The National Telegraph - Wyatt Claypool - Carney LIED about his budget - PBO shows cooked numbers!

00:00:00.000 Hey guys, Wyatt Claypool here. It's been absolutely hilarious to watch just how much

00:00:06.160 Prime Minister Mark Carney and his Liberal government have lived to regret appointing

00:00:11.280 Jason Jocks as the Interim Parliamentary Budget Officer. They're not regretting it because he's

00:00:16.960 bad at his job, they're regretting it because he's fantastic at his job. Jason Jocks is like

00:00:22.960 an accountant's accountant. He is not letting the Liberal government get away with anything,

00:00:27.680 and I assume that they thought if they appointed him as an interim PBO, he would mostly mind his

00:00:33.960 manners and not call them out for anything, but he is calling them out for everything. The other day,

00:00:39.560 I played a hilarious clip where Liberal MP Vince Gasparro was trying to like reason with Jason

00:00:46.420 and say, well, yes, you've said all these things in your report about our spending being unsustainable,

00:00:52.060 but isn't it true though that maybe in the medium to long term things will get better

00:00:57.060 and it cuts to Jason Jocks on the feed of like the live stream of this committee meeting. He's like,

00:01:02.340 well, I use the word unsustainable for a reason and it's, I love how little he pulls punches,

00:01:08.700 but now the Liberals want to get rid of him. Now he is interim and there are people out there saying,

00:01:14.520 well, this is stupid for the Conservatives to accuse Carney of firing him. He's an interim. He was 0.80

00:01:18.960 never going to be permanent. The problem is, is that Jason Jocks is supposed to be the interim PBO

00:01:25.740 for six months. Could they replace him with a new permanent PBO before then? Sure, but we're about

00:01:32.980 to go into the Christmas season. I don't think you're going to appoint a new PBO in the middle of

00:01:37.960 November or December. Typically speaking, there are fixed times when a permanent PBO has their term

00:01:45.620 start and their term end. And usually there is an interim or like the fall and the winter. And then

00:01:51.140 you appoint the new guy in the spring when a normal human being would want to start the new job.

00:01:57.260 But they're trying to get rid of him like way earlier because he won't shut his face full about 1.00

00:02:02.760 all the stupid things the Liberals are doing. And that's why I find it so fantastic. Before we get 1.00

00:02:08.240 into his report, I just want to show you this tweet from Pierre Polyev just as a little bit of a table setter

00:02:15.620 he says, no wonder Carney wants to fire their parliamentary budget officer. Canada's top budget

00:02:21.140 watchdog today published a brutal report exposing how Carney's costly credit card budget cooks the

00:02:26.680 books, doubles the deficit, and promises fake savings. Canadians can't afford the cost of Carney.

00:02:33.400 And now I'm going to read you part of the PBO report. He has some top line findings we're going

00:02:39.100 to go over because naturally we're not going to read page upon page of the PBO's analysis in the full

00:02:44.860 report. But what he highlights at the front of his website about this latest release is quite damning

00:02:52.420 about how the Liberals have been attempting to spin their budget. He says, quote, budget 2025 projects

00:02:58.980 that debt to GDP ratio will stay mostly stable over the next 30 years, says Jason Jocks, interim PBO.

00:03:06.800 Quote, this is different from the last three years when fiscal policy provided more flexibility

00:03:11.600 to deal with future risks. And then basically he's saying that like we're going to be holding

00:03:17.520 debt to GDP stable. But the problem is naturally over time, because our debt to GDP had gone up a lot

00:03:24.020 over the past few years, you would want there to be more room in the budget to potentially be able to

00:03:29.780 lower that debt to GDP. Right now, the best case scenario is just basically keeping it as is. And our

00:03:36.660 current state isn't great right now. We lost our triple A credit rating and we dropped down to a

00:03:42.140 double A. And now he says right here, budget 2025 also sets out new fiscal anchors to balance the

00:03:50.800 operating budget and make sure the deficit to GDP ratio declines over time. Quote, our analysis shows

00:03:58.260 there is only a 7.5% chance the deficit to GDP ratio will fall every year from fiscal year 2026 and

00:04:07.400 2027 to fiscal year 2029-2030, Jocks said. Quote, this means government's new anchors is unlikely to

00:04:15.440 hold. So even basically Carney is trying to throw a pea into a shot glass across the room. That is the

00:04:23.700 current budgetary plan. We are going to be able to just simply maintain the current debt to GDP ratio

00:04:30.860 if everything goes perfect. And let's be clear, it's probably not because things come up. And

