The National Telegraph - Wyatt Claypool - Carney Takes BIG HIT - Liberal GDP Numbers Dropping!

00:00:00.000 It looks like Prime Minister Mark Carney, the economic wizard, is about to have his own personal approval rating and the Liberals' polling numbers take a massive hit because of the terrible economy that he has built.

00:00:12.940 It was bad enough when in August and September the Canadian economy lost 110,000 jobs, which is absolutely massive,

00:00:21.420 but we're probably going to be going into another month of job losses at the end of October,

00:00:27.280 and now the parliamentary budget officers had to come out and started adjusting down Canada's growth numbers.

00:00:34.620 Canada was not really growing much as an economy in the first place.

00:00:38.420 the Liberals tried to really paint a rosy picture of Canada's economy being one of the fastest

00:00:43.500 growing in the G7. But that was only true at the beginning of the year because we had had such bad

00:00:49.600 growth for an extended period of time that 1.5% growth was considered quite good compared to what

00:00:55.880 we had previously had. But now we don't even have that, according to the parliamentary budget

00:01:01.920 officer. So I want to get into some of the numbers here in just a second. Then I want to jump over

00:01:06.460 to what Conservative MP Leslie Lewis said on Twitter, and then jump into some clips from

00:01:12.440 Question Period today, because the Liberals are very clearly on the defensive right now.

00:01:17.320 But before we get into it, I just want to remind you guys, if you like the show, make

00:01:20.660 sure to leave a like on the video, subscribe if you are not yet a subscriber, leave a comment

00:01:25.320 with what you think, and consider hitting the join button if you want to become a monthly

00:01:29.740 contributing member of the channel and make it all more sustainable for me.

00:01:33.100 But let's get first into these numbers from the PBO.

00:01:38.900 It says here, Parliament's budget watchdog has cut its 2026 growth forecast to 0.9% and projects federal deficits above $63 billion through 2030-2031, citing a new round of U.S. tariffs and Canadian countermeasures.

00:01:57.540 The Parliamentary Budget Office releases its economic and fiscal outlook last week. It now sees real GDP growth of 1.5% in 2027, down from 1.1% in 2026, and 1.6% for 2027 in June.

00:02:15.100 The PBO estimates that trade measures in place since early 2025 could shrink the economy by about 1.4% over the medium term if they become permanent.

00:02:25.980 So it's not even just that growth numbers have been adjusted down massively for this year and next year,

00:02:32.560 but in the medium term, the economy could even shrink by 1.4%, which is pretty big because our population keeps going up every year.

00:02:42.560 So per capita, that would have a devastating effect on the Canadian economy.

00:02:48.540 Again, going back to it, isn't Mark Carney supposed to be the economic wizard?

00:02:53.420 Isn't this the man that we are supposed to make the prime minister because he is a man who knows what to do in a crisis?

00:02:59.880 No, and you should have already known that he was going to suck at this because when he was at Brookfield Asset Management, he was a major corporate welfare queen.

00:03:07.580 Mark Carney doesn't actually know how to build a profitable product or service. 0.95

00:03:13.100 He simply knows how to corner the market on green crap and other areas where you get a lot of government grants and subsidies.

00:03:20.860 That's kind of it with him.

00:03:22.080 When you make the subsidy queen the prime minister and you expect him to grow the economy, he doesn't know what to do.

00:03:27.720 Because who's going to subsidize you when you're the person who hands out the subsidies?

00:03:32.080 But now I want to jump over to what Conservative MP for Halderman Norfolk had to say about all this, Lesley Lewis.

00:03:39.520 She's reacting to this headline, I believe, from the CBC.

00:03:42.960 Quote, something to worry about.

00:03:44.860 Parliamentary budget officer concerned about Carney's government's debt levels ahead of budget.

00:03:50.840 Here, Lesley Lewis says,

00:03:52.280 The parliamentary budget officer is warning that federal debt is growing, economic growth is weakening,

00:03:57.940 and debt interest payments could reach $83 billion a year.

