The National Telegraph - Wyatt Claypool - September 06, 2026


CBC Cannot Save Carney from This Bad News!


Episode Stats


Length

25 minutes

Words per minute

175.42

Word count

4,389

Sentence count

172


Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 You can tell that the Canadian economy is having a bad month because soon after the Liberals will come out of the woodwork to tell you about all of their excellent social programs and they might think about giving you a teeny tiny bit of your own tax dollars back to you pretending they're doing you a massive solid.
00:00:19.960 That's why I find this particular video of Liberal Finance Minister Francois-Philippe Champagne so funny. He is acting like this extremely minor extension of tax relief is some maverick maneuver on the part of himself and Mark Carney here.
00:00:37.780 They're doing 33% of a pure poly of conservative policy acting like nobody has ever thought of this before when in fact the conservatives were pressuring them to basically do this but more and longer for the past month and a half.
00:00:54.880 Check out this 25 second video where they're talking about freezing the gas taxes for a little bit longer.
00:01:01.840 You feel it at the bottom every week.
00:01:03.220 That's why we decided to extend the suspension of the federal fuel excise tax.
00:01:08.880 We know that this is a measure that's going to help Canadians from coast to coast.
00:01:12.200 This is a good measure to support our businesses, our workers, our farmers.
00:01:15.460 It's going to reduce the price of gas.
00:01:18.880 And this is one of those targeted measures that's going to help with affordability across our nation.
00:01:24.060 So the key message we ask is that we're there for you.
00:01:26.440 Can he explain why all they're doing is extending the cancellation of the excise tax on gas, which is about 10 cents or so, until the end of the year, I believe, is the timeline?
00:01:40.920 The conservatives, and by the way, this is not the only thing that should be done on taxes. As I keep saying, cut income taxes and corporate taxes 20% across the board and take one point off the GST. Perfect conservative tax policy. Run on that, guys.
00:01:54.560 But the conservatives are right to say that, hey, you guys are big spending liberals, but can you at least eliminate both the excise tax as well as the clean fuel standard tax and all the other taxes on gas, which add up to about 25 cents a liter until Canada Day next year?
00:02:13.540 and the liberals are like we can do like 10 cents for the until like december and it's like what
00:02:20.800 that's nothing that's nothing the amount that gas has already gone up in price due to the war in
00:02:27.120 iran wipes out the the difference that that tax savings is making tax gas is still more expensive
00:02:34.940 than when that war began and the government is making a lot of revenue from doing this
00:02:40.700 So they will never actually hurt their revenues that badly to make life more affordable for you.
00:02:46.440 They are still collecting more money on gas taxes than they were in the first few months of 2026 before the war happened.
00:02:55.520 They're going to give you a little bit back, but know that they are literally still taking more.
00:03:00.240 They are still pocketing more tax revenue than they were at the same time last year, despite getting rid of the excise tax.
00:03:08.980 It's so lame. And now I want to jump over to a segment on the CBC where they have different people reacting to the job numbers that came out in August.
00:03:21.280 This is the bad economic news that is causing the liberals to jump on board 33% of a conservative policy and continue the pause on the excise tax on gas.
00:03:32.140 We lost 42,000 jobs in August, mostly permanent full-time positions.
00:03:40.540 And by the way, August is usually the month when you should be adding jobs.
00:03:45.360 It is peak employment month for the entire year, and we are losing jobs in August,
00:03:52.180 meaning that probably September and October are going to be absolute slaughters.
00:03:57.080 But check out this segment from the CBC where they try and fail to defend the economic record of Mark Carney.
00:04:05.720 Under strain from a drawn-out trade war, Canada's economy takes another hit.
00:04:10.120 No, no, no. Yes, you can say under strain from a drawn-out trade war. Fair enough.
00:04:15.080 But the Canadian economy sucked before this.
00:04:18.700 i always hate the idea that we always seem to now uh like basically there is before trump's
