The National Telegraph - Wyatt Claypool - PBO exposes nearly 90% of Liberal investment claims are False!

00:00:00.000 Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.

00:00:06.060 I know none of us are shocked these days whenever Prime Minister Mark Carney or the Liberals

00:00:10.920 are exposed for lying about something, but I can genuinely say the clip I'm about to show you

00:00:17.320 shocked me, because I didn't expect the Liberals to lie this badly about something so big.

00:00:24.840 So when the Liberals eventually rolled out their budget last year that had $78 billion

00:00:31.280 of a deficit attached to it, they tried to justify the whole thing by saying,

00:00:36.820 don't worry everyone, this is going to result in $1 trillion of new investments in the Canadian economy.

00:00:44.640 Well, that claim is apparently a little bit more than 12% true, and it's like, oh my goodness,

00:00:51.740 why would you lie about something that's that off? That's not like, I thought it was going to create

00:00:58.180 $2 billion of revenue in this area of government, and it only created 1.3, and like, you know,

00:01:04.800 $700 million is a big deal. But it's a big deal to lie about hundreds of billions of dollars of

00:01:11.540 investments. Effectively, what the Liberals did was they just cobbled together things that were

00:01:16.120 already invested into the country, and double counting a bunch of dollars in order to come to

00:01:21.620 this $1 trillion figure. But this is the type of thing that the Liberals do that ends up ticking off

00:01:27.460 the business Liberal base and makes them more likely to go vote for the Conservatives. So as a

00:01:32.460 Conservative, I'm happy, I guess they're lying this blatantly. But at the same time, I'm like,

00:01:37.440 people, come on. So in a second here, I want to show you guys this clip from a parliamentary committee,

00:01:43.540 where someone from the parliamentary budget office was being questioned by a Conservative MP. But

00:01:49.380 before I get into it, I just want to remind you guys, if you like the channel, make sure to leave

00:01:53.840 a like on this video, subscribe if you are not yet a subscriber, leave a comment about what you think

00:01:59.520 about this mess. And if you want to help financially support the channel, you can always hit the join

00:02:03.920 button below the video and give something monthly to make the channel less reliant on the YouTube

00:02:08.900 algorithm and make the whole thing more sustainable for me. But without further ado, I want to show

00:02:15.540 you guys this clip now. It's about three minutes and 30 seconds. I'll probably pause it a little bit

00:02:21.440 as we go through. But you need to see this full thing on the report about the $1 trillion in total

00:02:27.160 investment. My understanding that is a that is not a net new number of investment. Is that correct?

00:02:34.080 That is correct. So basically, what we tried to do in this report is understand where the $1 trillion

00:02:41.640 figure is coming from. And starting from the federal government commitment to support the industries and

00:02:53.560 investors to the tune of $280 billion. We found actually that of those $280 billion, we actually

00:03:04.460 one finding, I guess it's $285 billion. So the $280 is a rounding. So you will see me mentioning the

00:03:11.220 $285, but it's really a rounding. So of those $285, $41 billion approximately are associated with new

00:03:19.480 measures from budget 2025. And the remaining amount is related to measures that were in place prior to

00:03:26.040 the publication of the budget.

00:03:27.840 So when the government says it's, you know, the budget is generating $1 trillion in or will generate $1 trillion

00:03:38.800 in new investment. What I'm hearing from you is a lot of those investments were already being made. Is that a fair

00:03:48.380 characterization?

00:03:49.380 It is a fair characterization, yes.

