The National Telegraph - Wyatt Claypool - October 31, 2025


Carney's awful budget could collapse the Liberal government!


Episode Stats


Length

13 minutes

Words per minute

181.53075

Word count

2,488

Sentence count

109

Harmful content

Misogyny

1

sentences flagged

Hate speech

4

sentences flagged


Summary

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

Wyatt Claypool explains why Canada's liberal government is in serious trouble and what it should do to fix it. He also talks about the impact of Mark Carney's budget on the economy and the people's opinion on it.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Hey guys, Wyatt Claypool here.
00:00:02.940 Right now, Mark Carney's liberal government may end up sinking itself under the weight of their own terrible budget.
00:00:11.420 The word hubris needs to be applied way more often to Carney and his liberal government.
00:00:17.500 They bought into all the propaganda they made up about themselves before the last federal election,
00:00:22.940 and they still think that they're this patriotic juggernaut of a government and everyone's on side because elbows up,
00:00:31.300 and it's just not how it's actually working out in reality.
00:00:35.340 Because the thing is that with all the elbows up rhetoric and people wanting to thumb their nose at Trump,
00:00:41.460 they also believed that Carney was going to be a more conservative prime minister than Justin Trudeau.
00:00:47.900 Still a liberal, but a more conservative liberal.
00:00:50.420 Yeah, he does force his ministers to actually wear ties and not wear Skechers shoes with their suits,
00:00:57.080 but he's not actually a good fiscal manager, which should have been very apparent by his own business history.
00:01:03.000 Yes, he can pretend that he's this businessman.
00:01:05.960 He's like, oh, he was the CEO.
00:01:07.920 He was not the CEO, but he was the chair of Brookfield Asset Management.
00:01:11.160 He worked at Goldman Sachs.
00:01:13.180 That doesn't mean anything.
00:01:14.960 Brookfield Asset Management is in the government subsidy industry.
00:01:19.100 That is why they make a lot of money, not because they actually invest in highly profitable ventures.
00:01:25.800 They invest in ventures that the government gives a lot of grants and subsidies to,
00:01:30.700 and so they don't actually need to be profitable on their own.
00:01:34.140 The government is basically paying them just to exist.
00:01:37.380 And Carney is now running the Canadian government like that,
00:01:40.120 as if there is some organization on high that's going to come and hand him money,
00:01:44.340 like back when he was running Brookfield Asset Management.
00:01:46.960 Except, right now, he's at the top of the chain.
00:01:49.860 He's at the very top of the Canadian government.
00:01:52.400 No one else is going to give him money for simply just existing.
00:01:56.560 And so now, he's stuck trying to jam money into the Canadian economy,
00:02:00.760 assuming it's just going to spur sudden growth,
00:02:04.240 as if that wasn't what Justin Trudeau was already doing before him.
00:02:07.760 He should know that it wasn't working for Trudeau,
00:02:10.000 because he was the one advising him to do it as the economic advisor since 2020,
00:02:14.980 until Trudeau stepped down.
00:02:17.000 But in this video, I want to go over some stats with you guys
00:02:20.500 of what Canadians are feeling about this budget,
00:02:23.160 and the political pressures that are now on the Liberals around this budget,
00:02:27.200 not only from the Conservatives, who obviously do not like it and will not vote for it,
00:02:31.960 but also from the New Democrats and the Bloc Québécois.
00:02:36.400 But before we get into it, I just want to remind you guys,
00:02:38.720 if you like the show, make sure to leave a like on this video,
00:02:41.800 subscribe if you are not yet a subscriber,
00:02:44.140 and if you are, hit the notification bell so you're notified whenever I put up a new video,
00:02:48.620 and then also leave a comment on what you think about all this.
00:02:51.980 Helps us on the algorithm, and I do like to scroll through and see what people are saying.
00:02:55.460 But let's start off in this video with this Abacus data poll
00:03:00.020 that was asking people about their opinions on the budget.
00:03:04.340 This poll question asks,
00:03:06.780 when you think about the federal government's budget deficit,
00:03:12.160 which of the following statements comes closest to your own view?
00:03:16.020 23% of respondents say the deficit is a serious problem that must be addressed immediately,