00:04:25.580 trade war and after trump's trade war that is how we are now going to do dates we are in the first
00:04:31.880 year you know we are in the second year of the trump trade war based on the calendar it's like
00:04:37.300 bc and ad the canadian economy was weak before that i hate the framing that we always imply
00:04:43.880 there is something to do with Trump whenever the economy is bad. Trade war definitely hurts us.
00:04:49.540 Know what hurts us even more? Extremely high taxes compared to any United U.S. state.
00:04:56.700 The country lost 42,000 jobs last month. This comes as trade tensions between Canada and the
00:05:02.340 United States continue to escalate and higher tariffs threaten a wide range of industries.
00:05:07.900 Speaking of the U.S., hiring was unexpectedly strong in August with 162,000 jobs added.
00:05:15.100 Yes, even though I do not like tariffs and I don't think the U.S. should be pursuing a tariff-based economic approach,
00:05:21.660 at the same time, because they actually can weather the damage that tariffs do and keep growing because regulations, because taxes, those things are low.
00:05:33.440 So the American economy can pay for the consequences of tariffs, which are negative.
00:05:38.500 But the Canadian economy can't because it wasn't a functional, healthy economy in the first place.
00:05:44.720 This Rosie Jobs report has the U.S. president once again calling for the U.S. Federal Reserve to lower interest rates,
00:05:51.860 going so far as to issue this threat.
00:05:55.120 Lower the rate or I'll stop trading with countries with which we have a deficit.
00:06:00.260 That, of course, would include Canada.
00:06:02.160 The power panel is here to talk about this.
00:06:04.240 Cameron Ahmed was head of communications to former Prime Minister Justin Trudeau.
00:06:08.100 Laura Stone is a reporter in the Globe and Mail's Queen's Park Bureau.
00:06:11.440 And Rachel Siegel is a former director of policy in the Harper government.
00:06:15.180 Nice to see you all on this Friday. Thanks for being here.
00:06:17.920 So, Cameron, 42,000 jobs lost in August, a lot worse than what economists were expecting.
00:06:23.140 Actually, they were predicting a gain of 15,000 jobs, although the unemployment rate stayed the same.
00:06:28.940 So that's perhaps a bit of good news.
00:06:31.100 that's not good news if you're losing 42 000 jobs but your unemployment rate isn't going down
00:06:37.760 it's because people aren't even looking for jobs anymore they no longer even consider themselves
00:06:42.340 unemployed they just don't work they are basically having to live with parents they are living on
00:06:48.780 social programs that's what's happening there so that's not a ray of sunshine here if this is
00:06:54.600 supposed to be a defense of the economy like this is truly pathetic even if we gain 15 000 jobs
00:06:59.440 tiny for august that is absolutely tiny in a month where you should be gaining quite a few jobs
00:07:06.760 what's your read on these numbers from statistics canada well there's also there was also a strong
00:07:14.260 report in july so i think it sort of offsets the bad news from today but no government
00:07:19.260 no it doesn't it doesn't offset the bad news today that we had a good jobs report back in july
00:07:27.500 Yeah, I used to have really good grades when I was in middle school.
00:07:33.400 Yeah, nobody cares when you're applying to colleges if your grades sucked in high school.
00:07:38.100 The jobs report was good in July because guess what?
00:07:41.580 We had the World Cup.
00:07:43.420 We had the census.
00:07:45.380 We had summer jobs related to the hospitality industry, food services, road construction, all that sort of thing.
00:07:54.260 You hire massive amounts of people in the summer.
00:07:58.020 And by the way, those August job drops, those are not summer jobs leaving.
00:08:02.260 Some of them will be.
00:08:03.500 Many of them aren't because road construction season, just construction season in general, that will go until there's frost on the ground.
00:08:10.840 There's a few more months.
00:08:12.260 Usually summer jobs start bleeding off in the September report.
00:08:15.700 The fact that we are losing jobs mostly in construction and some other areas around like services and whatnot is because the economy is weak.
00:08:27.980 Like, I don't know why I have to explain this, but like, oh, no, we had a good summer jobs report in July.
00:08:32.620 Yes, and that's supposed to extend into August.
00:08:35.200 So why is it not?
00:08:36.300 Why are we falling off very sharply?