00:04:37.760 naturally, Jason Shocks can take that into account. But even just based on the current foreseeable future,

00:04:44.380 it is a 7.5% chance of even working. Going down a little bit further, the PBO also says the

00:04:51.920 government's definition of capital investments is too broad. Using the PBO's definition based on

00:04:57.680 international practice, capital investments would total 217 billion from fiscal year 2024 to 2025

00:05:05.060 to 2029 to 2030. About 94 billion less than the budget, than budget 2025 estimates. Quote,

00:05:15.460 to improve transparency, an independent expert group should decide what counts as capital investments

00:05:20.880 under the expanded definition. So basically, what Carney had done was proven that based on current

00:05:28.600 tax revenues, that at least the operating budget of the government does in fact balance. The deficit

00:05:35.120 only applies to those new capital investments that we are making. See, this is the whole lie of we're

00:05:40.980 going to spend less and invest more because, hey, look, we're spending less because we can balance the

00:05:46.860 current operating budget. Our actual spending on the day to day stuff has, you know, been has been has

00:05:53.020 been like kind of reined in. It's more conservative now. And so now we're going to invest more with a

00:05:59.260 little bit of debt of a deficit, even though we're running a 70 billion dollar deficit. But now the deficit

00:06:04.600 is just our investment. So it's not as bad as just running up deficits based on your health care

00:06:09.660 spending or some other things that you must spend money on. Jocks points out that 79, what is it,

00:06:17.720 94 billion dollars of the investment, of the capital investments, are in fact really operating budgets

00:06:26.080 that have just been relabeled. In fact, the operating budget itself is still causing a massive deficit.

00:06:33.320 He literally more than the current deficit because the current deficit is 70 billion dollars. 94 billion

00:06:41.120 was misallocated, was miscategorized as being capital spending when it's really operating spending

00:06:47.760 because Carney just had to try and fake it. He tried to pretend like he was being more fiscally

00:06:53.000 conservative. Yes, guys, I am running a deficit, but it's it's an investment. No, not at all. In fact,

00:06:59.580 more than the entire deficit costs is how much he miscategorized probably on purpose. This was not

00:07:06.860 a mistake because he's saying based on normal PBO practices, which is based on international

00:07:12.660 practices, you would have never labeled this stuff as capital investments. But now I want to move on

00:07:19.680 to looking at some more stuff on X. I always like to bookmark a few things to sort of walk us through

00:07:25.360 flavor the conversation a little bit. This is why this is one thing I have to address right now.

00:07:31.460 There are some people who, again, are criticizing Paulia for saying the liberals are trying to get

00:07:35.340 rid of Jason Jocks. It is absolutely true. They want his term to end as interim PBO as fast as human

00:07:42.080 possibly as humanly possible. He's only gotten through one third of his term and now he already

00:07:47.820 wants the guy gone, even though he should be there for the full six before you go turn over to your

00:07:52.560 new permanent parliamentary budget officer for a few years. Rupa Supramania says, why does Paulia

00:07:58.520 feel the need to do this when there's plenty to criticize? And she's basically pointing out like,

00:08:05.260 oh, well, they're not actually firing him because he's in the interim. But look, they put him on duty

00:08:11.640 on September 3rd, 2025 for a six month term. And they're currently trying to get rid of him.

00:08:18.200 That's the problem. Yes, they can technically replace him. They are allowed to technically

00:08:24.160 replace him early, maybe with the new permanent PBO. But the fact that they are chafing so hard when

00:08:30.540 usually the interim is supposed to stick around for the full six months before the next guy takes over

00:08:34.900 is telling about what they think about the things that Jason Jocks has been saying. Because this is

00:08:40.400 usually a pretty boring position. You don't have a lot of politics surrounding who ends up becoming

00:08:45.880 the PBO and when you replace him. It's, you know, you find a guy and his term is going to start in

00:08:50.660 six months after the interim is done. No, they're breaking precedent by trying to replace him early.

