00:08:13.720 oh, and Team Canada still hasn't tracked his single penny into Canada.
00:08:18.100 And he's right.
00:08:19.540 All of the meetings between premiers, all of the elbows up rhetoric,
00:08:23.160 trying to build an east to west economy is not getting any outside investment.
00:08:28.440 And it's key because if you're increasing productivity and trying to build a better economy,
00:08:33.820 that doesn't just mean we're increasing productivity domestically.
00:08:38.360 That means that in trying to increase our productivity domestically or trying to make it a better place
00:08:43.360 to invest, it's not just going to be us reinvesting our own dollars.
00:08:47.080 That's still important.
00:08:48.000 But we should also want to be the type of economy where people from outside of Canada
00:08:52.520 are putting their money into our industries, putting money into our manufacturing,
00:08:58.680 our oil and gas, our softwood lumber industry,
00:09:01.800 our not exactly real estate because you don't want people buying stuff up.
00:09:04.900 You maybe want outside dollars to develop in Canada, develop more real estate.
00:09:09.300 But the thing is, we're not attracting anything.
00:09:11.540 Because it's great rhetoric to say that we're building an east to west economy.
00:09:15.540 But what are you doing to actually make it attractive?
00:09:18.720 You can't just say it.
00:09:20.040 You need to lower taxes, lower regulations,
00:09:23.300 allow people to do what's best for themselves with their own money.
00:09:28.180 And I guess that sounds very unpatriotic to a liberal.
00:09:31.600 But it's just the truth.
00:09:33.100 Whenever there is an economic boom,
00:09:34.840 it's not because people are being told by the government what to do with their money.
00:09:38.520 It's that they are doing with their money what they want to do.
00:09:41.740 And it turns out the selfish thing to do that most people want to do,
00:09:44.980 and it's not bad to be selfish on an economic level.
00:09:47.800 But the selfish thing is to invest your money in an area where it's going to grow,
00:09:51.880 to put your money in a business that's going to, you know,
00:09:54.480 it's going to profit you, something like that.
00:09:57.620 But what are the liberals doing in the midst of these bad job numbers?
00:10:03.040 Because 41,000 for Canada is absolutely crippling.
00:10:07.460 It was supposed to be bad in the United States
00:10:09.500 when they just didn't gain any jobs in the month of July.
00:10:13.380 And now we're going to try and happy talk our way through 41,000 job losses.
00:10:19.480 Check this out right here.
00:10:21.200 From the Liberal Party.
00:10:22.720 We're going to need Canadian lumber to build Canada strong.
00:10:26.640 And it's just a CTV news headline repurposed.
00:10:29.040 Carney announces new support measures for soft lumber in which the lumber companies are still apparently going to be laying people off
00:10:39.520 considering the liberals are spending $50 million on retraining and upskilling.
00:10:44.540 That's not exactly a great sign if you're supporting them and you're also predicting that they're going to start laying people off.
00:10:50.820 Again, why don't they just cut the lumber industry's taxes? 0.99
00:10:56.260 Cut every single industry's taxes and they can survive in a harder economic situation.
00:11:01.900 But the liberals don't like that because guess what?
00:11:04.740 Cutting someone's taxes doesn't really come with a ribbon cutting.
00:11:08.400 It doesn't come with a press conference because you're not announcing you're doing anything for them.
00:11:12.000 You're announcing you're going to stop taxing them as much.
00:11:15.140 But it's not really something that usually gets people, you know, it's not really something that usually gets you plaudits from the media.
00:11:21.540 And the liberals are chasing the recognition for doing something because cutting people's taxes isn't doing something by the left standards.
00:11:30.560 Giving them a check to continue struggling onward is somehow doing something even though it hasn't fixed the profitability problems with the industry.
00:11:40.960 Plus, these are loans that presumably will need to be paid off in one way or another.
00:11:47.920 But getting back to the liberal social media, I always like to look at the liberal social media because it really kind of tells you what they want you to think about what's going on.
00:11:57.240 And it tends to be a little bit, it says a lot of what you, it says a lot about the state of the country.
00:12:04.200 Here's what the liberals released a couple of days ago.
00:12:08.220 And by the way, they know about the job numbers as of a couple days ago.
00:12:12.020 They are obviously going to see the job numbers before we do.
00:12:15.520 Canada has what the world needs.
00:12:17.880 From coast to coast to coast, we have extraordinary innovators, talented workers and bountiful natural resources.
00:12:25.660 In challenging times, Canadians unite because we know that collectively we can give ourselves far more than any country can take away.
00:12:35.680 That's the spirit of the One Canadian Economy Act.
00:12:39.200 To bring provinces and territories and indigenous communities together to build one Canadian economy and get major projects built faster.
00:12:49.400 Well, that's hilarious because the thing he immediately said right after passing Bill 5, the One Canadian Economy Act, the Major Projects Act, I just call it the Get Stuff Done Act because that's the silly impression they want you to take away from it.
00:13:04.900 They said they're going to get stuff done, which means they are getting stuff done.
00:13:08.600 No, they're not getting any of the projects done because right after passing it, Carney went to First Nations groups.
00:13:15.340 He went to the Inuit, he talked to environmental groups, and he basically guaranteed them they're still all the projects to get fast-tracked still should have to go through a consultation process on the environment with First Nations people, which means how is it a fast-tracking process if you still need to go through needless consultations to get to the point where you can be fast-tracked?
00:13:36.340 It just sounds like it's the same process, but we're saying it's fast when it isn't.
00:13:41.980 But this is the sort of things they're putting out, just pablum, nothingness of commercials talking about how united we are.
00:13:48.840 And they're talking about how we need to invest in ourselves and we have more in our own countries than the world could possibly give us.
00:13:58.220 Well, why are our exports down?
00:14:00.600 If we have so much to offer, why are our exports down?
00:14:03.900 And our exports are down because there really isn't much for Canada to offer with the current policy.
00:14:10.240 We could be the richest country on the planet, but with the current policy and tax rates and low confidence that the private sector has in the government to do the right thing, you can't build a good economy.
00:14:20.860 You can have poverty in the richest, most bountiful countries on the planet, or you can have massive wealth in countries where there's actually really nothing going on there, but the policies are great.
00:14:32.300 That's how Singapore has so much money.
00:14:34.260 That's why Hong Kong was so rich for a long time.
00:14:38.060 There are other countries out there where they don't really have that much going for them, but good government policy is actually something really good that you can build an economy on.
00:14:46.820 And we have crappy government policy, and the only thing that props us up is that we still have those good natural resources, and some people will bite the bullet in order to gain access to them.
00:14:57.140 But anyways, that should be it for this video, guys.
00:15:01.260 I'm predicting within the next month or two, we will probably start to see the honeymoon period for the Liberal Party wear off in the polls.
00:15:09.800 You can't have jobs reports like this.
00:15:11.260 You can't have bad export data like we see coming in and still have people say, well, it's elbows up.
00:15:17.160 Don't worry.
00:15:17.680 It's still Donald Trump's fault because nobody's really investing in our economy.
00:15:21.680 Yeah, some of our exports to the rest of the world are up, but it's only because our exports to the United States are down, and they do not make up for the massive loss in exports we have going to the United States.
00:15:33.720 So anyways, make sure to like the video, subscribe to the channel, leave a comment, do all that great stuff, and I'll see you guys next time.