The National Telegraph - Wyatt Claypool - May 31, 2025


Carney Liberals spending $486 billion with NO PLAN!

Hosted by
Wyatt Claypool
Mentioned
Justin Trudeau Mark Carney Steven Guilbeault Gordon Campbell John Gruden Ralph Klein Mike Harris Wyatt
Smith holds massive lead over NDP in Alberta - Low Popularity for Independence Carney's BIG LIE on Immigration! Worse than Justin Trudeau

Episode Stats


Length

13 minutes

Words per minute

194.71

Word count

2,716

Sentence count

158

Harmful content

Misogyny

4

sentences flagged

Toxicity

6

sentences flagged


Summary

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

Mark Carney is the new finance minister of Canada, but what does this mean for the country's finances? Is he going to be as bad as Justin Trudeau was when he was Prime Minister, or will he be as good as his replacement, Finance Minister Bill Morneau?

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Hey guys, Wyatt Claypool here. I know I'm going to end up repeating this ad nauseum over the next couple of years,
00:00:08.040 but Mark Carney has not budged an inch from the agenda of Justin Trudeau.
00:00:13.720 Because in reality, was it Justin Trudeau's agenda, or was it Mark Carney's agenda,
00:00:19.200 or is it just how a lot of Canadian leftists think, and so swapping one guy out for the other is really not going to change much.
00:00:26.640 Plus, again, as is always repeated, Mark Carney was the financial advisor for Prime Minister Justin Trudeau.
00:00:36.260 So the guy who for five years advised on Canada's finances cannot then be expected to be a complete 180 from Justin Trudeau when he himself takes power.
00:00:47.540 Check this out. It's a great example.
00:00:49.640 So you know how we're not going to be releasing a budget until the fall?
00:00:53.640 Well, previously they didn't even want to release a budget in the year 2025 at all.
00:00:57.600 Well, at least they're putting out a spending plan right now.
00:01:01.080 Well, that spending plan is basically just a dollar sign and nothing else.
00:01:06.480 Right here, Global News is reporting Carney government tables $186 billion spending plan with few details.
00:01:14.120 And that is on top of the $33 billion they already spent through an order in council that they, at least in the order in council,
00:01:22.760 they actually allocated which departments the money is going towards.
00:01:26.280 This is basically just $486 billion.
00:01:29.840 You know, this department gets this money.
00:01:31.840 This general area gets this much money.
00:01:34.500 And the thing is, a lot of promises are already broken in the spending plan.
00:01:38.880 As was pointed out in the Global News article that I will be linking in the description below and pinning at the top of the comments,
00:01:45.420 there is not the $3.5 billion that he promised he was going to use in order to create a new economic corridor in Canada
00:01:52.500 to make sure, you know, as he keeps saying that we have an east to west economy
00:01:57.100 and that we are one Canadian economy rather than 13 separate economies.
00:02:01.780 He isn't putting any money towards that.
00:02:03.320 It's almost like they've just copy and pasted what Trudeau did in 2024 into 2025
00:02:11.220 because this money is basically the exact same amount that Justin Trudeau spent in the year 2024.
00:02:18.700 And the funny thing is, as you read on in the article, there are things like,
00:02:23.820 you know how we got rid of the consumer carbon tax and ergo the rebates go away?
00:02:29.140 We're still spending like $3.5 billion on the rebate program every year despite nobody getting rebates.
00:02:37.040 Like some people might be getting rebates, but somehow we are still finding ways of spending money
00:02:42.580 despite the fact that we have dedicated ourselves to not doing something.
00:02:46.220 Maybe the $3.5 billion was because we did send out some checks this year, but it looks like that money will stay,
00:02:53.580 like we'll keep going because the money was already spent to send all that stuff out in,
00:02:58.120 I would assume, the $33 billion order in council spending that was already done.
00:03:02.740 But you can't make any sense of this stuff.
00:03:04.800 I want to scroll down here a little longer.
00:03:06.600 And so you can see some of these little anecdotes in the article.
00:03:12.640 So right here it says,
00:03:14.000 And indeed, the spending plan table Tuesday is almost certain to change when it is updated in the fall,
