00:00:00.000Since Prime Minister Mark Carney called six new by-elections that will take place on December 7th, the federal liberals have snapped back into campaign mode.
00:00:09.760And that means they have to walk the tightrope in order to keep the business liberals on board, as well as the elbows-up liberals.
00:00:17.420To keep the business liberals on board, now Mark Carney is pretending like he actually cares about getting a trade deal with Donald Trump and the Americans.
00:00:25.220And to keep the elbows-up voters on board, people like Finance Minister Francois-Philippe Champagne are putting out slopped propaganda about how Canada's actually destroying the United States right now when it comes to economic performance.
00:00:39.860Guys, this is not true. I'm a patriotic Canadian, but I can see our economic data coming out, and it sucks compared to the United States, mostly because of high liberal taxes and bloated liberal regulations.
00:00:53.600But they're not going to let, you know, the numbers get in the way of them making this
00:00:57.580claim because right now they need to do this contradictory strategy of both trying to cozy
00:01:03.820up to the Americans to try and get a trade deal because it'd be good for economics and
00:01:09.400But then they also need to keep the anti-American liberals on board by talking about how Canada
00:01:14.900is so much better than the United States on metrics where it's just obviously false.
00:01:19.940In just a second here, I want to take you guys over to this clip of our finance minister, Francois-Philippe Champagne, pretending that Canada's job market is currently better than the one in the United States.
00:01:33.340He obviously knows he's lying, but the whole point is just trying to generate some momentum before the by-elections.
00:01:38.980But before we get into the clip, I just want to remind you guys, if you like the channel, make sure to leave a like on the video, subscribe if you are not yet a subscriber, and of course hit the join button if you want to contribute a few dollars per month and help make the channel more sustainable.
00:01:53.400But now, without further ado, here is our finance minister pretending he doesn't know anything about public finance or the job market.
00:02:00.920And more than that, our export to non-US markets are up 50% since 2024.
00:02:08.980Our economy is strong, our workers are resilient, and our industries are adapting and investing.
00:03:58.320And there was a few other things that are just kind of non, you can't replicate.
00:04:02.520it's non-replicatory or however you would say that we actually were shrinking in the first quarter
00:04:09.000of 2026 and in fact the quarter we just left we may have also had a shrinking economy but he's
00:04:15.840going to cherry pick these three months that we did pretty good during in order to offset the fact
00:04:22.240that clearly the canadian economy is not doing very well but i'll let him continue again to make
00:04:27.320another claim. That's the space in the G7. So in the last quarter, just let me repeat for everyone
00:04:33.560to really appreciate that Canada had the fastest growth in that quarter of all G7 nation.
00:04:40.940Actually, I need to cut him off again, because I just need to show you this chart I showed
00:04:44.440during a different video a few videos back. This is our growth chart. So yes, he is correct.
00:04:50.980Second quarter, we had really good growth, April, May, and June, you know, 0.63%, 0.34%, 0.35%.
00:05:00.240But remember, that was following a first quarter where we shrank 0.02% in January, grew 0.16% in
00:05:08.140February, but then shrank 0.15% in March. So overall, we were actually down a little bit
00:05:15.180during that first quarter. But in a modern Western economy, you should always be trying
00:05:20.360to grow every single quarter. There's like no excuse to being stagnant. But then after June,
00:05:26.120we then have our July number at only growing 0.03%. August was negative 0.01. And September
00:05:35.520is also expected to be around 0.1% negative growth. So overall, we may have shrank in the
00:05:44.020third quarter of 2026. But guys, don't focus on the present day. Don't focus on reality of the
00:05:51.340last several quarters and how we've been doing on net. Just focus on a really solid second quarter
00:05:58.280that has a lot of elements that we cannot replicate in the future unless we start doing a census every
00:06:03.340single quarter just to boost the GDP. It was also just, it's the summer. You always kind of grow in
00:06:09.420summer. And then you want to make sure that that summer growth doesn't get offset by a shrinking
00:06:14.900economy in other quarters. Typically, a healthy economy will grow across all the quarters. It'll
00:06:19.860just be more muted in other places. But in fact, right now, Canada is in a roller coaster. We have
00:06:25.420deep dips and we have some high peaks, but then it falls back down into negative growth right
00:06:31.000afterwards that erases a lot of the gains that you ended up making. But now let's get back to our
00:06:36.680our very intelligent finance minister, who's definitely not corrupt because the liberal
00:06:42.420government gave $90 billion to a company that his wife just happened to become the vice president