00:08:38.280 ...ever wants to have to face news like this, especially when there are lots of other challenges
00:08:43.900 that the country is facing, and you talked about some of them just before we came on.
00:08:48.740 I think what this reflects is a broader trend where, you know, the government is facing
00:08:54.360 headwinds, and we have an ongoing trade war with the United States where there are entire
00:08:59.400 industries and parts of the country that are struggling, and Canadians are struggling with
00:09:03.400 affordability uh problems that have been going on for months and in fact for years but the question
00:09:10.500 is whether these you know difficult jobs numbers get worse or if they can stabilize them
00:09:16.760 they will get worse you think we're going to gain jobs in september and october yes we'll
00:09:23.420 eventually hit a november and december jobs report that will like boost the numbers a bit but it's
00:09:28.220 retail jobs. It's seasonal work, and no, seasonal adjustment doesn't actually make up for it.
00:09:34.300 Seasonal adjustments are basically a scam. I think we should just say, how many jobs did we create?
00:09:39.580 Do not seasonally adjust it, because then we can actually judge it. But by having a seasonal
00:09:44.100 adjustment that adjusts out an extremely small amount of the actual seasonal jobs created,
00:09:49.680 everyone gets to pretend in the short run, oh, wow, we created 88,000 jobs in July.
00:09:54.240 yeah did we though are they really permanent jobs or is it because seasonal job uh the seasonal job
00:10:01.120 definition is so narrow all of those could be seasonal jobs and like and seasonal adjustments
00:10:07.220 will not make up for it at all because unless it's the same workplace with the same employee being
00:10:13.060 uh being employed every single year in the same role it's not considered a seasonal job
00:10:18.760 and i think one thing that the prime minister is going to keep trying to demonstrate
00:10:22.500 is that he can bring investment into the country,
00:10:24.700 that he can move the focus away from the obsession
00:10:27.440 with the trade war with the United States
00:10:30.220 since there doesn't seem to be a solution around the corner.
00:10:33.020 And he keeps bringing in investment.
00:10:35.200 Like what investment?
00:10:36.740 The investment coming into Canada is buying up undervalued assets
00:10:41.200 because Canadian companies are not doing very well.
00:10:44.840 So foreign investors with a lot more money can easily scoop them up.
00:10:48.540 this is not new money coming in on top of an already healthy economy. This is money basically
00:10:54.460 buying up very damaged assets, hoping that they can flip them some, you know, in the future for
00:11:00.780 more money, whether selling them or trying to work them into something more functional.
00:11:05.140 I hate this whole idea of like, oh, Carney's brought in $50 billion in new investments.
00:11:11.240 No, he has it. They're announcements. Or it's people just buying up already existing assets,
00:11:16.280 That's not creating new assets.
00:11:19.140 Keep growing foreign direct investment from other countries,
00:11:22.900 you know, bring in opportunities with businesses from around the world
00:11:26.620 and try and translate that into something positive,
00:11:29.500 hopefully for the next few months.
00:11:31.080 Yeah, Laura, as Cameron just said, I mean,
00:11:32.760 this speaks to just how volatile the trade war is
00:11:35.160 because we actually had, you know, a hot streak as of late.
00:11:38.320 The economy had 181,000 jobs from April through July,
00:11:42.000 and then you get these numbers in August that are...
00:11:44.200 Whoa, hot streak? You mean the summer? You mean the summer? Unless he means hot streak,
00:11:49.840 as in the weather's hot. He's just describing summer jobs. Wow, I can't believe we were
00:11:55.100 employing so many people in the summer. You know, when all the kids are out of school,
00:12:00.360 they take summer jobs, and road construction season starts up, and there's, you know,
00:12:04.960 the fishermen are operating and all that. I can't believe we're creating all these jobs
00:12:09.300 during the summer. It was a hot streak. Why is the hot streak ending? Because the economy sucks.
00:12:13.560 because even a bad economy can employ a bunch of people during the summer especially when world cup
00:12:18.260 stampede and the census is going on by the way of the actual long-term permanent jobs most of them
