Carney Liberals hiding $90 Billion deficit from PBO!
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Summary
Mark Carney was supposed to be an expert in economics, but if you were to actually look at the state of Canada right now, you would not conclude that this is the man that was marketing himself as the one to put Canada s fiscal house back in order. Which is how he and the Liberals actually pitched him.
Transcript
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Hey guys, Wyatt Claypool here. Remember when Mark Carney was supposed to be an expert in economics?
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Well, Pepperidge Farms remembers, but if you were to actually look at the state of Canada right now,
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you would not conclude that this is the man that was marketing himself as the one to put Canada's
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fiscal house back in order, which is how he and the liberals actually pitched him. We are, right
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now, potentially going to run a more than $90 billion deficit in the year 2025 because of the
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mass spending spree that Mark Carney's liberal government has been on. It's to the point that our
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parliamentary budget officer is like begging the liberals to let him have any insight into the
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numbers that they are planning on spending because he has no clue the current fiscal state the country
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is in. I will pull up this Toronto Sun article just to give you some excerpts on what he's been
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saying. It says right here that, but the prime minister has put off the federal budget until
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October, citing the trade war and the shortened spring sitting of parliament, which was his choice.
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He could have had it sit longer because of an election. Normally, budget documents are brought
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to the legislature in March or April. Yves Giraud, Canada's parliamentary budget officer, says it's
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appropriate and necessary for the government to give, quote, at the very least, an economic and
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fiscal update to indicate what the path forward is, unquote. So he is not just saying that I don't have
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a high resolution picture of exactly what's going on. He's saying, can I know what path we're even
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walking down? This is somebody who in government is probably more on the left as well. This is not some
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random conservative who ended up slipping into the parliamentary budget office. I guarantee this
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man probably voted for the liberals, or at least he's more liberal in his economic orientation.
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But he goes on to say, quote, there's a lot of question marks on the government's fiscal plan,
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he said. Quote, a budget would have been very helpful in clearing up the uncertainty and providing
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more detail, unquote. And so it says some of the government's spending plans will show up
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immediately. It's promised to add about $9 billion to defense expenditures this fiscal year,
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a move that has drawn in praise from Canada's allies in the North Atlantic Trade Organization.
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Canada Imperial Bank of Commerce has estimated the deficit may rise as high as 3% of gross domestic
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product for the fiscal year that ends in March, which would be in the $90 billion range. That would
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be more than double what the government projected in December. Bank of Montreal says the shortfall could
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easily top $70 billion. Yeah, so this doesn't feel like winning to me. I'm not sure what winning feels
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like to the liberals, but this ain't it, chief. Like, I kept calling out the fact that Mark Carney is an
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economic planner. He is a big government guy. There's a reason why he makes slight nice nods and
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winks over to Karl Marx in his own book, Values. And whenever I pointed out and I started calling him
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Marx Carney, everyone was like, how could he be a Marxist or even left-wing? And by the way, I was
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usually being hyperbolic, obviously. I was just making the point that he's more left-wing that people
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want to admit to. But they would always bring up, in response to me, well, Mark worked for Goldman Sachs.
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Well, Mark was the governor of the Bank of Canada, where he mostly just listened to Jim Flaherty
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and Stephen Harper. Well, he was the governor of the Bank of England, where his reviews are very
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mixed. Well, he runs Brookfield Asset Management, which mostly gets a lot of its money from exploiting
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government programs, subsidies, and tax breaks. But that's neither here nor there. And then he was
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the economic advisor for Justin Trudeau for five years, which should have been the biggest,
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reddest flag on the field. That this guy who helped get us into $62 billion deficits previously
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with really stupid spending plans, that this guy was not going to suddenly become Milton Friedman when
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he actually became prime minister himself. There's no evidence of it. Do you think that Justin Trudeau,
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that, like, simpleton, was going, was the one calling the shots on the economy? Or do you think
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that he was probably listening to every single word Mark Carney said, because Trudeau is a gormless
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fool? And, you know, Mark Carney technically has economic experience. It's not very good when you
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actually look at it. It's either in positions where if he did well, it's because he was following orders,
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or he did his own thing like in the UK and advising Trudeau, and it was very, very poor.
