PBO exposes nearly 90% of Liberal investment claims are False!
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Summary
When the Liberals released their budget last year, they claimed that it was going to generate $1 Trillion in new investments in the Canadian economy. However, a recent report from the parliamentary budget office found that the government had in fact invested only $285 billion.
Transcript
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Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.
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I know none of us are shocked these days whenever Prime Minister Mark Carney or the Liberals
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are exposed for lying about something, but I can genuinely say the clip I'm about to show you
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shocked me, because I didn't expect the Liberals to lie this badly about something so big.
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So when the Liberals eventually rolled out their budget last year that had $78 billion
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of a deficit attached to it, they tried to justify the whole thing by saying,
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don't worry everyone, this is going to result in $1 trillion of new investments in the Canadian economy.
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Well, that claim is apparently a little bit more than 12% true, and it's like, oh my goodness,
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why would you lie about something that's that off? That's not like, I thought it was going to create
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$2 billion of revenue in this area of government, and it only created 1.3, and like, you know,
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$700 million is a big deal. But it's a big deal to lie about hundreds of billions of dollars of
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investments. Effectively, what the Liberals did was they just cobbled together things that were
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already invested into the country, and double counting a bunch of dollars in order to come to
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this $1 trillion figure. But this is the type of thing that the Liberals do that ends up ticking off
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the business Liberal base and makes them more likely to go vote for the Conservatives. So as a
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Conservative, I'm happy, I guess they're lying this blatantly. But at the same time, I'm like,
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people, come on. So in a second here, I want to show you guys this clip from a parliamentary committee,
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where someone from the parliamentary budget office was being questioned by a Conservative MP. But
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before I get into it, I just want to remind you guys, if you like the channel, make sure to leave
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algorithm and make the whole thing more sustainable for me. But without further ado, I want to show
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you guys this clip now. It's about three minutes and 30 seconds. I'll probably pause it a little bit
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as we go through. But you need to see this full thing on the report about the $1 trillion in total
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investment. My understanding that is a that is not a net new number of investment. Is that correct?
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That is correct. So basically, what we tried to do in this report is understand where the $1 trillion
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figure is coming from. And starting from the federal government commitment to support the industries and
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investors to the tune of $280 billion. We found actually that of those $280 billion, we actually
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one finding, I guess it's $285 billion. So the $280 is a rounding. So you will see me mentioning the
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$285, but it's really a rounding. So of those $285, $41 billion approximately are associated with new
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measures from budget 2025. And the remaining amount is related to measures that were in place prior to
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So when the government says it's, you know, the budget is generating $1 trillion in or will generate $1 trillion
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in new investment. What I'm hearing from you is a lot of those investments were already being made. Is that a fair
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So effectively, what we have going on here is like, if you had made some investment or whatever,
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or you got a new job, and you claimed, with this new job, I am bringing our household $3 million more
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dollars, except you're counting all the money you had already previously made at your old job. It's like,
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that's blatantly stupid, that the liberals are saying, we're going to generate $1 trillion new
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dollars with this budget. And it's like, well, you can't count all of the old investments that you
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had taken into the country under Justin Trudeau, and just add it all up, like add it all up. That
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doesn't even make sense, because the Canadian economy is only a little bit more than like $1 trillion or
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$2 trillion. Like really, you're gonna more than all you're gonna like increase the Canadian economy
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by 50% with this budget. Really, the liberals were just trying to justify the $78 billion deficit
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in the budget, which is more like $85 billion at this point, because of the Ukraine spending and
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because of the GST rebate. They just want to distract you by making a big claim about financial
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gains we're gonna have, so that you don't really care too much about the debt, when in fact, they're
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barely delivering any of the money that they're claiming the budget is going to bring into the
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economy. I also note an interesting parallel between the way the government has
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communicated the $1 trillion, along with they have a whole chapter in the budget on is the super
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deduction that they say will have a monumental impact on investments in this country, encouraging
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investments. But if you look at the table that they provide about the cost of the super deduction,
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almost all of the super deduction is already in place today. The only new measure in the budget,
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I think, is about maybe $300 million in what I'll call stimulus a year. So there seems to be a
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consistent messaging from the government to say, oh, we're delivering this big number, but actually,
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the net benefit of what they're delivering isn't as big as the headline. Is that a fair? You don't
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have to comment on whether you agree with it or not, but they come out with a big headline,
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but when you dig down, it's actually most of it's measures that were already happening anyway.