00:03:19.900 when it will likely include nearly $24 billion in spending commitments for this year
00:03:24.960 that the liberals promised during the election campaign.
00:03:27.520 So we already have $33 billion that was spent.
00:03:30.340 Now we have, what is it, $486 billion.
00:03:34.500 And then at the very least, they are going to bring in another $24 billion.
00:03:40.120 And the problem is, is that their platform they ran on assumed that they were going to get a lot of revenues from counter tariffs.
00:03:48.200 Well, Mark Carney already abandoned the counter tariffs during the election.
00:03:53.100 I didn't think the tariffs were a good idea in the first place.
00:03:55.700 I think you just lower taxes in your own economy, make it easier to function in Canada's economy.
00:04:00.460 And it doesn't matter if the U.S. puts tariffs on your imports.
00:04:03.720 You'll just be doing better in general because it's easier to operate.
00:04:06.840 But if you're going to, but he was running on it and then he drops it.
00:04:10.060 And now there is, I think it was like $28 billion hole in his spending plan where he was going to spend like $128 billion more or whatever it was.
00:04:19.420 It was nuts.
00:04:19.960 And he was thinking or saying to people, don't worry, guys, I'm going to be spending that much more money over the next four years, but we will find at least $28 billion in savings from the tariff revenues as well as finding duplicate programs we're going to eliminate.
00:04:35.200 What programs is this man going to eliminate?
00:04:38.100 What things is he going to privatize?
00:04:39.720 There's been nothing he actually was able to say that was a duplicate program he was planning on getting rid of because the thing is the Liberal Party functions on getting federal government employees to vote for them.
00:04:50.040 So what jobs are they going to eliminate in order to, you know, balance this budget out or try and reduce the deficit?
00:04:56.140 They're not even attempting to reduce the deficit.
00:04:58.220 They're still running with like $40, $60 billion deficits in mind.
00:05:03.540 And that's them being ideal.
00:05:06.060 That's them saying, you know, I think we can keep it to $60 billion.
00:05:08.980 Well, my goodness, in 2024, Trudeau and Freeland and Carney thought they were going to keep it to $40 billion, and then they ended up going to $63 billion.
00:05:18.300 So let's assume if they're saying $60 billion this year, at least assume $80 billion because these guys are not very good with numbers.
00:05:25.940 Oh, but Wyatt, don't worry.
00:05:27.240 We have a seasoned economist now running the economy.
00:05:31.780 He's worked in the private sector.
00:05:33.420 He's been the governor of the Bank of England, the governor of the Bank of Canada.
00:05:37.400 Okay, so what? 0.90
00:05:39.280 He sucked as the financial advisor, and that was his more recent role. 0.98
00:05:44.040 But anyways, oh, my goodness. 1.00
00:05:45.960 It's so stupid. 0.99
00:05:47.560 I need to go into some other stuff here. 0.99
00:05:49.400 Another thing that I find interesting, although at least he seems to be not giving the CBC all the money he was promising, so far he is giving them quite a bit.
00:05:59.000 But they say during the campaign, the limerals promised to boost CBC's funding by $150 million a year.
00:06:04.480 But in the spending plan table Tuesday, the CBC budget is up just $42 million to $1.43 billion.
00:06:10.960 The minister responsible for CBC, Stephen Gilbeau, declined to answer questions Wednesday about this department's spending plan.
00:06:17.240 And although I would usually be more sanguine about the fact that at least CBC didn't get the increase we thought they were going to,
00:06:24.400 I think what's happening right now with the $33 billion OIC and with the $486 billion now and with the $24 billion plan to then be tabled in the fall,
00:06:35.100 I think what you're going to see with Carney, and we're going to have to stay on top of it altogether,
00:06:39.080 is you're just going to sort of see in between this large chunk of money that they put forward in the spending plan that they want Parliament to pass,
00:06:48.020 just pass it with no details basically.
00:06:50.740 They're also going to be kind of nickel and diming their way higher and giving handouts to different departments,
00:06:56.980 because, you know, government departments do have their own interests and they do have their own agendas.