00:06:47.560of environment for two months before the money was allocated. This is Canada. Private sector
00:06:54.800employment is up to 114,000 jobs over the past year. And since the start of 2025, we have created
00:07:01.580almost not on net like genuinely not on net you can keep saying we created jobs in the private
00:07:07.340sector but not on net we have not created net jobs almost twice as many jobs per capita
00:07:13.660as the united states yeah since the start of 2025 we have created almost twice as many jobs per
00:07:20.600capita as the united states just false it's genuinely just false there's no other way of
00:07:28.880saying that's just not true. Has Canada grown jobs since the start of 2025? Yes. Over a period
00:07:36.060of almost two years, it's hard to not grow by, you know, it's hard to not grow the job market in
00:07:41.900some way. But it's been pretty black growth overall for Canada since then. I'm going to bring
00:07:48.180up some charts so you guys can see it. So this has been Canada and the United States job growth
00:07:55.400since the start of 2026. But don't worry, I will be going back and also talking about
00:07:59.940since the start of 2025, which was the timeline he laid out. So here is Canada. This was posted by
00:08:07.140RMC86, who does really great posts and video compilations on X. He shows here, and this was
00:08:15.240posted back on the 9th of October. So this wasn't even just made to counter him. This was just
00:08:20.360the numbers as they came out. Oh, and by the way, July actually has been estimated downward
00:08:27.080for job growth overall. I'm not sure if these are private sector or general, but we actually had a
00:08:32.720shrinking July jobs number now that it's been revised more recently, but even not correcting
00:08:38.840for that. Look at this. The United States had a bad February. They dropped 156,000 jobs in February,
00:08:46.160Although we also dropped 84,000 jobs in February, which is obviously more devastating for the Canadian economy per capita than the United States.
00:08:54.360But we have had three growth months in the year 2026, knowing that July is actually a negative number now that it's been revised.
00:09:02.500And the United States has only had one negative month in the entire year.
00:09:39.060we not only haven't created more jobs than them per capita since the start of 2025. We've only
00:09:47.420created 63,000 jobs compared to their 699,000 jobs, but our number is also trending down as
00:09:55.280theirs is currently going up. So not only is it not true, it's going to be very not true probably
00:10:03.120once the October job numbers come in, and we may actually be at a net negative amount of job
00:10:08.760growth since the start of 2025, it's getting that bad. But now we have to move on to a very
00:10:16.640delicious clip where at the exact same event where Francois-Philippe Champagne made those comments,
00:10:23.740he was then questioned in a bit of a fireside chat about how Canada's economy is clearly
00:10:30.360not growing. This was also posted by RMC86 here. He's effectively truth-bombed to his face
00:10:38.000by the person leading the discussion here asking him why our GDP growth has been so flat. We're
00:10:43.760not even asking about jobs, we're not asking about per capita income, just the GDP. And he's going to
00:10:49.620try and weasel his way out of this by, again, cherry-picking stats that are probably not even
00:10:53.400going to be true anyways. And since that second quarter, GDP growth has been flat. So immediately
00:11:00.120the host here is saying, okay, yes, you point out we had an impressive GDP growth in the second
00:11:05.680quarter. But before that, we had negative growth. And since then, at the very least,
00:11:10.260it's probably going to be stagnant, if not negative. Since that second quarter,
00:11:14.860GDP growth has been flat. Job growth has eroded. What do you do if we're not getting it right?
00:11:23.200And how do you pivot? Because I think a big concern of the last 10, 12 years was that we
00:11:28.640didn't, Canada didn't pivot quickly enough when recognizing that programs and ideas weren't
00:11:33.400I'd say the investment super cycle is certainly one thing that is going to change the direction in this country.
00:11:39.880I mean, you're seeing and you will say obviously it takes time when you put these measures by the time, you know, you see the full impact in the economy, whether it's 12, 18, 24 months.
00:11:49.920But I think what you're saying is that the level of investments you're seeing.
00:11:53.860Okay, I take his point. Sometimes when you make a policy change or you make a big investment in the economy through the private sector or the public sector, however government ends up trying to spend its money, sometimes you don't see the full results until maybe like several months or even years later.
00:12:13.800But you start to see the trickle of good results happening early, too. You don't have some big results in the summer that the liberals try and basically label carnienomics. Not that they've ever used that term, but they always see like a positive number and they immediately start talking about how much of a genius Mark Carney and how shrewd the liberals have been in their financial economic management.
