The National Telegraph - Wyatt Claypool - October 07, 2023


Jagmeet Singh Is Economically Illiterate

Topics
bread price fixing scandal Jagmeet Singh economics
Hosted by
Wyatt Claypool
Mentioned
Jagmeet Singh Galen Weston Justin Trudeau Sobeys Pierre Poilievre Daniel Boardman Elizabeth May Salman Sima Polyev Gail
Jagmeet Singh Could Lose His Seat! Canada's Anti-Semitic Political Left

Episode Stats


Length

11 minutes

Words per minute

197.19

Word count

2,284

Sentence count

129

Harmful content

Toxicity

13

sentences flagged

Hate speech

2

sentences flagged


Summary

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

Jagmeet Singh is a moron who doesn't even understand economics. He thinks that grocery prices are too high because the Liberals aren't doing enough to lower the prices of food. He also thinks that CEOs are rich because they generate a lot of revenue, but they don't make any money on them.

Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 I hope you people appreciate what I do for you, because I have to read Jagmeet Singh tweets at times, and it's been taking years off my life having to watch someone who is this economically illiterate try and make a point on a social media platform.
00:00:14.460 Man, it's insane just seeing how bad Jagmeet Singh is on economics.
00:00:19.720 You'd think he'd know something about it, because I assume he's gone to university and had to take an economics course at some point. 0.86
00:00:26.380 A lot of degrees, especially if you go into law like he did, usually eventually have a little bit of economics you have to take so you don't go into the world looking like Jagmeet Singh making a fool of himself.
00:00:37.260 But I guess it just didn't work for him.
00:00:39.560 But Jagmeet Singh is pushing this absurd plan that, well, the liberals aren't doing enough to lower the prices of food.
00:00:47.680 And like, what's his plan?
00:00:48.960 I do the liberals plan, but I do the plan more, plus illegal measures. 0.99
00:00:53.580 Jagmeet Singh just thinks if he keeps saying that CEOs are rich, that somehow Canadians will say, well, maybe we should let this moron, Jagmeet Singh, run the country. 0.81
00:01:02.140 And he'll then go and keep blaming everything on Loblaws as prices naturally go up. 0.92
00:01:06.920 But don't worry, he can fix those rising prices, because Jagmeet Singh is deeply against price fixing, until he is actually in favor of price fixing from the government side.
00:01:16.200 Anyways, I want to get into a few of these tweets that he put out today, because it's just absurd.
00:01:21.020 Or yesterday, sometimes I have to compile some tweets from other days.
00:01:24.840 He said, food prices are up 30%.
00:01:26.900 Meanwhile, Loblaws, Sobeys, and Metro collectively earned $3.6 billion in profits in 2022.
00:01:32.400 If the prime minister is serious about helping, he'll tell Canadians where he stands, with you or your grocery CEOs.
00:01:37.740 Okay, one, Jagmeet Singh is a notorious liar when it comes to grocery store profitability.
00:01:43.500 Remember a few weeks ago when he claimed that Sobeys had made 52% more profits in a quarter than they did last year?
00:01:51.000 That was a complete lie.
00:01:52.260 It was just their parent organization, Enterprise Incorporated, who sold off a bunch of gas stations.
00:01:57.400 So it made artificially look like they were super profitable that quarter, when they just sold a bunch of capital off.
00:02:03.500 So those gas stations no longer generate them any money.
00:02:06.440 So obviously, that is a one-time little bit of income.
00:02:10.200 Also, Jagmeet Singh, when he's mentioning all this stuff about grocery CEOs, like $3.6 billion among three massive grocery store conglomerates is not that much for a year like 2022.
00:02:22.480 Also, Jagmeet Singh is an incredibly dishonest person when it comes to what he considers profit and revenue.
00:02:28.500 He constantly mixes the terms together, and he'll say how much they earned, but he'll never actually say how much they paid out in employee salaries, how much did they pay in taxes, how much did they do, and all this other stuff.
00:02:39.020 Loblaws and all these other places didn't just make $3.6 billion and give it to Galen Weston, who runs Loblaws.
00:02:44.880 That's not what happened, but Jagmeet Singh would like to pretend that that's what happens, because he's a very dishonest person trying to win votes in the typical socialist manner of saying, rich people are screwing you over because you're buying groceries, and that's somehow hurting you.
00:03:00.460 Getting the products you need at the lowest possible price is hurting you.
00:03:04.740 Again, the prices that Loblaws and other grocery stores are offering their food at is indeed pretty much as low as you could possibly get.
00:03:13.580 Go to a convenience store and tell me that Loblaws is ripping you off.
00:03:17.160 The smaller the vendor usually dictates the higher the margin they charge on items is going to be.