00:07:03.360 It's not like, oh, you work in government, that means that your interest is the public interest.
00:07:08.120 No, departments have their own interests to grow larger and gain more authority and power.
00:07:13.260 And so what I think we're going to see from Carney is a continuation of this order and council method
00:07:18.640 where he puts forward another couple billion here, $10 billion there, $15 billion there, $3 billion there,
00:07:24.760 just, oh, maybe just $250 million this time.
00:07:27.280 Why even scrutinize it?
00:07:28.440 It's such a small amount of money when you think about it.
00:07:30.980 We're going to be running into a massive debt trap at the time when we should be reducing debt.
00:07:36.260 And this is where I'm going to be telling the Conservatives, like, guys, right now was the time to be running on a very hawkish plan,
00:07:43.560 not just to reduce the deficit, but to reduce debt.
00:07:48.300 We actually just need to go full Ralph Klein, full Mike Harris, full Gordon Campbell, full John Chrétien even,
00:07:55.340 and reduce federal spending, not only passing a lot of it back to taxpayers through tax cuts,
00:08:01.820 but also using a large portion of the savings to have a yearly fund that just goes back to paying off the debt.
00:08:08.380 You could easily cut probably around $50 billion.
00:08:12.540 I could even probably see possibly $70 or $80 billion of the federal budget per year.
00:08:19.180 We all know programs that exist that are worthless.
00:08:23.000 Even in your own life, you may encounter government services where we're spending $50,000, $60,000,
00:08:29.540 not much in the grand scheme of things, but for something that nobody needs.
00:08:32.940 I always remember the story in Calgary that even in a city where you'd assume it's more conservative,
00:08:38.140 this was under Nenshi, who, although a leftist, wasn't as insane as Gondek,
00:08:42.920 even he had two positions in his government at City Hall for enforcing,
00:08:48.580 like, it was like a diversity coordinator for bike lanes and buses.
00:08:52.300 And there was two positions.
00:08:53.400 One was for bike lanes, one was for public transport and buses and trains.
00:08:56.780 There was diversity coordinators for that. 0.68
00:08:59.440 Why?
00:08:59.840 And each of them were being paid like $114,000 a year.
00:09:04.220 There are always areas you can save.
00:09:06.800 Every time you find a position like that in government, federally, provincially, or city,
00:09:11.460 if you eliminate it, you can do two things or three things, actually, depending on the government.
00:09:16.520 Cities obviously don't really have debt.
00:09:18.300 But you can either pay off debt, you can lower taxes, or you can allocate it to somewhere more useful.
00:09:23.260 So in the city budgets, I would say put more police on the streets.
00:09:26.800 And on the provincial level, I would actually say, well, actually, I don't think they can just reduce spending in general.
00:09:31.220 Like in Alberta, guys, you could actually cut the healthcare system's budget and make the healthcare system better.
00:09:37.240 I would say go into the AHS right now or whatever regional variant we're setting up right now
00:09:43.280 where each region is going to have its own healthcare authority, slash administration,
00:09:47.800 pass some of the savings to taxpayers,
00:09:49.300 and then take the other portion of the savings and increase nurse pay and nurse positions. 0.80
00:09:54.820 There are so many people who work in the administration of hospitals and the healthcare system,
00:09:59.860 and they're even in HR, in positions we don't need at all.
00:10:04.420 Obviously, some HR is needed, but just not a lot of it.
00:10:07.160 So many of these people have nursing degrees.
00:10:09.240 They have nursing backgrounds.
00:10:10.620 They're doctors.
00:10:11.580 But they now work in paperwork positions.
00:10:13.880 And the funny thing is some of them are in positions where it's their job to basically compile reports on the backlog of surgeries.
00:10:23.760 There's people whose job, who are sitting there as nurses, who are trying to figure out how we could get more nurses on the floor. 0.96
00:10:29.580 How about we just eliminate these positions?
00:10:31.520 And in every hospital, we could have another 20 to 30 nurses on the floor every single day. 1.00
00:10:37.560 But what do I know?
00:10:38.680 I'm just some random crank online.