00:08:57.260 But we have a Polly of here going after the liberals very hard when it comes to just fiscal

00:09:02.360 irresponsibility. He says, Mark Carney set up an entirely new liberal bureaucracy so he could

00:09:08.560 reannounce already approved handpicked projects. To fix it, he needs to just do one thing,

00:09:13.920 get his liberal government out of the way. Because he is going after Mark Carney for basically trying

00:09:19.800 to pad out his very thin record so far. Naturally, he hasn't been in government very long. But

00:09:24.700 Carney thinks there could be an election in the spring. And so he just keeps announcing major

00:09:29.080 projects, many of which have been started a long time ago. And he's just pretending to fast track

00:09:34.480 them. There's no real way of fast tracking a project that is just already underway. The only thing

00:09:40.640 you can fast track a project through is the governmental, like, you know, bureaucratic hoop

00:09:45.660 jumping. Most of these projects aren't dealing with that anymore. He's just saying I'm fast tracking

00:09:49.920 them. And in this quote right here on the graphic says, what is the is the major product? What use

00:09:56.520 is the major projects office when the government keeps selecting proposals that have already been

00:10:01.240 approved? As written by John Iveson in his National Post story. And I read the CEO of the major

00:10:08.360 projects office saying in a global news story, well, that yeah, part of our, you know, part of the

00:10:14.580 consideration of what we fast track is what's close to already being done. You think it would be in

00:10:19.720 reverse that you would fast track things that, you know, haven't been started yet. You know, we want to

00:10:24.940 fast track something that hasn't had any action for two years. No, they're fast tracking things that are

00:10:30.200 like, almost all the way clear. Because Carney wants these things to be, you know, he wants to be at the

00:10:35.720 ribbon cutting and pretend he had anything to do with it at all, when he clearly does not.

00:10:41.500 But of course, also, Polyev was talking about the new PBO report. And he said right here,

00:10:49.380 breaking the budget watchdog gave Carney a 7.5% chance of meeting his own made up fiscal anchors.

00:10:56.480 Canadians cannot afford the cost of Carney and his credit card budget. I want to jump down now to this

00:11:02.240 report that came out on CTV News that Roman Baber had posted about all of the additional debt that

00:11:10.180 Canadians are taking on for much of the nonsensical spending in the budget.

00:11:14.740 Today, the federal government outlined its new climate competitiveness strategy as global trade

00:11:20.680 upheavals, rapid technological change, and clean energy is reshaping the world economy.

00:11:26.480 Minister of Environment and Climate Change...

00:11:28.680 Sorry, but like, is it? This is what I do not like about the mainstream media in Canada.

00:11:33.980 90% of what they say oftentimes is accurate, because it's just the very boring details of

00:11:38.840 the story. The 10% where they're wrong is the spin. Green energy is changing the world right now?

00:11:46.240 Not really. Not really. Green energy in Canada, as well as the vast majority of the rest of the world,

00:11:52.980 is driven by subsidies. It's not exactly like a thriving industry that's reshaping the economy

00:11:58.040 unless you think the government injecting money into a very hollow industry counts as how green

00:12:05.200 energy is reshaping the economy around the world.

00:12:08.200 ...and Energy Minister Tim Hodgson announced today the government will invest over a trillion dollars

00:12:14.940 over the next five years, driving growth in nuclear, hydro, wind, energy storage,

00:12:20.780 and grid infrastructure to make Canada a leader in the low-carbon economy.

00:12:25.060 Later in what? And also, of course, they're showing, like, images of forest fires at the same time

00:12:31.100 they're talking about this.

00:12:32.220 It prioritizes...

00:12:33.220 Because there was not, like, there's not, like, a forest fire going on that they were following.

00:12:36.900 That wasn't, like, live updates of a report. We're talking about climate change,

00:12:40.200 so let's throw the fires on the screen to make whatever the Liberals are doing seem less stupid. 0.95

00:12:44.940 It's measures that deliver the greatest emissions reductions 0.98

00:12:49.140 and increases competitiveness at the lowest cost for Canadians.

00:12:53.220 What are they talking about competitiveness? Because, as you see, Roman Baber, who's a great

00:12:58.680 conservative MP, he points out, Mark Carney's 2025-2026 deficit will cost your family

00:13:04.760 $5,400 in additional debt. Meanwhile, Mark Carney cronies will get trillions of dollars in new green scams.

00:13:12.220 This is exactly what it is. Are there some green initiatives that are privately funded

00:13:17.540 and that would be successful without the government? Sure. I don't begrudge even those people

00:13:22.300 for taking a grant. If you are already in the industry in good faith and the government's

00:13:25.780 offering you money, I'm not going to slag you for taking it. But so many people in the green energy

00:13:31.760 economy are basically just people who know how to get grants. They know how to work the system.