00:03:21.300 even if it requires major spending cuts or tax increases.
00:03:26.060 Now, that's probably 23% mostly represents conservatives wanting spending cuts.
00:03:31.320 But even then, you go down, and 43% of Canadians say the deficit is a problem,
00:03:36.900 but can be reduced gradually over time without drastic action.
00:03:40.440 That still doesn't actually spell anything good for the liberals.
00:03:45.540 Because when you slap 43 together and 23, 0.80
00:03:49.020 even if you assume 100% of conservatives are represented
00:03:52.560 by the 23 number of people saying we need spending cuts,
00:03:56.400 there are at least half of liberals, at least a third of liberal voters,
00:04:01.380 who are not impressed with the government's fiscal management right now.
00:04:04.940 Because you can say, well, that result still says they have time,
00:04:09.300 they just need to start reducing it over time.
00:04:11.120 The problem is they're not reducing it.
00:04:12.660 It's going up.
00:04:13.860 And so what we're seeing here is around half,
00:04:16.920 or at least one third of liberals,
00:04:19.320 are going to start wondering if they can really vote for this party
00:04:22.540 unless they actually get their fiscal house in order.
00:04:25.300 And they're liberals.
00:04:26.080 They're not going to do it.
00:04:27.560 And there's no Trump issue anymore for them to buoy themselves up with.
00:04:31.980 Only 12% of people say the deficit is not a big problem,
00:04:34.780 as long as the economy is growing and it's not growing.
00:04:37.580 9% say the deficit is necessary to make important investments
00:04:41.020 and should only be reduced when the economy is strong.
00:04:44.080 And then we have 4% not concerned and 10% not sure.
00:04:48.400 But overall, not a great look for the liberals,
00:04:51.460 seeing that Canadians are kind of sick and tired of the way
00:04:54.160 that they've been managing the economy.
00:04:57.560 Here's another one.
00:05:01.060 This is asking people,
00:05:02.380 thinking about the upcoming federal budget,
00:05:04.500 which one of the following approaches do you think the government should take?
00:05:07.800 37% of people say reduce the deficit gradually
00:05:10.520 with modest spending cuts and limited new investments.
00:05:13.720 17% say balance the budget as quickly as possible.
00:05:17.100 15% say increase tax on high-income earning Canadians,
00:05:20.500 which is not going to be popular,
00:05:22.400 maybe with the NDP green base, but not with anyone else.
00:05:25.640 And 13% say increase spending on key priorities
00:05:28.700 like healthcare, housing, or military,
00:05:30.700 even if it means larger deficits.
00:05:33.600 The problem is the liberals are stuck between a rock and a hard place.
00:05:38.300 Half their base are going to be the cut spending over time
00:05:42.000 in order to actually reduce the deficit
00:05:44.460 and get to a balanced budget.
00:05:46.040 And then the other half is going to be the,
00:05:48.760 no, we need to spend more because elbows up. 0.98
00:05:51.240 And if you don't put another billion dollars on the healthcare system
00:05:55.140 every other month,
00:05:56.460 then you obviously don't support public healthcare.
00:05:59.100 The Liberal Party is actually a very unwieldy coalition at times.
00:06:02.720 And I don't think Carney is the man
00:06:04.520 who's going to be able to bridge that gap.
00:06:07.720 Now, I don't think we need to really talk about this anymore
00:06:11.580 in terms of the stats,
00:06:13.660 but I want to get to what the NDP and the block are saying in a second.
00:06:18.300 I do just want to show this one last result
00:06:20.020 because I find the question wasn't really asked right,
00:06:22.880 but the fact that it's so close is rather telling
00:06:25.660 considering the left-wing bias there is in questions like this.
00:06:29.080 And abacus data does a good job.
00:06:30.560 I just don't think this question was asked properly
00:06:32.520 because the question here was phrased as,
00:06:35.500 which leader and political party do you trust more
00:06:38.440 to balance the budget in a way that will hurt people like you the least?
00:06:42.740 Now, I don't like the thing on the end saying,
00:06:45.560 who do you trust more to balance the budget
00:06:47.760 in a way that won't hurt people like you?
00:06:50.500 Because they'll just say,
00:06:51.780 oh, conservatives, yeah, they'll balance the budget,
00:06:53.780 but they'll hurt us.
00:06:54.560 Like, that's just a stupid political bias people have