00:10:41.300 But yeah, this is not glick and grid for Canada.
00:10:44.860 It's not like it's like, you know, the apocalypse approaching. 0.92
00:10:48.120 But the thing with all the spending and with Mark Carney, the way he's doing things, is Mark Carney is not a dumb man.
00:10:54.100 And I think that he is doing this in such a way where he can spend as much as he wants without it really having that big bomb of a story.
00:11:01.400 Because if he came out and he tabled a $600 billion budget, which would be like $50 billion more than Trudeau's last budget.
00:11:08.520 If he came out with like a $600 billion spending plan all at once, that would be a bomb.
00:11:14.180 And so many of his liberal voters would be like, oh, I thought he was going to be fiscally responsible.
00:11:17.880 But if he puts one out that's $486 million, which is still like $60, $70 billion less than Trudeau's last budget, and then he spends $33 billion here, silently another $10 over here, he can nickel and dime him his way up to $600 billion.
00:11:32.100 And his voters who think he's fiscally responsible are none the wiser.
00:11:35.300 Unless you're going to be reading deep articles from the National Post or Globe and Mail going over all the little bits and pieces of spending that are causing this to be a bloated budget.
00:11:45.000 The bomb doesn't quite hit as hard when you do it this way than if you just came out and said, our budget's $600 billion and we're running an $80 billion deficit this year.
00:11:54.600 So yeah, watch out for that.
00:11:56.340 And I guess it's just good to be back in Calgary.
00:11:59.420 I've been driving and flying so much.
00:12:02.800 So it's nice to be back on the set for once.
00:12:04.940 My goodness.
00:12:06.560 And it's also good to have good Wi-Fi while I'm filming this stuff.
00:12:10.380 I got a haircut when I was on Vancouver Island.
00:12:13.800 I'm going to try and actually get rest for once because I have been going to sleep at 1 a.m.
00:12:18.980 and waking up at 6 a.m.
00:12:20.440 And that's not because I'm staying out late partying.
00:12:23.020 It's like just working and getting a very late dinner.
00:12:26.180 Get back to your hotel room.
00:12:27.720 You're not going to go to sleep right away.
00:12:29.600 And then it's like, oh, goodness.
00:12:30.500 You go to sleep at 1 a.m. and then you have to wake up at 6 because you've got to get up and get down to the legislature at like 8.
00:12:36.700 Or I have to film a video before I get down to the legislature.
00:12:39.140 And usually I'm a bit late anyways.
00:12:40.500 Oh, my goodness.
00:12:43.140 That's crazy.
00:12:43.860 I'm going to have to make another video about BC politics at some point in my time down there.
00:12:47.640 And the BC Conservative AGM and the press conference that we had to put on as the independents.
00:12:52.900 Yeah, it's an adventure out there.
00:12:54.980 But thanks for watching the show, guys.
00:12:56.780 Hopefully you don't mind these old mini updates at the end of episodes.
00:12:59.460 Hopefully it's not dragging.
00:13:00.480 If you don't like this, don't send me an email.
00:13:02.420 But just click off the video early.
00:13:04.440 I had someone send me 50 emails yesterday.
00:13:07.360 And if you're watching this and you're the one who sent me 50 emails, I blocked your email.
00:13:10.940 Because, sorry, don't send me 50 emails where each email is just a single link that you think I might want to check out.
00:13:16.480 I do not have the brain capacity for that.
00:13:18.960 And at some point it just stresses me out.
00:13:20.800 And I'm pretty, pretty patient.
00:13:22.840 I already have a big backlog of emails I have to get to.
00:13:24.940 So if you've sent me an email, I'm not ignoring you.
00:13:27.160 It's like the stress of the day makes me not get to them right away.
00:13:29.960 But thank you guys for holding on.
00:13:32.140 If you like my show, make sure to drop a like on the video.
00:13:35.160 Leave a subscribe to the channel if you're not a subscriber.
00:13:37.340 Although if you're not subscribed, you probably haven't waited this long into the video to hear me just ramble about nonsense.
00:13:42.340 And if you want to, drop a comment, talk about what you think the budget's going to look like by the end of the year.
00:13:49.460 And what do you predict the deficit is going to be for the year 2025?
00:13:54.100 Anyways, that should be it for me today, you guys.
00:13:56.400 Have a good one.