00:04:01.220 Federal spending keeps rising, but Canadian families are still struggling to afford groceries, housing, and other essentials.

00:04:07.720 Where is the money going? What is it achieving? And who is being held accountable for the results?

00:04:12.600 The Carney government must demonstrate how its spending is improving Canadians' lives.

00:04:18.040 Canadians deserve responsible spending, transparency, and a credible plan to get our debt under control.

00:04:23.280 And the reason why I wanted to highlight what Leslie Lewis said here is just that I want to affirm that I think this is a good strategy for taking on the Carney liberals.

00:04:33.300 You have to poke at and sort of dismantle the false reputation that Carney and the media has given him, that he is this fiscally prudent economic planner.

00:04:46.860 He's not. He's a complete dullard. 0.99

00:04:49.480 And you want to go after his spending and actually force his government to explain how all of this program spending is going to result in a better economy. 0.97

00:05:00.100 How subsidizing our way out of some of the trade war pain is going to somehow break through to a big economic explosion.

00:05:09.380 It's not working out.

00:05:10.960 We need to sign a trade deal, but Carney doesn't want to.

00:05:13.720 And he keeps flying around the world signing commitments to maybe invest in Canada someday to the tune of an amount of money that's really not all that impressive, or some other commitment that we're going to, you know, have a free trade agreement and agree to trade more with countries that even if we doubled or tripled our exports to them really wouldn't matter at all to Canada's overall economy.

00:05:36.380 We don't trade all that much with Turkey. We don't trade all that much with all of Europe, especially compared to the United States.

00:05:43.160 But Carney seems completely resistant to getting an American trade deal signed.

00:05:48.580 But now, let's jump over to the question period today.

00:05:53.320 I thought that Pirapaliev did quite a good job, and you can really tell that the liberals are on a very insecure defensive position right now.

00:06:01.560 They know that the budget numbers are really bad.

00:06:05.460 again. I believe this year we were supposed to have like 1.7, 1.5% GDP growth, and now it's only

00:06:12.660 0.9%, not even outpacing inflation. Next year, it's gone down from like 1.6 to 1.5. It wasn't as

00:06:22.020 big, but once we actually get into that year and events start shaping how that year plays out,

00:06:27.780 it's probably going to be reduced by even more. Every time we would have a bad economic quarter,

00:06:34.840 You'd always hear from the media or the liberals, oh, look, get adjusted up later.

00:06:39.440 It's like, or it could get adjusted downwards.

00:06:42.720 We never had those quarters get adjusted up.

00:06:45.420 And now we're having multiple months of job losses.

00:06:49.200 And it was really bad in August because that's supposed to be peak employment month.

00:06:53.240 And we lost jobs in peak employment month.

00:06:56.160 We lost more jobs in September.

00:06:57.940 We're probably going to lose more jobs in October.

00:07:00.420 So how is that not going to be resulting in a third quarter of negative growth?

00:07:06.400 But enough listening to me.

00:07:07.960 Let's listen to Pierre Pauly of go after the finance minister, Francois Philippe Champagne.

00:07:13.680 This liberal prime minister is out of touch.

00:07:16.200 Canadians are out of money and the debt is out of control.

00:07:20.360 More inflation is on the horizon, as the parliamentary budget officer calculated,

00:07:23.900 that this government is expected to add $730 billion to our national debt over the next five years.

00:07:31.900 That's three quarters of a trillion dollars more on the national credit card,

00:07:35.740 working out to $40,000 in debt for every single Canadian.

00:07:41.400 More handouts to corporate power brokers, more interest to bankers,

00:07:45.560 more food and housing inflation for Canadians.