00:03:51.860 So effectively, what we have going on here is like, if you had made some investment or whatever,

00:03:59.680 or you got a new job, and you claimed, with this new job, I am bringing our household $3 million more

00:04:08.300 dollars, except you're counting all the money you had already previously made at your old job. It's like,

00:04:13.260 that's blatantly stupid, that the liberals are saying, we're going to generate $1 trillion new 1.00

00:04:18.940 dollars with this budget. And it's like, well, you can't count all of the old investments that you 1.00

00:04:25.640 had taken into the country under Justin Trudeau, and just add it all up, like add it all up. That

00:04:31.440 doesn't even make sense, because the Canadian economy is only a little bit more than like $1 trillion or

00:04:35.920 $2 trillion. Like really, you're gonna more than all you're gonna like increase the Canadian economy

00:04:41.040 by 50% with this budget. Really, the liberals were just trying to justify the $78 billion deficit

00:04:48.720 in the budget, which is more like $85 billion at this point, because of the Ukraine spending and

00:04:53.640 because of the GST rebate. They just want to distract you by making a big claim about financial

00:05:00.320 gains we're gonna have, so that you don't really care too much about the debt, when in fact, they're

00:05:04.720 barely delivering any of the money that they're claiming the budget is going to bring into the

00:05:09.260 economy. I also note an interesting parallel between the way the government has

00:05:15.420 communicated the $1 trillion, along with they have a whole chapter in the budget on is the super

00:05:24.620 deduction that they say will have a monumental impact on investments in this country, encouraging

00:05:33.460 investments. But if you look at the table that they provide about the cost of the super deduction,

00:05:43.060 almost all of the super deduction is already in place today. The only new measure in the budget,

00:05:47.620 I think, is about maybe $300 million in what I'll call stimulus a year. So there seems to be a

00:05:56.100 consistent messaging from the government to say, oh, we're delivering this big number, but actually,

00:06:01.060 the net benefit of what they're delivering isn't as big as the headline. Is that a fair? You don't

00:06:07.700 have to comment on whether you agree with it or not, but they come out with a big headline,

00:06:11.780 but when you dig down, it's actually most of it's measures that were already happening anyway.

00:06:16.980 Well, that's what we found after our analysis is that almost 71% pretty much of the $1 trillion

00:06:25.300 is related to investments or stimulus, whether it's government investment or business investment

00:06:32.980 that was already in place prior to the budget. Final question, what is the number then that would be

00:06:38.500 net new? Is that a fair question or should we follow up on that after? It is, it is a fair question. So

00:06:46.100 there are two numbers, I think, that are important to keep in mind. So the first one is what is net new

00:06:50.660 investment from budget 2025 from the federal government. So that would be 41.3 and how much

00:06:56.820 more investment, I mean, total investment that is expected to be generated by that additional

00:07:03.220 investment. So that amount we estimated to be 126 billion. So only $126 billion of new investments are

00:07:14.260 actually going to be generated by budget 2025. And part of the, you can technically say that it's

00:07:21.140 only a 70, only 77% of the $1 trillion, like why was an actual lie. But you have to remember,

00:07:30.340 you have to take 43 billion out of that. And that's what you leaves you with the $126 billion number,

00:07:36.980 because $43 billion of dollars of it is just taxpayer money being thrown into different industries in order

00:07:43.220 to spur other investment. You can't do that forever. That's effectively a fake economy.

00:07:48.580 When the taxpayer is having to pay money or jobs to exist or for productivity to happen,

00:07:55.140 it means the actual net effect of that productivity is way less than you think.

00:08:01.540 So yeah, this is a great thing to bring up to any liberal friends you have. If they're talking about

00:08:06.340 how much of like a business savvy guru Mark Carney is, or at least how much they think he is.

00:08:11.220 Yeah, he claimed that his budget was going to create a trillion dollars in new investments

00:08:17.700 in Canada, when that's not only not true, because much of that was already around well before his

00:08:23.380 budget came out. But he actually has to pay a lot of money to even generate those new investments.

00:08:28.980 So we're having to pay $43 billion in order to generate $126 billion in economic activity.

00:08:37.300 And you could say like, Oh, that's not too bad. You're paying $43 billion for $128 billion. No,

00:08:43.220 that's horrible. You shouldn't have to be paying pretty much anything to generate productivity.

