Jagmeet Singh Whines At Profitable Businesses
Episode Stats
Words per Minute
193.4837
Summary
Jagmeet Singh is trying to paint a picture of the NDP as a party that only cares about blue-collar, working class people, seniors, people living on lower incomes, new immigrants. In reality, the real problem is that they only care about people who are making a lot of money from big box grocery stores, like Loblaws, Sobeys, and Loblaws.
Transcript
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The big lie of Jagmeet Singh and the NDP is that it's a party that really cares about blue-collar
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working-class people, you know, seniors, people living on lower incomes, new immigrants, when if
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you observe any of the NDP's politicians, nothing could be further from the truth. These people at
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the end of the day are just social progressives who are resentful against people who run businesses
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and are actually profitable. It's not that the NDP hates excessive profits, but they hate profits in
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any way because they define all profits as excessive, which is sort of what I'm going
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to be touching on in the videos that Jagmeet Singh has recently put out. This video was actually
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inspired by a comment from yesterday's video from George Davison, who said, shareholders need a
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return. Most of their profits come from drug pharmaceuticals and cosmetics, referring to
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Jagmeet Singh going after big box grocery chains and pretending that they're somehow price gouging
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Canadians because cereal has gone up by like 5% over the past few years, even though, you know,
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inflation has been going up by like 8% or 9%. Grocery stores are, in fact, actually losing
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money year over year because of this, the incredibly high increase of inflation. And, you know, just
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like to debunk what Jagmeet Singh thinks, businesses would not be in business as they kept increasing
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prices way outside of the price range of most Canadians. Canadians can only pay for what they
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can afford. And if grocery stores were increasing the prices more than they had to, they would
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probably actually get undercut by a different grocery chain in Canada. But he wants to be able
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to spread hatred toward people who run businesses. So he's just going to ignore all those facts and
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just focus in on lying about company revenues, pretending their profits, or relying about some
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profits and pretending that it was because of price gouging and not some other sort of, you know,
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financial transaction the business was involved with. But this was the tweet that really set a lot
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of people off, including myself from Jagmeet Singh. I'll play the video in just a second here. But
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effectively, he's going after Sobeys for supposedly making record profits. He's a Sobeys just posted a
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52% increase in profits. When you pay more greedy CEOs, make more. And I want to go into this video
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here because it's so hypocritical and so ironic when you actually hear his words. And then I'll come back
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and talk about how that post he put out actually got community noted. But here's Jagmeet Singh talking right
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here. You won't believe the news that I read today. Sobeys, one of the large corporate grocery
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stores in Canada, just posted a 52% increase in profits in the first quarter on food alone. Now
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this comes as no surprise, as Canadians have felt the impact of high grocery prices. While people are
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experiencing this real struggle, Justin Trudeau says the Canadians are grumbling. Well, they got a lot
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to grumble about. These greedy CEOs are posting record profits while Canadians are having the
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hardest time ever to buy their groceries. But what we have to do is take on the corporate greed that
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is driving up the cost of food that is a major driver. But here's the problem. We know that Justin
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Trudeau and Pierre Polyev are going to back up their big money donors, they're not going to want to take
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them. I'm just cutting off there. It's so absurd that he pretends like the government is currently
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right now made up of Justin Trudeau and Pierre Polyev, even though that him and Justin Trudeau
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agree on all the policies. And if Jagmeet Singh really wanted to push for something that was,
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you know, going to hold all the greedy CEOs accountable, he could do it. He's literally
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holding up Justin Trudeau's government right now, but he doesn't really want to talk about that.