00:03:26.100 Costco and Loblaws and Co-op, they make anywhere from one, sometimes it's even negative because they have items on sale for an incentive to buy, even though they don't make any money on them, but they usually have anywhere from one to at most, at highest, 5% profit margins on their products.
00:03:44.720 When I say profit margins, I just mean on the amount of money that they make over what it costs for them to bring in the product.
00:03:53.480 That still doesn't account for paying employees, paying for the infrastructure and all that.
00:03:58.260 That is not baked in there.
00:03:59.760 But Jagmeet Singh again wants to ignore all that because he wants you to be angry at grocery CEOs.
00:04:04.420 I'm not sitting here standing up for CEOs.
00:04:06.700 I don't really care.
00:04:07.760 The whole point is that it's just that the CEOs aren't doing anything wrong.
00:04:11.060 And people are like, the CEOs are paid $10 million a year or whatever.
00:04:15.660 Who cares?
00:04:16.200 The reason why CEOs are paid so much is because they work like 70 hours a week and the company is only paying them as much as they do because they are going to generate even more revenue and profit for the company, which means that employees can get paid more, which means that the company is healthier, the jobs are more stable, they can open up more locations and hire more people.
00:04:38.220 There's nothing wrong with someone being paid what they were offered.
00:04:41.720 This is why I don't exactly support minimum wages, because at the end of the day, by supporting a higher minimum wage, you are basically saying, yeah, that thousand people in the city shouldn't be allowed to have a job because we've artificially raised the wage, meaning that those thousand people are going to be fired to offset the raises everyone else is going to get.
00:05:01.400 It's an incredibly selfish way of viewing economics.
00:05:04.720 Anyways, I just want to move on to the next tweet by him that he directed at Mr.
00:05:08.520 Polyev from the Conservative Party said, here, I know you'll do anything for CEOs.
00:05:12.460 Lying included. 0.92
00:05:13.460 When you were in government, they were fixing the prices of bread criminally.
00:05:16.740 What do you do?
00:05:17.440 Bored them with billions in tax giveaways.
00:05:19.360 You're a pretender.
00:05:20.100 I see through you and so do Canadians. 1.00
00:05:22.460 Okay, like the bread price fixing thing. 1.00
00:05:24.780 Okay, that was an extremely stupid scandal. 0.97
00:05:27.480 I believe that the grocery store chains actually were found to be fixing the price of bread. 0.99
00:05:31.900 Also, what were they fixing the price of bread at?
00:05:34.040 Like maybe a few cents extra.
00:05:37.940 You can't really fix the price of bread very high because everyone would complain.
00:05:41.460 You can't sell a loaf of bread at a Safeway for $5.
00:05:44.620 People would riot.
00:05:45.860 Like they were saying that they were price fixing bread at like $2.25.
00:05:50.400 It was very low.
00:05:52.160 Still unethical.
00:05:53.260 Still should be, you got to get a slap on the wrist or something worse for that. 0.88
00:05:57.720 But that was, if that's the worst thing he can point at Pierre Baliev for, the fact that Pierre Baliev was a backbencher when this stuff happened, that's a pretty pathetic point for Jagmeet Singh to be making.
00:06:07.320 And Pierre Baliev's entirely correct in his tweet where he says that Jagmeet Singh is literally part of Trudeau's government.
00:06:13.040 So as Jagmeet Singh sits around whining that the prices of food are going up because of inflation concept, Jagmeet Singh denies the existence of.
00:06:22.200 He just thinks inflation is something that Gail and Weston and the grocery store CEOs invented to artificially price gouge Canadians. 0.77
00:06:30.260 Ridiculous.
00:06:31.120 But yeah, I think that Jagmeet Singh is probably on his way out. 0.89
00:06:33.700 It's like what I talked about yesterday.
00:06:35.500 Jagmeet Singh only has a 78% chance of winning his seat again in Burnaby South.
00:06:39.100 I don't think he'll lose his seat because he'll just dump more money in his seat to make sure he doesn't lose.
00:06:44.880 But that shows how unpopular someone like Jagmeet Singh is.
00:06:47.760 Every other federal leader, Elizabeth May included, has a 99.9% chance by 338's projections to win their seats.
00:06:55.800 Their seats are not in question.
00:06:57.360 Jagmeet Singh is still a little bit in question because people see him as useless.
00:07:01.060 He's just as bad as Justin Trudeau on policy, if not worse, but he's in a position where, in theory, he should be holding Justin Trudeau accountable.
00:07:08.340 And all he does is whine and then rubber stamps everything Justin Trudeau does.
00:07:11.880 So anyways, I just now want to skip ahead to the tweet that's actually from today.
00:07:16.360 Or no, it is from yesterday.
00:07:17.360 Ah, I'm a liar.
00:07:18.220 I'm sorry.