00:08:48.020 You should just want free productivity by having a good business environment. But we don't,

00:08:52.580 so we're having to bribe people. So effectively, we're burning a large portion of our taxpayer dollars

00:09:00.420 to create jobs that in America, they wouldn't have to spend a single dollar guaranteeing that job

00:09:04.980 to be there. Anyways, I want to now show you this other clip of Ashi Kapelos on CTV News Powerplay,

00:09:11.940 interviewing Steve McKinnon, the Liberal House leader, on the fact that they don't actually have

00:09:17.540 any money to pay for the new GST rebate. And that is going to be layered on top of the already very big

00:09:24.900 deficit that there's no election in the offing. But the announcement in and of itself seems to run

00:09:30.100 very counter to what Mr. Carney talked about during the, the prime minister talked about during the

00:09:34.820 election campaign. He drew a distinction between his approach to the economic growth and what he

00:09:40.260 criticized the Trudeau government of which you were a part, their approach to economic growth,

00:09:44.420 which he identified as just through emigration and population growth and government spending.

00:09:49.780 What you announced yesterday is more than 11 billion dollars of additional government spending

00:09:54.740 that nobody from your government has said how you will pay for it. I imagine because you're not

00:09:59.700 introducing a new tax or something to that effect or described other cuts elsewhere that it will come

00:10:04.500 from additional borrowing. That runs counter to what Mr. Carney said during the election campaign,

00:10:10.500 what you yourself have said on many instances since then. How are we to infer from that anything other

00:10:15.940 than this is about politics and the possibility of an election? Well, I don't think Mr. Carney ever

00:10:22.340 ruled out measures to help vulnerable Canadians. And I don't think most Canadians think that helping out

00:10:28.260 12 million people who get GST rebates now, grocery and essential goods benefit will, will object to that.

00:10:37.940 We saw post pandemic, Vashi, a spike in food prices. And this is meant to help with that. Inflation,

00:10:46.100 largely tamed. That doesn't mean people feel inflation is largely tamed. And that's partly due to things

00:10:53.060 like oranges, coffee, bananas, things where supply chains have been affected, where prices have gone up more

00:11:00.820 than the rate of inflation. So these guys, who apparently are trying to deal with the fact that

00:11:07.220 a lot of that inflation is still hurting a lot of Canadians is still affecting certain products

00:11:11.700 massively, like coffees up 40%. Overall grocery prices are up 6.1%. And they're going to help the

00:11:18.180 inflation by printing another $11 billion they don't have over the next few years in order to send rebate

00:11:26.100 checks out to the bottom 30% of earners. That's blatantly stupid. Like what are, what's wrong with 1.00

00:11:34.340 these people? Again, if you have liberal friends and they say, well, I trust Mark Carney because he

00:11:39.940 worked at Goldman Sachs and was the governor of the Bank of Canada and the Bank of England,

00:11:44.020 and he was the chair of Brookfield Asset Management, and they're highly, they're very,

00:11:48.340 very successful. It's like, he's literally just serving up microwaved Trudeau policy. It's just

00:11:55.300 paying people money. It's just paying people money to deal with inflation, which again, again, causes

00:12:01.540 more inflation. Eventually they're going to have to pay for this either by printing money and watering

00:12:06.900 down the value of each dollar, or they're going to have to raise taxes. And inflation is in fact

00:12:12.340 already a tax on everybody. But what that they're also lying, as we just found out about the new

00:12:19.700 investments, all this is going to be creating new and like new investments of a trillion dollars.

00:12:25.300 And it's really only 128, 26 billion dollars. These are the people who people put trust into

00:12:31.620 that they were going to help grow the economy better than Pierre Polyev could. If you got into

00:12:35.860 government and you just cut taxes, that's all you did. You just cut taxes 20% across the board,

00:12:41.300 every bracket GST lowered 20%. You would be doing way better right now than, than Mark Carney and the

00:12:48.820 Liberals. But the problem is, is that Mark Carney and the Liberals want to basically bribe people

00:12:54.020 into voting for them. What Steve McKinnon here was basically trying to portray was the idea that,

00:13:00.100 well, we're, we care more about poorer people than the Conservatives, because we're willing to cut a

00:13:05.220 check. He's not actually helping anyone substantially. If you want to substantially help people, you would cut

