The National Telegraph - Wyatt Claypool - Carney Liberals hiding $90 Billion deficit from PBO!

00:00:00.000 Hey guys, Wyatt Claypool here. Remember when Mark Carney was supposed to be an expert in economics?

00:00:07.260 Well, Pepperidge Farms remembers, but if you were to actually look at the state of Canada right now,

00:00:13.360 you would not conclude that this is the man that was marketing himself as the one to put Canada's

00:00:19.040 fiscal house back in order, which is how he and the liberals actually pitched him. We are, right

00:00:24.840 now, potentially going to run a more than $90 billion deficit in the year 2025 because of the

00:00:33.720 mass spending spree that Mark Carney's liberal government has been on. It's to the point that our

00:00:39.860 parliamentary budget officer is like begging the liberals to let him have any insight into the

00:00:46.000 numbers that they are planning on spending because he has no clue the current fiscal state the country

00:00:51.360 is in. I will pull up this Toronto Sun article just to give you some excerpts on what he's been

00:00:57.360 saying. It says right here that, but the prime minister has put off the federal budget until

00:01:03.580 October, citing the trade war and the shortened spring sitting of parliament, which was his choice.

00:01:08.840 He could have had it sit longer because of an election. Normally, budget documents are brought

00:01:13.960 to the legislature in March or April. Yves Giraud, Canada's parliamentary budget officer, says it's

00:01:21.360 appropriate and necessary for the government to give, quote, at the very least, an economic and

00:01:27.860 fiscal update to indicate what the path forward is, unquote. So he is not just saying that I don't have

00:01:34.820 a high resolution picture of exactly what's going on. He's saying, can I know what path we're even

00:01:41.180 walking down? This is somebody who in government is probably more on the left as well. This is not some

00:01:47.840 random conservative who ended up slipping into the parliamentary budget office. I guarantee this

00:01:53.580 man probably voted for the liberals, or at least he's more liberal in his economic orientation.

00:01:59.200 But he goes on to say, quote, there's a lot of question marks on the government's fiscal plan,

00:02:04.340 he said. Quote, a budget would have been very helpful in clearing up the uncertainty and providing

00:02:10.600 more detail, unquote. And so it says some of the government's spending plans will show up

00:02:15.460 immediately. It's promised to add about $9 billion to defense expenditures this fiscal year,

00:02:20.880 a move that has drawn in praise from Canada's allies in the North Atlantic Trade Organization.

00:02:25.880 Canada Imperial Bank of Commerce has estimated the deficit may rise as high as 3% of gross domestic

00:02:31.640 product for the fiscal year that ends in March, which would be in the $90 billion range. That would

00:02:38.160 be more than double what the government projected in December. Bank of Montreal says the shortfall could

00:02:43.060 easily top $70 billion. Yeah, so this doesn't feel like winning to me. I'm not sure what winning feels

00:02:50.980 like to the liberals, but this ain't it, chief. Like, I kept calling out the fact that Mark Carney is an

00:02:58.960 economic planner. He is a big government guy. There's a reason why he makes slight nice nods and

00:03:06.020 winks over to Karl Marx in his own book, Values. And whenever I pointed out and I started calling him

00:03:11.660 Marx Carney, everyone was like, how could he be a Marxist or even left-wing? And by the way, I was

00:03:18.780 usually being hyperbolic, obviously. I was just making the point that he's more left-wing that people

00:03:22.480 want to admit to. But they would always bring up, in response to me, well, Mark worked for Goldman Sachs.

00:03:31.300 Well, Mark was the governor of the Bank of Canada, where he mostly just listened to Jim Flaherty

00:03:36.660 and Stephen Harper. Well, he was the governor of the Bank of England, where his reviews are very

00:03:41.900 mixed. Well, he runs Brookfield Asset Management, which mostly gets a lot of its money from exploiting

00:03:48.700 government programs, subsidies, and tax breaks. But that's neither here nor there. And then he was

00:03:55.180 the economic advisor for Justin Trudeau for five years, which should have been the biggest,

00:03:59.980 reddest flag on the field. That this guy who helped get us into $62 billion deficits previously

00:04:06.680 with really stupid spending plans, that this guy was not going to suddenly become Milton Friedman when 0.94

00:04:13.380 he actually became prime minister himself. There's no evidence of it. Do you think that Justin Trudeau, 1.00

00:04:19.420 that, like, simpleton, was going, was the one calling the shots on the economy? Or do you think

00:04:25.480 that he was probably listening to every single word Mark Carney said, because Trudeau is a gormless 1.00

00:04:30.840 fool? And, you know, Mark Carney technically has economic experience. It's not very good when you 0.99

00:04:36.640 actually look at it. It's either in positions where if he did well, it's because he was following orders,

00:04:40.780 or he did his own thing like in the UK and advising Trudeau, and it was very, very poor.