00:12:25.940 are being created in alberta like half of them are in alberta we have only with all with the loss
00:12:32.300 that we just suffered in august do you know the net gain of jobs you've had so far in 2026 and
00:12:38.080 this is before we're going to get to the big drop-off in the fall. We have only gained net
00:12:43.940 27,000 jobs. That's nothing. That's horrible. That's what, like, Ontario should be pronouncing
00:12:53.080 that it's created in a good month. And that's all Canada has done in an entire year, and it's about
00:12:59.760 to be wiped out in September and October. But let's get back to Laura Stone here.
00:13:04.900 not great at all. Businesses just don't know which way to turn right now, given the uncertainty with
00:13:10.900 the U.S., right? Yeah, I mean, I think these job numbers are more concerning in the context of what
00:13:18.160 Canada is about to face. I mean, we're going into next week with with the counter tariffs,
00:13:23.820 Canada's counter tariffs being put in place. We expect the U.S. to retaliate in in some way and
00:13:30.340 things could get very, very ugly.
00:13:32.140 And so I think where you're seeing Canadian public opinion
00:13:36.340 generally side with the Prime Minister
00:13:38.740 and the Liberal government on the approach
00:13:41.180 that he's taken with the US administration,
00:13:43.700 there seems to be a wide support and backing
00:13:48.220 for Canada pulling out of the talks.
00:13:50.700 I don't think we've seen yet the consequences of that,
00:13:53.220 the full consequences of that.
00:13:54.500 And so I think what we saw today with the job numbers
00:13:57.660 is just sort of a taste of what we may see in the in the coming months and i think that's where it
00:14:03.420 gets uh a little more frightening for some of those key industries it's particularly in ontario
00:14:10.940 and quebec and so we'll see what the the u.s decides to do next week or in the in the coming
00:14:15.900 weeks but i think you know i think the government could argue this this is a one-off in terms of the
00:14:21.580 trend that we've seen with job numbers jen no like can we bring on someone who understands
00:14:26.700 the economy to talk about these issues Laura Stone is just a reporter at Queens Park why is
00:14:33.760 she qualified to come on CBC power and politics although I although when I think about the typical
00:14:40.160 person on power and politics she probably is overqualified compared to some of those people
00:14:44.660 but in terms of like a political show where you're supposed to bring on people who have
00:14:50.580 unique voices who also know something about the subject matter not that they had to be like
00:14:55.120 full-on experts with a thesis under their belt on the subject why is she on she just said oh this
00:15:01.200 they're gonna be able to frame this as a one-off a one-off the peak employment month in a given year
00:15:07.700 for pretty much every country on the planet august we have lost jobs and not a few jobs 42,000 jobs
00:15:14.820 were lost in the peak employment month and we think this is going to be a one-off we're gonna
00:15:20.920 gain jobs in september when everyone's going back to school when seasonal jobs are around are
00:15:27.000 winding down this is where part of the point the problem the part of the propaganda value of the
00:15:32.740 cbc is just having morons on who don't know what they're talking about that can reassure people
00:15:39.180 that the liberals are doing fine and by the way even if it's not fine it's because of what's going
00:15:44.120 on down south despite the fact that we still have internal trade barrier issues our regulations are
00:15:50.040 still too high. Our taxes are still too high. But no, no, no. Blame Trump. And again, it's not that
00:15:56.580 you shouldn't blame Trump for anything. It's that the tariff issue is a problem amongst many other
00:16:02.660 problems that Canada is facing. But this is like the one problem you're allowed to talk about
00:16:07.600 in established liberal circles. Really across the country, I think it's more concerning and there
00:16:14.240 has to be more strategy thought towards the long term plan when you're looking at the current
00:16:19.800 trade war with the united states yeah rachel i mean the trade war is what the government is
00:16:23.880 blaming this on a spokesperson for the finance minister texted me this morning saying the looming
00:16:28.680 tariff deadline drove this decline so they are trying to get out in front of this and say don't