00:12:35.580they always take those numbers as a sign that everything's working. And then they completely
00:12:39.920ignore the numbers when they start going backward again. If your policies are working, yes, they
00:12:45.380might start showing the positive slowly at first, and then they'll really start ramping up later,
00:12:50.960and people can see the big picture of what you're going for from the start and see how right you
00:12:56.100were about your policy. But you don't go backwards either. Come on, people. You can't just say,
00:13:02.460well, you know, in 24 months, we don't have 24 months, guys. How many people are losing jobs
00:13:07.200who are not going to wait until their job comes back in 24 months, which, by the way, is not going
00:13:13.520to happen. The liberal policies suck. There's no waiting 24 months for the negative growth to stop0.99
00:13:19.900and turn around, start rocketing into the stratosphere. In this country, the major project
00:13:26.120office the policy we have adopted to support growth and and in fact you know the fiscal
00:13:32.340discipline we have shown i think people have seen that in terms of reducing our expenses
00:13:36.280for me when we went to capital budgeting to show that you know uh next year will be a full year
00:13:44.160ahead of what we had scheduled on 2728 will balance our operating spending with no no you
00:13:50.720you cannot balance operating spending or the operating budget. That is nonsense. Either the
00:13:56.100budget is balanced or it's not. Okay, you can maybe take the liberties and say, hey, we're making a
00:14:01.780big investment that will have big dividends for the economy later, and it will cause us to dip
00:14:06.480into a deficit. That's fine. If I can actually see the vision and I can see how this will probably
00:14:13.600create growth later, I'll still call it a deficit. It's still a deficit, but it's a deficit I'll
00:14:18.920tolerate. You know, if you were running a 15-20 billion dollar deficit, but you were building
00:14:23.780new bridges and dams and you had to invest a little bit of seed money in order to get a major
00:14:28.700project off the ground, okay, fair enough. We're running a 70 billion plus deficit and the operating
00:14:36.920budget is not even balanced. They've simply redefined a bunch of things from operating
00:14:42.460spending to capital spending or to discretionary spending in order to pretend like they're being
00:14:48.260more fiscally responsible than they are. How did you balance the operating budget while every
00:14:53.300single month announcing new spending that you definitely cannot pay for? The government has
00:14:58.580not, like, didn't roll out their budget, and then they found a bunch of cost savings and slashed a
00:15:03.080bunch of spending, and that's how they got to it. They have somehow been spending more every single
00:15:07.440month, and yet somehow the operating budget keeps shrinking. It's like, no, you're just lying to
00:15:13.680revenues and after that if you borrow is for capital investment i hope people i mean those
00:15:18.680who understand finance in this room this is a major shift in our country's history i mean to
00:15:24.240say what you're going to borrow after is for capital investment that is a major shift that's
00:15:28.780why you're using then the power of the market to build this country but with assets that will last
00:15:33.100for generations i mean it's a in my view i mean look at the other g7 countries no one has the
00:15:38.740ability nor the fiscal room some of them the markets will dictate what they have to do in our
00:15:45.100case we have the freedom to choose what we want and this is about being masters of our destiny is
00:15:51.140that we have the fiscal room we have the discipline we have the vision to be masters and not to be
00:15:57.600dictated how things will go it goes back to your first question that's what i like because if you
00:16:01.980build strong you come to this negotiation you look at the i'm sorry you having room left on your
00:16:07.520credit card to spend when you're deeply in debt does not make you more fiscally responsible than
00:16:13.620your friend who had a lower credit limit who's already reached it and can't spend anymore.
00:16:18.180That's effectively what he's trying to brag about to pretend like good things are happening.
00:16:22.880We still have room left on our credit card and that shouldn't be seen as something we shouldn't
00:16:28.420fill up because we're already massively in debt and it's going to increase our interest costs
00:16:33.500every year because Canada is already paying like $60 billion a year just in debt interest and it
00:16:38.420could go up to like $86 billion in a couple more years. Let's not think about it from that
00:16:42.980perspective. Let's think about it that we still have another few thousand dollars we can put on
00:16:47.880this credit card and that few thousand dollars doesn't represent more debt. It actually represents
00:16:53.320freedom. Freedom. F-R-E-E-D-O-M. Freedom. No. What are we talking about? You're the financial,
00:17:02.440you're the finance minister of the country and you're talking about debt like it's freedom oh
00:17:07.980my goodness this guy should be on the show financial audit he should be on dave ramsey's
00:17:13.560radio show talking about the country's just spending problem we should be trying to figure
00:17:19.580out what we can cut to actually have the country survive the next 10 years well with confidence
00:17:26.660with optimism because you know that your foundation is strong
00:17:32.580and that the elements, you know, whether you talk about energy,
00:17:37.160critical mineral, open to market, the fundamentals are strong
00:17:40.720about Canada, and I think we know it, and I think the world
00:17:44.540is about to discover what Canada can offer, and certainly
00:17:48.480Budget 26 will be a part of that story.
00:17:51.860Yeah, they're going to find out what Canada has to offer
00:17:54.640theoretically 10 years in the future when any of these major projects are actually done.