00:07:47.800 How does he expect them to pay this bill? 0.82

00:07:49.500 how do we have the strongest fiscal position in the g7 like they never actually justify that with

00:08:07.980 any stats their whole claim to fame was that we had like the second highest projected growth for

00:08:14.220 2026 in the g7 that was kind of like the early half of the year they would always say that

00:08:18.920 oh, we're going to have 1.7% growth this year. And the only other country that's doing better

00:08:23.380 is like Japan or whatever. They're going to have like 2% this year. And you know, Americans, oh,

00:08:28.080 they're only going to have a crappy 1.3%. It's like, well, now we have 0.9. So you might actually

00:08:35.080 want to take a lesson from the conservatives. Oh, we will take no advice from them over there.

00:08:39.780 Then stop pretending like they're not helping you or that you, like they're being obstructive

00:08:45.080 because apparently you don't care

00:08:46.780 what they have to say at all.

00:08:48.920 We have one of the most educated workforce in the world.

00:08:53.160 What does that matter?

00:08:54.860 Did you do that?

00:08:56.140 They literally have no,

00:08:57.140 that's like you got caught doing a bad job

00:09:00.440 at your workplace.

00:09:02.380 And then you say, well, you know,

00:09:04.180 our company has three A plus ratings

00:09:08.700 from the Better Business Bureau.

00:09:10.160 It's like, how does that have to do

00:09:11.440 with you screwing up in HR, like Vanessa?

00:09:14.280 What are you talking about?

00:09:16.400 We are able to build planes, to build ships, to build cars in this country.

00:09:20.940 We have the critical minerals to power the economy of the 21st century.

00:09:25.020 We have an abundance of energy, and we're going to produce even more, Mr. Speaker.

00:09:29.580 And we are the only G7 nation with a free trade agreement with all the other G7 nations.

00:09:34.900 This is what is building Canada strong, Mr. Speaker.

00:09:38.340 If you have a free trade agreement with all of them, how can you not get an additional trade deal signed with the Americans

00:09:43.840 to lower tariffs on some of the select products like come on dude the honorable leader of the

00:09:49.380 opposition the finance minister is absolutely right the canadians are very educated they're

00:09:54.280 educated enough to know that this government is cooking the books the prime minister is dividing

00:09:59.980 the national his deficits onto three credit cards one he calls operational spending another he

00:10:06.500 claims his investment and a third goes to crown corporations but canadians understand that just

00:10:13.360 because they put their debt on three different credit cards doesn't mean they don't have to pay

00:10:18.320 the interest given that canadians understand that when will the prime minister get this basic

00:10:23.700 financial lesson i really think he needs to turn this three credit cards thing into like its own

00:10:29.320 video i think it's a fantastic line because he is right i think inherently every canadian

00:10:34.080 understands you can't pretend that the debt problems aren't so bad because well i'm only

00:10:38.060 you know a couple thousand dollars in debt yeah i'm a couple thousand dollars in debt on every

00:10:43.700 single one of my 10 credit cards but it's only a couple thousand dollars yes added together is

00:10:48.340 quite a bit but it's only 2 000 per card it's like that's something where i think if you actually

00:10:53.060 start to drive that home in advertising that will actually start to stick with people this guy

00:10:58.440 thinks he's an economic wizard and he's basically trying to finance the country the way that like

00:11:02.840 some sort of uh financial burnout does it with his own uh with his own credit card schemes trying

00:11:09.440 to pass debt from one card to another like all this should be landing mark carney on dave ramsey

00:11:15.520 or financial audit to be to go through all of canada's current spending commitments that are

00:11:21.000 completely ridiculous we have just massive debt and we're for some reason giving brazil

00:11:27.100 130 million dollars to fight climate change we're funding random projects for gender equity in 0.98

00:11:34.400 pakistan like come on people how are we in this much debt but we still have money for that garbage

00:11:41.280 general minister of finance one thing canadians understand is that the leader of the opposition

00:11:50.200 keeps talking the canadian economy down keeps talking against the industry in this country

00:11:55.760 mr speaker we have the strongest fiscal position in the g7 we have the lowest net debt to gdp in