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Well, that's what we found after our analysis is that almost 71% pretty much of the $1 trillion
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is related to investments or stimulus, whether it's government investment or business investment
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that was already in place prior to the budget. Final question, what is the number then that would be
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net new? Is that a fair question or should we follow up on that after? It is, it is a fair question. So
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there are two numbers, I think, that are important to keep in mind. So the first one is what is net new
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investment from budget 2025 from the federal government. So that would be 41.3 and how much
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more investment, I mean, total investment that is expected to be generated by that additional
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investment. So that amount we estimated to be 126 billion. So only $126 billion of new investments are
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actually going to be generated by budget 2025. And part of the, you can technically say that it's
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only a 70, only 77% of the $1 trillion, like why was an actual lie. But you have to remember,
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you have to take 43 billion out of that. And that's what you leaves you with the $126 billion number,
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because $43 billion of dollars of it is just taxpayer money being thrown into different industries in order
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to spur other investment. You can't do that forever. That's effectively a fake economy.
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When the taxpayer is having to pay money or jobs to exist or for productivity to happen,
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it means the actual net effect of that productivity is way less than you think.
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So yeah, this is a great thing to bring up to any liberal friends you have. If they're talking about
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how much of like a business savvy guru Mark Carney is, or at least how much they think he is.
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Yeah, he claimed that his budget was going to create a trillion dollars in new investments
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in Canada, when that's not only not true, because much of that was already around well before his
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budget came out. But he actually has to pay a lot of money to even generate those new investments.
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So we're having to pay $43 billion in order to generate $126 billion in economic activity.
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And you could say like, Oh, that's not too bad. You're paying $43 billion for $128 billion. No,
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that's horrible. You shouldn't have to be paying pretty much anything to generate productivity.
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You should just want free productivity by having a good business environment. But we don't,
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so we're having to bribe people. So effectively, we're burning a large portion of our taxpayer dollars
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to create jobs that in America, they wouldn't have to spend a single dollar guaranteeing that job
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to be there. Anyways, I want to now show you this other clip of Ashi Kapelos on CTV News Powerplay,
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interviewing Steve McKinnon, the Liberal House leader, on the fact that they don't actually have
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any money to pay for the new GST rebate. And that is going to be layered on top of the already very big
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deficit that there's no election in the offing. But the announcement in and of itself seems to run
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very counter to what Mr. Carney talked about during the, the prime minister talked about during the
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election campaign. He drew a distinction between his approach to the economic growth and what he
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criticized the Trudeau government of which you were a part, their approach to economic growth,
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which he identified as just through emigration and population growth and government spending.
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What you announced yesterday is more than 11 billion dollars of additional government spending
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that nobody from your government has said how you will pay for it. I imagine because you're not
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introducing a new tax or something to that effect or described other cuts elsewhere that it will come
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from additional borrowing. That runs counter to what Mr. Carney said during the election campaign,
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what you yourself have said on many instances since then. How are we to infer from that anything other
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than this is about politics and the possibility of an election? Well, I don't think Mr. Carney ever
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ruled out measures to help vulnerable Canadians. And I don't think most Canadians think that helping out
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12 million people who get GST rebates now, grocery and essential goods benefit will, will object to that.
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We saw post pandemic, Vashi, a spike in food prices. And this is meant to help with that. Inflation,
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largely tamed. That doesn't mean people feel inflation is largely tamed. And that's partly due to things
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like oranges, coffee, bananas, things where supply chains have been affected, where prices have gone up more
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than the rate of inflation. So these guys, who apparently are trying to deal with the fact that
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a lot of that inflation is still hurting a lot of Canadians is still affecting certain products
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massively, like coffees up 40%. Overall grocery prices are up 6.1%. And they're going to help the
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inflation by printing another $11 billion they don't have over the next few years in order to send rebate
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checks out to the bottom 30% of earners. That's blatantly stupid. Like what are, what's wrong with
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these people? Again, if you have liberal friends and they say, well, I trust Mark Carney because he
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worked at Goldman Sachs and was the governor of the Bank of Canada and the Bank of England,
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and he was the chair of Brookfield Asset Management, and they're highly, they're very,
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very successful. It's like, he's literally just serving up microwaved Trudeau policy. It's just
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paying people money. It's just paying people money to deal with inflation, which again, again, causes
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more inflation. Eventually they're going to have to pay for this either by printing money and watering
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down the value of each dollar, or they're going to have to raise taxes. And inflation is in fact
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already a tax on everybody. But what that they're also lying, as we just found out about the new
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investments, all this is going to be creating new and like new investments of a trillion dollars.