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And again, what are you talking about? Like the greedy CEOs are driving up prices. Show me a product
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that has been increased in price more than inflation would dictate it should be. He'll never actually show
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you it because that would be a fantastic press conference by Jagmeet Singh if he was right
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saying, hey, look, this pack of spaghetti used to be $3.50. Now it's $7.40. Inflation on this product
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would have only gone would have only put it up to this price. CEOs are taking advantage of inflation
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to price gouge people. That's obviously not what's going on. So Jagmeet Singh has no examples. So he
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basically is just trying to project this vague hatred towards CEOs. And you don't have to like the CEO
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of Loblaws, Galen Weston, to understand that Galen Weston and Loblaws are running themselves so that
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they can make the most profits on the on the lowest possible margins, because that's how big box stores
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actually work. They work off of two, three, 4% margins on most of their products, because their
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goal is to sell Canadians products in bulk. If they were selling products with convenience store type
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margins, Canadians probably wouldn't buy from them. And they'd go to Costco, or they'd go to Safeway,
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or they'd go to Sobeys, or they'd go to another smaller grocery store, they'd go to the farmer's
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market. It doesn't make any economic sense why people would be price gouging. But he's basically
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involved in this giant conspiracy theory, Jagmeet Singh is that somehow all of the grocery CEOs are
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getting together to like to work with each other on how to price gouge and price fix Canadians. And he's
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only accusing them of price fixing, because most grocery stores tend to have very similar prices.
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And it's not because they're greedy, and they're colluding. It's because a three or 4%
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standard margin of profit is, you know, standard across most grocery stores. So it looks like
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they are price fixing when most of them are barely above the line that makes it worth selling the
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product. But whatever. But my point here is that Jagmeet Singh doesn't actually care about working
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class people, you'll find that he's not really talking about Canadians. And most of the videos and
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posts he makes, he's mostly just projecting hatred towards CEOs and businesses. And his definition
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of what excessive profits is, is completely nonsense. I'll bring up the post again on from
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Twitter. If you read the the community notes, which is extremely funny, considering that Jagmeet
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Singh hasn't taken this post down and still thinks it's great. He said that it reads that Sobeys net
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earnings actually dropped last quarter from 173.7 million to 149.4 million. That is absolutely true.
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And then he said this jump in profit, he is quoting is from the parent company Empire Code
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Limited. And this was due to the sale 56 of their gas stations in Western Canada. So it's not really
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more, it's not excessive profit, they sold the value of those gas stations to someone else. And now they
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have that money. And now it makes it look like they were super profitable last quarter, when really all
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that happened was that they just sold off a bunch of capital that no longer generates them any money
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because they don't they don't own those gas stations anymore. And they'll take that money and
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reinvest it somewhere else. Nobody is making excessive profits, they're just making profit.
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And I even don't even like the term excessive profits. There's no such thing as excessive profits.
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If someone is willing to buy a product at a certain price, and that you have a certain profit that you
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take away from that, that is just profit. There's nothing excessive about it. Someone agreed to the price.
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And again, no business worth their salt is going to be trying to charge people up 30 40% on produce,
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it doesn't make any sense, because everyone else in the market is going to underprice you and no one's
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going to purchase anything from you. But the but this is this is the NDP's gambit, they don't have any
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real solutions to anything. So at least hoping that if they're the party that hates Galen Weston more than
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anyone else, the CEO of Loblaws, that maybe working class Canadians will think that they know what
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they're talking about. What, in fact, actually, a lot of the policies that the NDP is proposing
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would make would make CEOs richer, and would make these large companies like Loblaws and all the
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chains that they own, actually much more bloated and more and owning more of the grocery market in
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Canada, because regulations and, you know, minimum wage increases that the NDP is pushing would
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actually make smaller grocery stores more likely to go bankrupt, giving more market share over to Loblaws.
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And this is also I just want to touch on the thing that George Davis said in this comment again,
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because he says that shorter holders need a return. And that is absolutely correct. What
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does Jagmeet Singh think? Because he's so involved in government these days, that he thinks it's just
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like immoral for people to invest in a company and to own shares and stocks in that company,
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expecting that they're going to get some benefit from investing all the money. He takes a very
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nationalized approach to everything. He literally has been calling for a nationalization of several
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industries in Canada. So he believes that will all all excessive profits are evil, because well,
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it should be government run, and it should be like, you know, it should be profit neutral,
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even though government, government programs tend to spend way more than their equivalent private
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programs do, because the government is incentivized to make it cost as much as possible,
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they can so they can hire as many people as possible, so they can pay their executives as much as
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possible. It still goes on in the public sector, just because you want to ignore it,
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doesn't mean it doesn't happen. Dr. Verna Yu, the former AHS CEO here in Alberta, who like TNT,
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a lot of my article series ended up getting her fired. She was making over $750,000 a year when
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you added up her salary and benefits. Completely ridiculous. And she was bad at her job. At the
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very least, the shareholders of Loblaws can say Galen Weston is actually very good at keeping prices
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low and keeping the company very profitable. But the NDP hates profit, they hate successful businesses.