00:18:00.060Doesn't mean I don't support these major projects. It's that the liberal government
00:18:04.520is being irresponsible now and writing it off by saying we're going to have massive growth in the
00:18:10.180future. No, be responsible now and invest in something that will cause massive growth in the
00:18:15.680future. And based on the liberals track record with getting major projects done, these things
00:18:20.440are going to go over budget and over time, and the future that they are painting for us now
00:18:26.300is going to be too late to actually have a significant impact. Because even if we get a
00:18:31.740pipeline built, if it ends up overrunning costs and taking too long to build, like exceeding the
00:18:37.940current schedule that Carney has outlined, we might be in a future where once we build the
00:18:43.520pipeline, we should have really built two by that point, and we've only built one, and we're lagging
00:18:48.280behind other countries that have developed their energy resources way better than we have.
00:18:53.200It's just maddening to see this stuff and knowing that this guy is in charge of our current,
00:18:58.720you know, financial outlook. I want to jump over now to one of my favorite conservative MPs,
00:19:05.540Shuvloy Majumdar. I know people call him Shuv. I like saying Shuvloy because I know it bothers him.
00:19:10.840And if my name was Shuvloy, of course I'd use it. It'd be like having a name like Algernon and
00:19:16.260telling someone to call you jack you're out you're not here's chavloy and chavloy had this great
00:19:21.240moment in qp today where he called out the political games that carney is playing post
00:19:26.320calling these by elections home building is down food bank lineups are up growth has flatlined
00:19:32.620and the prime minister has broken his own fiscal anchors piling on more debt that our children
00:19:39.020will pay for that is the record so he plays a trump card last week he told politico he could
00:19:45.220wait two and a half more years without a trade deal. Then moments after calling the by-elections,
00:19:51.780he changed his tune. He called the by-elections and then he called Trump. What a coincidence.
00:19:57.300We've seen this by-election movie before. Canadians do not need more theatre. They do not need another
00:20:03.020month-long circus designed to distract from liberal failures here at home. They need results.
00:20:07.940The Prime Minister promised Canadians a great deal. He campaigned on it. So deliver it.
00:20:13.120tariff-free trade with our biggest customer so our workers can get to work.
00:20:17.260Not more photo ops, not more grandstanding,
00:20:20.300and certainly not more cynical phone calls timed to by-election campaigns.
00:20:26.040I don't actually believe that was a QP question.
00:20:28.280That was just a statement by a member.
00:20:30.500But I think that's a great way for the Conservative Party to be framing this,
00:20:34.680that everything the Liberals are saying post-by-election call
00:20:38.940is meant to try and smooth things over
00:20:40.960so that they can try and win some of these ridings that they either don't currently hold
00:20:45.380or be able to recapture the ridings they did previously hold with the same margins they had.
00:20:50.360They really want to try and sink Pierre Polyev by beating the Conservatives
00:20:54.180in Larry Broxell's riding of Brantford, Brant South.
00:20:58.300If they beat Polyev there, that would actually potentially put Polyev's leadership
00:21:03.400on extremely shaky ground, if not completely collapse it
00:21:06.880and cause a Conservative leadership race to happen.
00:21:09.000And so what they're trying to do is just throw everything at the wall so that in December they can try and boost liberal turnout and depress conservative turnout.
00:21:17.800And that's why they're cranking back up the Trump machine, saying that they're going to get into some sort of trade negotiations with them.
00:21:25.500Either watch for Carney to really play up the idea that he has a great deal he's cooking up and then kill it after December.
00:21:33.360or he's going to kill it early to have the outrage machine help him in the by-elections
00:21:38.540by fighting back against Trump by casting a ballot for the liberals.
00:21:41.980That's what they're going to try and do.
00:21:43.940The liberals actually do have a lot of ridings where they could get skunked here,
00:21:47.960not in the sense of losing liberal ridings because the only ridings that were previously occupied...
00:21:54.100Actually, no, they actually could lose because in Laurier-Saint-Marie,
00:21:57.800Stephen Gilbeau's old riding, the liberals actually could lose that one
00:22:01.240either to the block or to the NDP, because before Stephen Gilbeau, it was a reliable block and
00:22:07.600NDP swing riding, and Stephen Gilbeau was one of the first ones to win it again. So that's why I
00:22:13.340think they're both trying to protect that riding, as well as they want to try and be able to capture
00:22:18.200one of the NDP block or conservative held ridings in these by-elections on December 7th. So
00:22:25.160everything that they are currently doing is simply dumb political games in order to try0.66
00:22:30.460and just create a narrative to get voters to at least cast one more ballot for Mark Carney,
00:22:36.000at least for the next couple of years.
00:22:38.340Anyways, so with all that being said, thank you guys for watching the show today.
00:22:42.780Make sure to like, share, subscribe, consider hitting the join button,
00:22:47.240and of course, leave a comment with your thoughts on the issue of the day.
00:22:51.340With all that said, thank you guys for watching, and I'll see you all later.