00:12:02.800 the g7 we have one of the lowest deficit in the g7 and we're the only country with germany in the

00:12:09.360 g7 to a triple a critic rating mr speaker we're going to build canada strong and we're going to

00:12:14.320 do it with all canadians it's so lame like whenever you hear all these very fringe uh stats that they

00:12:21.920 ended up citing because it's like whenever you see liberals start to cite well you know that

00:12:26.000 canada's rated as the happiest country on the planet it's like where are you getting that from

00:12:30.720 we're the strongest economy in the g7 we're we literally have per capita a weaker economy than

00:12:38.320 alabama we're like in some of the bottom five states in terms of canada's overall economic

00:12:44.320 power how are we the best off in the g7 i'd love to see how they justify that and at the start

00:12:50.000 there. He goes after Pauly of, oh, well, you leader of the opposition keeps trying to talk

00:12:55.000 down the Canadian economy. Talk down. You mean realistic, be realistic about it? It's such a

00:13:01.420 it's such a lame thing to say, you know, someone's showing that your economic projections are 0.98

00:13:07.120 complete crap and that you keep dumping like you keep dumping money on the company credit card 0.96

00:13:12.560 that you have no way of paying off the growth. The economy is slowing down and debt servicing 0.99

00:13:19.280 costs are increasing massively and he's like wow you're so negative you know you could say something

00:13:25.040 nice for a change like what i'm sorry is that his job the honorable leader of the opposition mr

00:13:31.120 speaker it's this liberal government that is driving the canadian economy down they're doing it

00:13:37.760 with credit card debt and the interest on it is not free it comes with interest what is the biggest

00:13:42.720 expense in this Liberal budget? Is it health care? Is it seniors? No, the fastest growing expense

00:13:49.920 is interest on the debt. The average family of four will spend six thousand dollars on federal

00:13:57.360 taxes just for the debt, not for health care and not for our military. How does this Prime Minister

00:14:03.280 expect a family to spend six thousand dollars when they cannot afford groceries?

00:14:07.760 of course they had to switch it up they're not giving it back to francois philippe champaign he

00:14:16.400 has to figure out what his next response is going to be so they've thrown it over to tim hodgson

00:14:20.720 which has nothing to do with his question this is what this prime minister is spending money on

00:14:26.640 5,000 new jobs in Churchill Falls. 8,000 new jobs for Contra Curve. 1,000 new jobs for

00:14:36.100 Ramon Graphite. 18,000 new jobs at Darlington. 30,000 new jobs at Pickering.

00:14:44.800 Okay. Okay. So how is it? Riddle me this. How is it that we've lost 41,000 jobs on net since the

00:14:53.180 beginning of the year, and specifically 110,000 jobs in just the last two months alone. If

00:14:59.400 apparently all these investments are paying off, why overall are we losing jobs? Of course,

00:15:04.780 in the midst of a downturn, you can always take the magnifying glass and focus in on specific

00:15:10.280 areas where there's little upticks. But why overall are we down? Again, these are jobs are

00:15:15.140 not even being created right now. It's just projected jobs in the long run that might be

00:15:19.580 created because of this project spending these projects aren't even going to be underway for

00:15:24.040 years but apparently you can bank like theoretical jobs in the future to brag about today i guess

00:15:31.140 that's how that works in the liberal government rather than talk down the economy why don't they

00:15:35.460 help us add new jobs for the canadian economy honorable leader of the opposition debt interest

00:15:42.040 is the fastest growing item on this government's budget it doesn't buy a single doctor a single

00:15:49.020 soldier a single protection at our border here's what this rising cost means for a family of four

00:15:54.660 five years ago it was twenty four hundred dollars in interest in the debt for that family right now

00:16:00.660 it's six thousand and in four years it will be eight thousand dollars in taxes paid not to get

00:16:08.860 any services just to pay the bankers but will the prime minister come to the finance committee

00:16:13.460 and tell that family where they're going to get eight thousand dollars for interest to his banker