00:13:10.420 taxes so the economy functions better, so people get higher paying jobs. But no, no, no. You don't really

00:13:15.940 get to cosign on all of that if you're the Liberals. You only want to do stuff where you literally get

00:13:21.220 to have your name written on it. Mark Carney gets to have checks sent out with the, with the Liberals

00:13:27.220 signing the bottom of each one, so you know who to vote for. I actually don't think this is going to

00:13:32.500 work because it's too sleazy and too obvious in a lot of ways. I think people are kind of tired of

00:13:36.820 this stuff, but this is what they're doing. This apparent business guru, this business genius,

00:13:42.020 is just pushing money into the economy like Trudeau was, which isn't shocking because Mark Carney was

00:13:47.460 the economic advisor to, uh, to Justin Trudeau. Um, so, um, the prime minister, the minister of

00:13:54.100 finance felt strongly that, um, at this point in time where Canadians, uh, many Canadians are struggling

00:14:01.220 with those food prices that we had an obligation to come in. I don't think, uh, that approach has ever

00:14:07.460 been ruled out, but the thing that has not changed is that we know we have to grow the top line in

00:14:12.420 Canada. We have to achieve growth. We have to create jobs. We have to protect the jobs we have

00:14:18.340 that are, uh, threatened by trade measures, punitive trade measures for coming from south of the border,

00:14:24.020 but we have to create more jobs. We have. Okay. Well, they haven't really like they'll say like we

00:14:30.180 created 40,000 jobs since the summer. It's like, well, that also includes the holiday employment spike that

00:14:36.980 happens. A lot of people get these short term retail jobs around the holiday season that end

00:14:42.100 up going away afterwards. And I'm pretty sure they're using the holiday season as they're like

00:14:47.220 top line to show how much jobs went up, even though many of them are temporary, but he talks about,

00:14:52.340 we need to focus on top line growth as well for the economy. Well, we only had like 1.9% growth this

00:14:59.140 year, which means that we are not beating inflation. What at all, I think inflation was like 3% for us or

00:15:04.820 something like that. So we only got a little bit more than two thirds over the inflation number.

00:15:10.580 Uh, what the heck? Like the, again, these guys are the economic geniuses that we gave the country

00:15:16.500 over to. It's almost like the government's basically the same, uh, that it was under Justin Trudeau to

00:15:21.700 build big projects. We have to get things done. Uh, we do that every day. We, uh, wake up, uh, put on our boots

00:15:29.940 and, uh, try and build big projects and create big opportunities for Canada every day that, uh,

00:15:35.860 we will not waver from. But respectfully, uh, minister, the prime minister did criticize

00:15:42.260 the former prime minister for too much government spending. And he had, you know,

00:15:46.260 got food prices were extremely high, 30% higher, uh, during the election campaign than they were five,

00:15:51.780 five years prior. There were no promises made about $11 billion of additional spending. I am not in

00:15:57.140 any way taking away from the very, very specific need as you outline it of Canadians. I know it,

00:16:02.820 I hear it every day as well, but this is not exactly what you promised to do during the campaign.

00:16:08.820 Add 11 billion extra dollars to a deficit. Was it?

00:16:11.940 Uh, look, this is obviously very awkward. I've, I've grown to really love Vashti Capellas and she's

00:16:19.460 right. This was supposed to be like the fiscally responsible government. And we're currently running

00:16:23.700 the second biggest deficit in Canadian history since 2020 or including 2020. It's the biggest

00:16:30.420 if you don't include 2020, where you're paying a bunch of lockdown of paying people to like stay

00:16:34.740 at home and not work. And even this budget, the deficit's pretty close to 2020s. Like we could

00:16:40.740 potentially surpass it with a couple of more big ticket promises like, like, uh, Carney has been

00:16:45.700 making. And Steve McKinnon is now going to have to flop around like a fish out of water here to justify

00:16:50.660 how, you know, we're going to be fiscally responsible and cut down on wasteful spending

00:16:54.180 and invest more and spend less that that's some, this is somehow an investment cutting

00:16:58.340 checks to people. It's not an investment. You know, if you lowered taxes and your deficit

00:17:03.780 was partially made up from the shortfall you're going to experience, I could actually accept that.