00:13:36.680 In fact, they're a lot like Mark Carney. That's what he did when he was the chair of Brookfield

00:13:41.140 Asset Management. He's not a financial wizard at all. That's why he's not doing very well as

00:13:46.080 prime minister on the fiscal issues at the moment. Because when he was the chair of Brookfield

00:13:51.940 Asset Management, he got them a lot of business because he knew how to corner the markets

00:13:56.060 on government subsidies, on grants, on tax breaks. It's not because he knew how to start

00:14:02.500 very productive businesses and invest in them with Brookfield Asset Management. He just put money

00:14:07.780 where the government was also injecting money. And obviously, you couldn't possibly not make

00:14:12.180 something that way. As soon as Donald Trump became the president of the United States again,

00:14:17.020 in fact, I believe the Net Zero Banking Association or some international banking

00:14:22.200 like a partnership group or whatever, it immediately died. You know why? Because Trump cut off a lot of the

00:14:29.580 green subsidies. And all of this only worked. All the financing, all the ability to make money on this

00:14:34.780 stuff, only worked if the government was injecting money into the system artificially despite the low

00:14:41.440 productivity, despite the inefficiency of green energy and a lot of like, you know, electric vehicles

00:14:47.740 and batteries and whatnot. It's so dumb. But anyways, that should probably be it for me today, guys. 0.99

00:14:55.260 Man, I don't actually know it. Know what? Guys, we got to play the clip of Jason Jocks again before we go

00:15:00.760 because I've been talking about Jason Jocks, but we have not seen the man on screen himself.

00:15:06.100 I have to say, this is so weird. He reminds me, because I watch the show a lot, he reminds me

00:15:11.440 of Julian Bashir, or like the brother of Julian Bashir, if he had a brother in that show,

00:15:18.800 from Star Trek Deep Space Nine. There's just something about him. I just love just how

00:15:24.760 obviously he just knows that the liberals are trying to shape what he's saying here and he

00:15:30.320 just does not go along with it. This was from like a month and a half back, but it was fantastic.

00:15:33.900 And obviously, you project, so we're on a good fiscal path, or we're on a better fiscal path

00:15:42.220 than some of our G7 colleagues. And you project our deficit staying under 2% of GDP

00:15:49.460 and debt holding near the low 40% range. Would you agree that these kinds of thresholds

00:15:56.800 are really in practice fiscal anchors that signal some discipline?

00:16:06.300 I would go back to one of the comments I made at the outset that, like the most important word,

00:16:13.400 I love the faces he makes, because like, he must say this stuff because it bubbles through him

00:16:19.520 that he must be honest about the numbers. At the same time, his face reads like this,

00:16:25.260 you know, I'm like, okay, well, I'm gonna have to hurt Vince Gasparro's feelings here about

00:16:29.760 their terrible fiscal management so far. Because Vince Gasparro was like, well, you know,

00:16:35.460 the targets we've set ourselves in and of themselves, you could see that that's like a fiscal anchor.

00:16:40.100 And it's like, no, we just read the report he released two days ago saying that these are not

00:16:45.680 fiscal anchors at all. You have a 7.5% chance of actually meeting your targets, because there's

00:16:51.600 nothing actually really preventing the liberals from spending more. There's nothing that's actually

00:16:57.920 going to keep the budget from exploding over time with new costs. And overall, they're just

00:17:03.760 planning on potentially reducing operating expenses over the next four years. And that's going to

00:17:09.140 somehow make everything work in the long run, even though everything that it's kind of complicated.

00:17:15.440 But when the liberals say that they're going to be cutting operating expenses by 15% or personnel

00:17:20.080 expenses by 15%, that's all phasing in on over such a large period of time, they're never actually going

00:17:25.480 to stick to it. In the release this morning was unsustainable. We like it. I don't know, we didn't.

00:17:33.480 We didn't choose it carelessly. I've been in the office for 17 years. I was working in the federal

00:17:41.080 government putting together budgets for 10 years prior to that. You got to be like, you choose these

00:17:45.900 words of prudence and care. And certainly, we don't want to be alarmist. And at the same time,

00:17:52.620 like the current path we're on in terms of federal debt as a share of the economy is unsustainable.

00:18:00.220 I love that moment as well, when he's just like saying they're like, you know, like,

00:18:04.060 you know, I don't know, we're not just throwing words out, we're using the words that we used for

00:18:08.940 a reason. And Vince Gasparro is like, they're kind of like trying to cajole him into saying,

00:18:13.820 why don't you just say that we're doing at least something correct? And it's like,

00:18:16.780 because you're not doing anything correct. That's why he made the report. Anyways, so that should be

00:18:23.000 it for me today, guys. Seriously, this time, like, share, subscribe, do all that fantastic stuff. And

00:18:28.840 I'll see you guys all next time.

The National Telegraph - Wyatt Claypool - November 17, 2025

Carney LIED about his budget - PBO shows cooked numbers!

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