00:16:18.300 friends the honorable minister of finance okay so apparently mr champagne now has a real answer

00:16:26.460 uh you know tim hodgson took that hit for him on the last question and tried to deflect but no

00:16:31.820 now he has paulia right where he wants him you would expect after 20 years in this house that

00:16:38.300 the leader of the opposition would read the fiscal monitor mr speaker if he took the time to read it

00:16:43.740 would see that public debt charts are that 1.7 percent one of the historical low we have seen

00:16:49.660 in canada mystery speaker and well below the 6.5 percent in the 1990s mystery speaker canada has

00:16:57.020 the strongest fiscal position in the g7 we're going to use that to build this country help

00:17:01.920 canadians and defend our sovereignty mystery speaker we're going to build canada strong

00:17:05.560 again just based on some probably very fringe stat you know it's actually much better than

00:17:11.700 it's ever been before. Yes, the amount of interest per household in Canada is massively high and

00:17:18.760 it's going up potentially $2,000 per household in just the next few years. But never you mind that

00:17:24.400 because there is some report out there and there's some very obscure stat that says we're actually

00:17:29.480 winning. We're winning so hard you don't even know it. He really had to take all that time

00:17:35.100 to look that stat like to look that up well actually uh public debt or something is only

00:17:40.640 at 1.6 and it was at six back in the 90s or whatever it's like okay sure but i think everyone

00:17:48.860 can actually see material reality around them and how expensive everything is and how many people

00:17:54.100 are defaulting on their own personal debt and how much taxes are these days it's it's like you they 0.99

00:17:59.820 basically expect you to be so stupid you will ignore material reality around yourself and just 0.99

00:18:05.760 sit there and think wow wow they're really doing a good job how do i know because he said so and 1.00

00:18:10.840 then he mocked paulia for being a politician for a long time i really don't care oh you think if

00:18:15.940 he's been around here for 22 years he would know that actually we're doing a good job it's like

00:18:20.560 get better lines he needs better writers better staffers who have better count like zingers to

00:18:27.600 throw back at them. It kind of went on like this for most of the time in QP. Conservatives would

00:18:34.260 ask questions about the debt growth and the interest cost and where all the money is going,

00:18:38.240 and the Liberals would be like, they don't like spending on school food programs, or they keep

00:18:44.020 talking down the Canadian economy, or their leader's been here a long time. It's like, and?

00:18:50.280 And? Like, does that make Mark Carney's economy less crappy that he's, that Poliev's been a 0.97

00:18:55.400 politicians since 2004? Does it? Oh, it doesn't. It's irrelevant then. So can we move on? But of

00:19:02.100 course we can't move on because that is basically the big comedy through line for the liberals

00:19:06.520 these days. It's just pointing out that Polyev's been here a while in order to maybe get you to

00:19:11.280 get off their backs about the fact that Mark Carney's economy is obviously not very functional. 0.97

00:19:17.040 Our growth numbers suck. Our actual public debt is going up very quickly. There's no way you can

00:19:23.020 massage this whole thing out, but apparently, guys, we are the strongest economy in the G7.

00:19:28.400 I don't know how that's possible, but apparently it's possible. Yes, are we poorer than Alabama

00:19:34.060 per capita? Sure, but that's just a sign of our strength, secretly. Anyways, with all that being

00:19:40.160 said, thank you guys for watching this video. Make sure to like, share, subscribe, consider

00:19:44.320 leaving a comment with what you think, and also consider hitting the join button below the video

00:19:49.120 if you want to become a monthly contributing member of the channel

00:19:51.920 to help make it more sustainable for me

00:19:53.980 and allow me to be less reliant on the fickle YouTube algorithm.

00:19:57.680 But with all that being said, thank you guys for watching,

00:20:00.180 and I'll see you all next time.

The National Telegraph - Wyatt Claypool - October 27, 2026

Carney Takes BIG HIT - Liberal GDP Numbers Dropping!

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