00:17:09.060 I am not an, I am not allergic to a deficit. If the desk, if the deficit represents money that you're

00:17:15.220 just letting Canadians have back by lowering their taxes, cutting checks to people, yes, helps them.

00:17:20.420 But only in the short run, because eventually it will cause inflation, make the economy worse.

00:17:26.180 And those people's lives will start to get worse than, or will start to deteriorate further.

00:17:31.140 And the checks will not cover the gap to which it's deteriorated further.

00:17:35.220 What we were elected to do is to be sensitive to the needs of Canadians, many of whom feel anxiety

00:17:41.540 because, uh, whether it's, uh, threatened trade measures, uh, or other things, or whether it's simply,

00:17:48.420 um, uh, increased costs due to food inflation. We're here to help with that. Any responsible

00:17:55.140 government must be here to help, uh, with those kinds of pressures. We have an existing mechanism,

00:18:00.580 a tool already built into the tax system, uh, in the form of the GST rebate. It's easy to build upon.

00:18:08.340 Um, and it's easy to justify in my view, uh, in a world where, uh, food inflation, uh, imported food

00:18:16.580 particularly, um, has seen supply related shocks, uh, and which means that food has increased more than the

00:18:25.780 overall CPI. Um, that is, uh, something that we've been giving a lot of thought to over the last few years.

00:18:33.380 They're giving a lot of thought to that, by the way, in the UK, throughout Europe.

00:18:37.300 Okay. Now he's gonna start blaming other jurisdictions. You know, other jurisdictions

00:18:40.740 have also been as irresponsible as us. It's like, okay, well, I, I don't care about that.

00:18:45.860 I care about what we're going to do and I, what the conservative party needs to do. And I said this

00:18:50.900 in my last video, they need to frame this properly because there is a certain, like giving people

00:18:57.300 money has a certain way of making those people vote for you. There's a reason why public sector

00:19:01.300 employees overwhelmingly vote liberal and NDP. It's because they are the pro employing more people

00:19:07.780 parties and employ, you know, pro keeping people employed, even if they're working fake government jobs,

00:19:13.540 what the conservatives need to do with this GST rebate is frame it as the bare minimum. And it is,

00:19:21.140 the liberals don't actually want to make your lives substantially better. They're just cutting you a

00:19:25.300 check to make you leave them alone. That's it. They're doing the bare minimum to make you go and

00:19:30.900 back and sit at the kids table again. So they can call talk to all their insider friends at the adults

00:19:35.860 table. That is what the conservatives need to be doing. This is a bare minimum plan in order to make

00:19:43.140 Canadians leave Mark Carney alone so he can do the things he's more interested in doing.

00:19:48.340 Anyways, that should be it for this video guys. Oh my goodness. It took me literally three hours to

00:19:53.780 shoot this video. There's something wrong with my brain today where I could not make words come out

00:19:58.020 of my face properly. And so I was restarting the recording like 50,000 times and I finally got to

00:20:04.420 the end of it and I'm having a mini celebration. Well, the conservative party convention is going to be

00:20:10.660 starting tomorrow in my city of Calgary. So I'll be doing that over the next few days. So if you don't

00:20:16.740 see a video on one of these days, I probably just didn't have enough time in the morning to wake up

00:20:20.900 and shoot something and know that I'm doing important things. I'm actually bringing Dallas Brody

00:20:26.420 to the convention, the leader of the 1BC party. And we're going to be able to go around and interact

00:20:31.300 with federal counterparts and talk about places where we can overlap on in terms of our policy and work

00:20:36.980 together. But with all that being said, thank you guys for watching, like, share, subscribe, and I

00:20:41.940 will see you guys next time.

The National Telegraph - Wyatt Claypool - January 29, 2026

PBO exposes nearly 90% of Liberal investment claims are False!

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