00:06:56.720 with nothing really behind it.
00:06:58.340 But the fact that this question
00:07:00.660 still puts Pierre Polyev within seven points of Mark Carney,
00:07:05.180 despite NDP, Liberal, Bloc, and Green voters
00:07:08.860 all being predisposed to saying Mark Carney
00:07:10.980 instead of Pierre Polyev
00:07:12.080 when a question is put like this,
00:07:13.760 is quite telling.
00:07:15.640 And it's because people don't actually think
00:07:17.300 that Carney's going to balance the budget,
00:07:19.120 even though during the federal campaign,
00:07:21.880 maybe he didn't explicitly say
00:07:23.220 he was going to balance the budget,
00:07:24.600 but that was the attitude he was bringing in his campaign.
00:07:27.980 The idea that I know, you know,
00:07:29.840 hey, I know how numbers work.
00:07:31.500 I'm going to be able to, you know,
00:07:32.940 we're going to spend less and invest more.
00:07:34.980 It was all rhetoric going to the idea that,
00:07:37.000 you know, we're going to clean up
00:07:38.160 our spending problems
00:07:39.440 and only spend on things that are really necessary
00:07:41.600 and that are going to help grow the economy.
00:07:43.700 And that's just not true at all.
00:07:45.620 But now let's jump over to an NDP MP
00:07:50.220 reacting to the current budget,
00:07:52.500 saying that it would be very difficult
00:07:54.500 for them to vote for this.
00:07:56.380 Now, I do think the NDP are still going to find
00:07:59.060 a way to vote for it
00:08:00.080 because they're in the middle of a leadership race
00:08:02.120 and they are completely broke at the moment.
00:08:04.680 But I think they're at least signaling
00:08:06.500 that depending on who wins the leadership
00:08:08.660 and Heather McPherson here is running for it,
00:08:10.960 they may be willing to trigger an election
00:08:12.960 within the next year.
00:08:14.320 Everything we've heard from Mark Carney
00:08:15.800 makes me think this is going to be
00:08:17.320 a really hard budget for the New Democrats to support.
00:08:20.260 I mean, he's talking about cuts to services
00:08:22.140 that Canadians depend upon.
00:08:23.860 He's talking about things that will put people
00:08:27.220 in a more precarious position.
00:08:29.660 He's telling Canadians they're going to have 1.00
00:08:31.760 to tighten their belts.
00:08:32.900 But Canadians are already doing that. 0.86
00:08:34.980 And Canadians are deeply, deeply concerned
00:08:37.520 about their jobs.
00:08:38.620 We saw 3,000 jobs flee Canada with Stellantis.
00:08:42.160 You know, just today, we know that there's going to be
00:08:44.600 about 120 steel workers that are going to lose their jobs
00:08:48.340 and they're going to be moved to India tomorrow
00:08:51.020 if the government doesn't take immediate steps.
00:08:53.860 If we get this budget on November 4th
00:08:56.240 and we see investments in jobs,
00:08:58.480 if we see investments in, you know,
00:09:01.200 if those big nation building projects
00:09:02.960 across this country are in fact going to get
00:09:06.220 Canadian workers working, you know,
00:09:07.940 are going to be built with Canadian materials,
00:09:10.180 then there's a much better chance
00:09:12.460 of him getting that budget passed
00:09:13.660 than if he comes in with an austerity budget
00:09:16.100 because an austerity budget just means
00:09:18.160 cutting services that Canadians depend upon.
00:09:20.340 And this really demonstrates just how nuts the NDP is.
00:09:23.740 And the bloc is similarly nuts,
00:09:25.260 but in a different way.
00:09:26.120 He's saying it's an austerity budget.
00:09:29.300 This budget is over 60 billion in the red.
00:09:33.340 It's a massive deficit.
00:09:35.840 It's the biggest deficit since the COVID year 2020
00:09:39.320 when they were suspending because we shut down
00:09:42.220 the entire economy.
00:09:43.960 And this is an austerity budget.
00:09:45.900 And the NDP is effectively coaxing Carney
00:09:48.740 into like moving more voters over to the conservatives.
00:09:52.260 Because if he starts jamming more spending in
00:09:55.860 to make the NDP happy,
00:09:57.820 you are definitely going to tick off
00:09:59.440 a lot of the business liberals
00:10:00.620 who usually default to voting for the liberals,
00:10:03.180 but over the past several years
00:10:04.520 have been getting a little bit wary
00:10:06.440 about how fiscally irresponsible
00:10:08.280 they've been getting,
00:10:09.540 especially in cases like this
00:10:11.140 where they are trying to please the NDP
00:10:12.940 who have no care for fiscal responsibility.