00:04:45.800 However, this is all to say, this is why it was important to have a spring budget. And this is why

00:04:52.660 for Mark Carney's purposes, it was very important to not have a spring budget. He doesn't want people

00:04:57.020 to know that he's about to spend us into the poorhouse. All of the top ups in all the ministries,

00:05:02.700 giving money to the CBC, the defense spending increase. And by the way, I am not against defense

00:05:08.040 spending increases. We are now committed to 5% of GDP going towards defense and defense-related

00:05:13.660 infrastructure, which does kind of artificially beef up the numbers a bit because a lot of

00:05:18.480 random infrastructure projects can count as defense spending now. I'm not necessarily against

00:05:24.740 it. But when we're not getting our actual fiscal house in order, I have a problem with just saying

00:05:31.140 that we're going to spend $9 billion more over here. And over here, we're going to spend another

00:05:34.900 3 million. And we're going to start having the government start contracting for prefabricated

00:05:40.260 houses. And we're going to start increasing the size and scope of the pharma care policy

00:05:46.000 and the dental care policy. At some point, the budget needs to balance because that is

00:05:52.180 actually good, not just for our fiscal future as taxpayers, but it's good for the economy

00:05:57.840 right now that the private sector can have confidence that our economy is going to be solvent,

00:06:04.240 that they're not just going to have a bunch of tax increases all over the place to try and

00:06:08.100 stabilize the government's budgets. Alberta just released a $9.6 billion surplus, and they just

00:06:16.120 cut taxes too. Very good. I hope they cut taxes even more. Danielle Smith in Alberta should just 1.00

00:06:22.240 remove the gas tax permanently. Why not? We're running surpluses. And then I would actually take

00:06:27.620 some of the surplus and start paying down the debt in Alberta. I think every government should be

00:06:32.420 engaged in debt repayment. But Mark Carney, at the same time he is raising taxes, is somehow also

00:06:40.040 running deeper deficits. He already just brought in that digital service tax, which very unfairly

00:06:46.340 retroactively applied to the years 2022, 2023, and 2024. He just did that. He's increasing the

00:06:55.440 industrial carbon tax. He's putting in place a carbon border adjustment, which is just a carbon tax

00:07:00.960 tariff, a carbon tariff. This is foolish. When are we actually going to have regular private sector 0.99

00:07:09.540 investment come into the economy that isn't incentivized through government subsidy? Because that's all we

00:07:14.800 got right now. It's the exact same plan that they were running under Justin Trudeau, which obviously

00:07:19.900 Mark Carney's fingerprints were all over, just giving out money to EV battery manufacturers, giving money

00:07:26.640 to EV car manufacturers, giving money literally to plants manufacturing crickets for human consumption.

00:07:34.760 We just throw money out there pretending it's economic growth. It's not real economic growth. If a

00:07:40.160 taxpayer had to co-sign some of these things that don't even cost that much, but there was no profit

00:07:45.060 incentive to doing it yourself. So you just waited for the government to cut you a $10 million

00:07:49.560 check so you could produce crickets that nobody wants. It's dumb. That's all I can say about all 1.00

00:07:56.460 this. It's dumb. And everyone on the left, everyone in the legacy media, every liberal talking head 0.99

00:08:03.780 online, like people like Laura Babcock, who were pretending that Mark Carney was going to be a fiscal

00:08:10.460 change for Canada and he was going to be so professional and buttoned down. No, he's not. The man is an

00:08:16.160 economic planner. If he was in the Soviet Union, he would love all the power that he would have to tell

00:08:22.020 people what to manufacture, what not to do, how much they're, how many resources they're going to

00:08:26.320 be given to do it, and how much they're actually going to be able to keep after the government takes

00:08:30.420 all their product away. He would flourish under a system like that because the man loves control.

00:08:36.940 Again, that is effectively what his book Values is all about. The values in that book is about

00:08:43.060 effectively government programs, government control, and you know, like the collectivism.

00:08:48.780 The man is a collectivist in with like a nice suit. He's a collectivist in a nice suit, which makes

00:08:55.200 him come across a little bit more private sector than he actually is. And I would say he's basically

00:09:00.320 not at all very private sector. But that should be it for me today, guys. Anyways, so if you like this

00:09:07.840 video, make sure to leave a like on it, leave a comment on what you think and make sure to subscribe

00:09:12.340 if you are not yet a subscriber. My goodness, let's hope that our economy survives considering

00:09:17.640 that we also now have the US threatening to tariff us harder after the digital service tax from the

00:09:24.100 liberals ended up scuttling the trade talks with Donald Trump. Good job, guys. Everything seems so

00:09:30.240 elbows up right now. My elbows are so high in the air. I am getting like tinnitus or whatever. It's the

00:09:38.920 thing with your joints. I am getting flipping lockjaw right now in my joints from how much my elbows have

00:09:44.840 been up.

The National Telegraph - Wyatt Claypool - June 27, 2025

Carney Liberals hiding $90 Billion deficit from PBO!

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