00:16:34.440 blame us don't blame us here in the prime minister's office the finance minister's office in
00:16:38.520 ottawa this is donald trump that's why we're seeing a 41 42 000 42 000 jobs lost last month they're
00:16:46.360 trying we are hoping hoping beyond hope that rachel siegel is going to be the rational person
00:16:52.120 on this panel the fact that she used to advise harper is at least a good sign hopefully she can
00:16:58.040 exact she can inject some sensibility into this panel to blame mr trump and not any of their own
00:17:04.840 policies to this point yeah and jp i mean we have to think about it uh as not just those 42 000
00:17:11.320 jobs. But those 42,000 Canadians that are now unemployed in this country add to a total of
00:17:17.800 1.45 million Canadians that have lost jobs in this country. So it's not just the 42,000. And I think
00:17:25.880 that one of the major points that a lot of Canadians are thinking about today, and even
00:17:30.420 talking about this with some of my friends, is that juxtaposition between the narrative in the
00:17:35.860 United States and the fact that they were able to grow 162,000 jobs while we're losing them.
00:17:41.800 But newspapers using headlines like fresh momentum around hiring in the U.S. market,
00:17:48.360 whereas we are seeing the decline. I think that there is a lot of pressure on Mark Carney to
00:17:54.080 come out of his summit in a couple of weeks with a lot of tangibles, a lot of wins. And of course,
00:18:00.700 you know, the economist you just had on was talking about competitiveness, bold strategy.
00:18:04.920 I think that that is what Canadians will be looking for coming out of that summit.
00:18:10.160 And the fact that those retaliatory tariffs most likely will be in place from Canada to the U.S., signaling for businesses more uncertainty and signaling for workers that jobs are not stable anymore in this country.
00:18:25.060 So I think there is a lot of pressure on the prime minister's office.
00:18:29.300 I'll let her go on for a long there.
00:18:32.040 And Rachel Siegel, probably a nice person.
00:18:35.560 She failed there.
00:18:36.760 Like, what are we talking about?
00:18:38.040 Like, oh, there's going to be a lot of uncertainty.
00:18:39.960 Counter tariffs are going to be coming in.
00:18:42.200 Mark Carney has a big issue to deal with here.
00:18:45.680 I always hate when we just talk about everything in, like, we don't actually blame Carney or the liberals for anything.
00:18:52.620 Everything's a challenge being put to them.
00:18:55.040 Everything's a big issue they're going to have to deal with.
00:18:57.320 There are a lot of uncertainty.
00:18:59.100 Maybe it's the fact that he's had, like, what is it, more than a dozen meetings with the premiers about internal trade barriers and basically nothing has changed?
00:19:07.660 That we have all of these major projects we're using to try and pump up our economy that are not going to be done for, like, a decade?
00:19:15.160 Like, the Alto train apparently isn't even going to be done until, like, the mid-2030s, and it's minimum going to cost $90 billion.
00:19:24.260 Huh, I wonder how we could cut Canadians' taxes.
00:19:27.180 Could we maybe get rid of that $90 billion high-speed rail project that nobody wants, who Francois-Philippe Champagne's life partner just happened to have been made the vice president of environment for literally two months before he was hammering the funding for the train through parliament?
00:19:47.400 Maybe that's something we could cut funding to?
00:19:49.600 There are many other things we could cut spending to, but I find whenever it gets to the media, it's always soft-shoeing around the fact that things aren't very good.
00:19:59.280 Oh, they're going to frame this as a one-off.
00:20:01.800 Stop saying what you think they're going to do.
00:20:04.340 What is it, though?
00:20:05.600 Because when you say that as the host or one of these people like Laura Stone on the panel, you're really trying to throw out an excuse for them.
00:20:14.700 Oh, they're going to say this is a one-off.
00:20:16.280 just put your money where your mouth is and say that you think it's a one-off but you don't really
00:20:20.820 think that because it's obviously not a one-off because it's august and we lost jobs it would be
00:20:26.120 like imagine if we lost jobs in june that would be like apocalyptic to net lose jobs in june
00:20:33.920 august isn't quite as bad it is peak uh employment month so like yeah maybe it's you still have peak
00:20:41.560 employment but you just lost a few jobs the problem though is that we lost so many jobs