00:10:15.680 I just want to jump over onto this panel
00:10:18.080 of conservative commentators
00:10:21.460 talking about specifically why
00:10:23.460 it would be foolish for the Kepaliev conservatives
00:10:26.360 to vote for this thing.
00:10:27.260 And this is, you know, Carney's mess
00:10:28.640 and he gets to live with it.
00:10:29.940 The opposition has no reason to support the budget.
00:10:33.780 Well, I think this was the beauty
00:10:34.700 of being a Mark Carney liberal.
00:10:36.920 It is saying one thing, doing another
00:10:38.740 and saying another thing altogether entirely.
00:10:42.540 This is, I mean, you said the word evolution.
00:10:45.040 I think it's just a giant flip-flop
00:10:47.380 and it is a incredible middle finger
00:10:50.480 to a lot of the NDP left socialist government workers.
00:10:56.340 And there's commas between those categories, by the way,
00:11:00.100 that put their trust behind the prime minister
00:11:04.760 and are now getting some whiplash.
00:11:07.020 So I think we'll see how this turns out.
00:11:09.220 I don't suspect that the voters in Ottawa and Nepean
00:11:12.240 will be particularly happy
00:11:13.320 with the prime minister's position on this.
00:11:17.160 So yeah, so now Mark Carney
00:11:18.880 has also been trying to coax the conservatives over
00:11:21.080 with his rhetoric about having to reduce government spending,
00:11:24.080 but the actual budget doesn't reduce it at all.
00:11:27.020 And Keith Wilson here posted
00:11:28.380 what the bloc's demands are going to be.
00:11:30.840 And these are similarly unrealistic
00:11:32.960 from a completely other angle than the NDP.
00:11:36.100 They're looking for, obviously, more money for Quebec,
00:11:38.560 like compensation for Quebec's carbon rebate,
00:11:41.540 expansion of old age security,
00:11:43.420 increase in federal health transfers,
00:11:45.400 obviously just to Quebec,
00:11:46.740 new infrastructure transfer program,
00:11:48.960 interest-free loans for first-time homebuyers,
00:11:51.320 additional funding for social housing.
00:11:53.620 Yeah, so they can't do that.
00:11:55.620 And again, Carney is maybe trying to save a little money
00:11:58.380 on social service spending,
00:12:00.000 but the problem is,
00:12:01.120 is that he won't cut any of the other stupid garbage
00:12:03.220 that he's spending on.
00:12:04.300 And so while pretending like he's trying to spend less over here,
00:12:08.460 he's spending way more over there,
00:12:10.640 which completely obfuscates the point of reducing spending.
00:12:15.760 It's just stupidity.
00:12:17.860 And so right now, Carney's in a position
00:12:20.120 where he's pleasing absolutely nobody,
00:12:23.060 and especially members of his own base
00:12:24.920 who thought he was actually going to be better
00:12:26.840 than Justin Trudeau.
00:12:28.320 So while there probably isn't going to be an election
00:12:30.880 in late stage 2025,
00:12:32.860 there absolutely could be one in 2026,
00:12:36.500 because if the Liberals' popularity falls quite a bit
00:12:40.000 because of them having this budget
00:12:42.100 that's split down the middle,
00:12:43.600 where it's kind of trying to cut spending over here,
00:12:45.640 but it's also ballooning spending over there,
00:12:47.880 the NDP are going to have a narrative to run on,
00:12:50.060 the Bloc are going to say 0.87
00:12:50.940 this wasn't pro-Quebec enough,
00:12:52.420 and the Conservatives are rightfully going to say
00:12:54.260 that the budget deficit was absolutely insane,
00:12:57.260 and they're going to keep doing this
00:12:58.260 while pretending they're not doing it.
00:12:59.760 Anyway, so hopefully we will be getting a spring election,
00:13:04.440 and hopefully I think more Canadians
00:13:06.280 are going to start paying attention
00:13:07.320 to the fiscal problems of our country,
00:13:10.240 because while, yes, you know,
00:13:12.040 all the elbows-up stuff is very exciting,
00:13:14.700 we all get to pretend we're thumbing our nose
00:13:16.400 at Donald Trump by voting Liberal,
00:13:18.260 at the end of the day,
00:13:19.480 our own domestic policy matters a lot more
00:13:22.120 than whatever's going on in the United States.
00:13:24.520 And no, you cannot spend into the red year after year
00:13:28.440 forever for as long as the eye can see
00:13:31.880 without eventually having to pay for it.
00:13:34.920 But anyways, that should be it for me today, guys.
00:13:37.520 Remember to like, share, subscribe,
00:13:39.160 do all that great stuff,
00:13:40.520 and I'll see you guys all next time.