00:07:19.200 Anyway, so but Jagmeet Singh says, so the liberals are going to trust the same people who conspired to fix the price of bread.
00:07:24.280 Also, he has to really get off the bread price fixing thing.
00:07:26.480 It's not as good of a talking point as he thinks he's going to trust the same people who conspired to fix the price of bread to make food affordable.
00:07:34.100 That's what today's big announcement is.
00:07:36.220 A lot of tough talk.
00:07:37.260 But at the end of the day, their strategy is to trust Galen Weston and ignore you.
00:07:40.680 And I'm not even kidding.
00:07:41.420 He invokes the name of Galen Weston all the time.
00:07:45.360 He is Jagmeet Singh's Lord Voldemort.
00:07:47.360 And I do not doubt that Jagmeet Singh will one day try and break into Galen Weston's house to try and find all of the hidden profits Galen Weston's holding back from the Canadian people.
00:07:58.560 And whenever people call out the NDP as basically being a proto-socialist party, that's not a lie.
00:08:05.440 Yes, the NDP more acts like a trade unionist party these days, the economic system behind fascism.
00:08:11.000 But they're always moving more towards a socialistic economy where they want to nationalize more or at least they want to have such high regulations that effectively the government controls entire industries because everything in that industry depends on the regulation, not the hard work and efforts of the people who work in that industry.
00:08:30.200 But again, Jagmeet Singh is whining about bread price fixing and all this other stuff that happened like a decade ago, more than a decade ago, I believe.
00:08:38.820 Yet he's literally in favor of price fixing.
00:08:41.340 He just thinks that he should be able to fix prices lower and that that's a good form of price fixing.
00:08:46.860 It's not.
00:08:47.500 You are taking money away from businesses that hire people.
00:08:53.280 I would not be surprised if they start fixing prices and inflation keeps going up.
00:08:57.980 But grocery stores will start having to lay off workers to make up for lost revenue or raise the prices on other items that are not being fixed in order to make up for the prices or they'll just close entirely. 0.68
00:09:10.300 Because Jagmeet Singh sucks at economics.
00:09:12.460 And if he was prime minister, I could see him fixing prices at a level where grocery stores are literally at a net loss for every unit of a product they sell. 0.82
00:09:20.540 Jagmeet Singh doesn't understand that every grocery store is incentivized to sell at a lower price of all the other stores.
00:09:27.640 In order to get more customers.
00:09:29.020 Yes, there is these tiny moments in Canadian history where grocery stores get caught kind of fixing the price of a singular item.
00:09:38.140 But for the most part, grocery stores compete on price.
00:09:41.740 It would be foolish to get into a compact with other grocery stores and try and raise all prices on Canadians and price gouge them secretly behind the scenes.
00:09:49.800 When, if you're Sobeys, you could just keep your prices low, everyone else raises theirs, and then you immediately make a bunch of money.
00:09:55.500 There is a lot of incentives not to go along with the crowd in a properly capitalistic economy.
00:10:02.320 But don't tell Jagmeet Singh that because he'll probably call you racist or something.
00:10:06.140 Anyways, that's it for me today.
00:10:07.960 I hope that you feel bad for me having to read Jagmeet Singh tweets and talk about them.
00:10:12.340 And if you are, please consider donating to my Give, Send, Go for my legal fund as well as my travel fund.
00:10:18.360 I'm heading out to Toronto on October 12th, and I'll be there for the protest on October 14th at Christia Freeland's office, 0.67
00:10:24.880 where I will be protesting alongside Daniel Boardman and Salman Seema against the stupid regulations on podcasts.
00:10:32.800 The Liberal government are trying to put forward to basically end independent media.
00:10:36.640 I'll be there on the 14th at 4 p.m., so consider donating to my legal-slash-travel fund.
00:10:42.740 It really helps me offset all the costs because, again, TNG is not making money.
00:10:47.220 Almost no independent media, I can tell you, makes any money.
00:10:49.960 Even if they have big subscription bases, they tend to need big donors in the background to keep them functioning
00:10:54.760 because the regulations Justin Trudeau and the CRTC have put in place on media
00:10:59.580 and the pressure they put on big tech platforms over time have effectively gutted the ability for anyone new to break into the market.
00:11:06.640 Without heavily government subsidization and actually be able to keep themselves afloat
00:11:10.640 without basically being in media out of a sense of charity.
00:11:15.380 I'm almost doing this out of a sense of charity because this has only been a big net loss for me.
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00:11:32.200 Other than that, I hope everyone has a great day, and I'll see you next time.