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However, this is all to say, this is why it was important to have a spring budget. And this is why
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for Mark Carney's purposes, it was very important to not have a spring budget. He doesn't want people
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to know that he's about to spend us into the poorhouse. All of the top ups in all the ministries,
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giving money to the CBC, the defense spending increase. And by the way, I am not against defense
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spending increases. We are now committed to 5% of GDP going towards defense and defense-related
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infrastructure, which does kind of artificially beef up the numbers a bit because a lot of
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random infrastructure projects can count as defense spending now. I'm not necessarily against
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it. But when we're not getting our actual fiscal house in order, I have a problem with just saying
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that we're going to spend $9 billion more over here. And over here, we're going to spend another
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3 million. And we're going to start having the government start contracting for prefabricated
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houses. And we're going to start increasing the size and scope of the pharma care policy
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and the dental care policy. At some point, the budget needs to balance because that is
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actually good, not just for our fiscal future as taxpayers, but it's good for the economy
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right now that the private sector can have confidence that our economy is going to be solvent,
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that they're not just going to have a bunch of tax increases all over the place to try and
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stabilize the government's budgets. Alberta just released a $9.6 billion surplus, and they just
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cut taxes too. Very good. I hope they cut taxes even more. Danielle Smith in Alberta should just
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remove the gas tax permanently. Why not? We're running surpluses. And then I would actually take
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some of the surplus and start paying down the debt in Alberta. I think every government should be
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engaged in debt repayment. But Mark Carney, at the same time he is raising taxes, is somehow also
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running deeper deficits. He already just brought in that digital service tax, which very unfairly
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retroactively applied to the years 2022, 2023, and 2024. He just did that. He's increasing the
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industrial carbon tax. He's putting in place a carbon border adjustment, which is just a carbon tax
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tariff, a carbon tariff. This is foolish. When are we actually going to have regular private sector
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investment come into the economy that isn't incentivized through government subsidy? Because that's all we
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got right now. It's the exact same plan that they were running under Justin Trudeau, which obviously
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Mark Carney's fingerprints were all over, just giving out money to EV battery manufacturers, giving money
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to EV car manufacturers, giving money literally to plants manufacturing crickets for human consumption.
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We just throw money out there pretending it's economic growth. It's not real economic growth. If a
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taxpayer had to co-sign some of these things that don't even cost that much, but there was no profit
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incentive to doing it yourself. So you just waited for the government to cut you a $10 million
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check so you could produce crickets that nobody wants. It's dumb. That's all I can say about all
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this. It's dumb. And everyone on the left, everyone in the legacy media, every liberal talking head
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online, like people like Laura Babcock, who were pretending that Mark Carney was going to be a fiscal
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change for Canada and he was going to be so professional and buttoned down. No, he's not. The man is an
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economic planner. If he was in the Soviet Union, he would love all the power that he would have to tell
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people what to manufacture, what not to do, how much they're, how many resources they're going to
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be given to do it, and how much they're actually going to be able to keep after the government takes
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all their product away. He would flourish under a system like that because the man loves control.
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Again, that is effectively what his book Values is all about. The values in that book is about
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effectively government programs, government control, and you know, like the collectivism.
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The man is a collectivist in with like a nice suit. He's a collectivist in a nice suit, which makes
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him come across a little bit more private sector than he actually is. And I would say he's basically
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not at all very private sector. But that should be it for me today, guys. Anyways, so if you like this
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video, make sure to leave a like on it, leave a comment on what you think and make sure to subscribe
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if you are not yet a subscriber. My goodness, let's hope that our economy survives considering
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that we also now have the US threatening to tariff us harder after the digital service tax from the
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liberals ended up scuttling the trade talks with Donald Trump. Good job, guys. Everything seems so
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elbows up right now. My elbows are so high in the air. I am getting like tinnitus or whatever. It's the
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thing with your joints. I am getting flipping lockjaw right now in my joints from how much my elbows have