00:20:45.960 no longer the peak month this year but like my goodness you should be gaining jobs in august or
00:20:52.600 like barely losing any from people going back to school and no it didn't happen but we're sitting
00:20:58.920 around acting as if some tragedy has befallen the prime minister rather than he is part of the
00:21:05.080 tragedy for i'm being incompetent when it comes to the economy and being unwilling to try and
00:21:10.760 actually play hardball to negotiate a good trade deal we see next month another decline i'm not
00:21:17.560 sure their their line today will will stand long term yeah in fact i can at least agree with that
00:21:22.600 so rachel siegel slight recovery at the end yes if september job numbers are also bad they should
00:21:29.240 get it be getting punted in the face by the conservatives every single day because it doesn't
00:21:34.600 matter the tariff war is going on you can do things to make your economy more self-sufficient
00:21:41.080 cutting taxes cutting regulations but that's just not a liberal policy liberals like to subsidize
00:21:46.120 things they like to give specific targeted tax breaks they like to pump money into the economy
00:21:52.920 to try and stimulate it because liberals love a ribbon cutting and you can't have a ribbon cutting
00:21:57.560 for a tax break or for just a general tax cut that applies to everybody and it's over the last year
00:22:03.560 job growth has been quite tepid in the united states and then this month was really a shocker
00:22:08.360 and that's why the stock market was down today because all good news is bad news right now
00:22:12.680 because interest rates could be going up as a result given the hot economy in the u.s
00:22:17.240 speaking of interest rates cameron we saw from the president today that he is threatening to cut off
00:22:22.120 all trade with the whole world if the u.s federal reserve does not okay well isn't it funny that in
00:22:30.680 this segment about the Canadian economy, we're now going to go and overanalyze a truth social post
00:22:37.000 from Trump wanting the interest rates lowered from the central bank in America. He's always
00:22:43.240 talking about that. But immediately in that entire segment where we are actually talking
00:22:47.780 about the Canadian economy, they couldn't land a glove on the actual liberal performance on the
00:22:54.260 economy. It always had to do with Trump or it's just a nebulous challenger problem that Carney
00:22:59.700 is going to be grabbing by the horns it's so lame who's going to come out and complain that
00:23:06.000 Francois Philippe Champagne and the liberals are like barely trying to help people out by saying
00:23:11.020 okay we'll continue the pause and the excise tax for another few months who cares like again it's
00:23:18.340 better than nothing but I think better than nothing is not exactly a great slogan for the
00:23:24.180 Liberal Party to be running on. I think the Conservatives, if they want to seize the moment,
00:23:30.500 it can't just be that they are proposing a bigger tax cut on gas for longer. They just need to run
00:23:36.700 on a massive across-the-board income tax cut. That is what they need to do. 20% on all income
00:23:44.240 brackets, 20% on corporate brackets, as well as taking one point off the GST. Because in the next
00:23:51.600 election just as we see in other parts of the world the parties that are doing well are running
00:23:56.900 on extremely bold policies that are a little bit audacious and they get people talking the afd the
00:24:03.780 alternative for deutschland which is a very anti-immigration party in germany just ended up
00:24:09.440 winning the state election for saxony and heim or and halt they are considered they in the last
00:24:17.040 election got 20 of the vote now they got 45 now i'm not saying the conservative party needs
00:24:21.180 the exact policies they have different parts of the world are different but in this moment with
00:24:26.720 very liberal left-wing stagnation of many countries people are waiting for a right party to come in
00:24:34.400 and run on bold reform across all issues taxes immigration social issues all of them anyways
00:24:44.300 with all that being said thank you guys for watching this video make sure to like share
00:24:49.440 uh you know subscribe hit you know of course if you hit the join button if you want to become
00:24:54.160 a member of the channel do all that fantastic stuff i appreciate it and i'll see you guys all
00:25:00.240 next time