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So they're just going to stamp their feet and whine about it. But this is something else that
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Jagmeet Singh posted on September 16th yesterday. He says, I'm going to get Galen Weston or the
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grocery store cartel monopolize or I'm sorry, it's nine minutes in the video. Let me mess up once
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I'm going to get it. I'm not going to let Galen Weston or the grocery cartel monopolize everything.
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I am introducing a bill on Monday that will crack down on price fixing, investigate and punish CEOs
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if they price gouge and bring prices down. Guess where that investigation is going? Nowhere because
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they're not doing it. And if anything, he's going to be trying to monopolize these businesses even
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harder because again, like I just said, when you pass higher minimum wages, tougher regulations,
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more paperwork and bureaucracy and higher taxes on corporations, the only ones that are going to
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survive are the bigger ones who can handle the costs. Actually, whenever there are minimum wage
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increases proposed in both Canada and the US, the people who come in and speak in favor of the
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policy from the public tend to be representatives of large grocery store chains because they like
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the idea that it might actually get their smaller competition to go under because they can't afford
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$17 an hour, but they can. Anyways, but this is what the NDP's policy website says about this.
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He says, if passed, this bill will lower your grocery prices by increasing fines for price
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fixing, overcharging other abuses of Canadian consumers, closing loopholes that will let
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companies get away with anti-competitive behavior at the expense of Canadians. And let me stop right
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there. So anti-competitive behavior. When has the NDP ever cared about competitive behavior? If they
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cared about competition in the Canadian market, they would lower taxes. They would stop backing the
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subsidization of the solar companies. It's completely ridiculous. But if you're in the NDP,
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you can square this circle peg, I guess. And then the last one says, strengthen merger laws and give
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the competition bureau more power to stop big corporations from abusing their dominant position
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and buying up smaller players in the market. Well, his regulations will just drive small businesses
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into bankruptcy. And then you're basically saying that bigger corporations cannot then fill the gap that
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you're creating and buy up that smaller defunct company. So effectively, grocery prices are going
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to go up because we're going to be left with a smaller supply of grocery stores in general.
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Again, Jamie Singh doesn't actually care about any of this. One of the YouTubers I like to watch,
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Kirk Wilcox, makes the point that the capitalism versus socialism debate has nothing to do with
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economics. It's all about this preening, preachy moralism from the socialist side.
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They're not arguing with capitalists that their economic systems are more efficient and better.
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They just think they're more moral. And so Jamie Singh's fine with Canadians becoming poorer,
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as long as he can go after and yell at rich CEOs and see if he can make them poorer as well. Again,
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it's like the Margaret Thatcher thing, that they'd rather the poor be poor as long as the rich were also
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less well off rather than everyone be richer. It's just a very nasty and kind of gross way of thinking
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about Canadian politics. And as much as Jamie Singh tries to be the young, dynamic, fresh kind of guy
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in Canadian politics, he's really just a crotchety old man when it comes to a lot of economic issues.
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It's that other people have more money than him, they're better off than him, and he's deeply jealous.
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So he's going to haul Galen Weston up in front of some sort of investigative committee and yell at
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him for not losing money on all the products they're selling as if Loblaws was noticeably
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super expensive compared to anyone else. Again, go to a mom and pop grocery store,
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it will probably be more expensive. They cannot actually deal in the scale Loblaws can. And I can
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guarantee you a small mom and pop grocery store is not price gouging. They're offering products at a
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price that is going to allow them to profit and will allow them to stay in business and have
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customers. Anyways, that's it for me today. I hate the NDP never vote for them. I have my usual links
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in the comments and description of this video, my gifts and go legal fundraiser against a Chinese
00:13:10.000
billionaire. It's a stupid defamation case. I'm currently winning it on behalf of TNT. And you can
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that's enough for me today. Have a great afternoon, everyone.