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And it's really only 128, 26 billion dollars. These are the people who people put trust into
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that they were going to help grow the economy better than Pierre Polyev could. If you got into
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government and you just cut taxes, that's all you did. You just cut taxes 20% across the board,
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every bracket GST lowered 20%. You would be doing way better right now than, than Mark Carney and the
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Liberals. But the problem is, is that Mark Carney and the Liberals want to basically bribe people
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into voting for them. What Steve McKinnon here was basically trying to portray was the idea that,
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well, we're, we care more about poorer people than the Conservatives, because we're willing to cut a
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check. He's not actually helping anyone substantially. If you want to substantially help people, you would cut
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taxes so the economy functions better, so people get higher paying jobs. But no, no, no. You don't really
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get to cosign on all of that if you're the Liberals. You only want to do stuff where you literally get
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to have your name written on it. Mark Carney gets to have checks sent out with the, with the Liberals
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signing the bottom of each one, so you know who to vote for. I actually don't think this is going to
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work because it's too sleazy and too obvious in a lot of ways. I think people are kind of tired of
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this stuff, but this is what they're doing. This apparent business guru, this business genius,
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is just pushing money into the economy like Trudeau was, which isn't shocking because Mark Carney was
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the economic advisor to, uh, to Justin Trudeau. Um, so, um, the prime minister, the minister of
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finance felt strongly that, um, at this point in time where Canadians, uh, many Canadians are struggling
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with those food prices that we had an obligation to come in. I don't think, uh, that approach has ever
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been ruled out, but the thing that has not changed is that we know we have to grow the top line in
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Canada. We have to achieve growth. We have to create jobs. We have to protect the jobs we have
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that are, uh, threatened by trade measures, punitive trade measures for coming from south of the border,
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but we have to create more jobs. We have. Okay. Well, they haven't really like they'll say like we
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created 40,000 jobs since the summer. It's like, well, that also includes the holiday employment spike that
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happens. A lot of people get these short term retail jobs around the holiday season that end
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up going away afterwards. And I'm pretty sure they're using the holiday season as they're like
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top line to show how much jobs went up, even though many of them are temporary, but he talks about,
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we need to focus on top line growth as well for the economy. Well, we only had like 1.9% growth this
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year, which means that we are not beating inflation. What at all, I think inflation was like 3% for us or
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something like that. So we only got a little bit more than two thirds over the inflation number.
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Uh, what the heck? Like the, again, these guys are the economic geniuses that we gave the country
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over to. It's almost like the government's basically the same, uh, that it was under Justin Trudeau to
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build big projects. We have to get things done. Uh, we do that every day. We, uh, wake up, uh, put on our boots
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and, uh, try and build big projects and create big opportunities for Canada every day that, uh,
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we will not waver from. But respectfully, uh, minister, the prime minister did criticize
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the former prime minister for too much government spending. And he had, you know,
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got food prices were extremely high, 30% higher, uh, during the election campaign than they were five,
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five years prior. There were no promises made about $11 billion of additional spending. I am not in
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any way taking away from the very, very specific need as you outline it of Canadians. I know it,
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I hear it every day as well, but this is not exactly what you promised to do during the campaign.
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Add 11 billion extra dollars to a deficit. Was it?
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Uh, look, this is obviously very awkward. I've, I've grown to really love Vashti Capellas and she's
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right. This was supposed to be like the fiscally responsible government. And we're currently running
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the second biggest deficit in Canadian history since 2020 or including 2020. It's the biggest
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if you don't include 2020, where you're paying a bunch of lockdown of paying people to like stay
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at home and not work. And even this budget, the deficit's pretty close to 2020s. Like we could
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potentially surpass it with a couple of more big ticket promises like, like, uh, Carney has been
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making. And Steve McKinnon is now going to have to flop around like a fish out of water here to justify
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how, you know, we're going to be fiscally responsible and cut down on wasteful spending
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and invest more and spend less that that's some, this is somehow an investment cutting
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checks to people. It's not an investment. You know, if you lowered taxes and your deficit
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was partially made up from the shortfall you're going to experience, I could actually accept that.
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I am not an, I am not allergic to a deficit. If the desk, if the deficit represents money that you're
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just letting Canadians have back by lowering their taxes, cutting checks to people, yes, helps them.
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But only in the short run, because eventually it will cause inflation, make the economy worse.
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And those people's lives will start to get worse than, or will start to deteriorate further.
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And the checks will not cover the gap to which it's deteriorated further.
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What we were elected to do is to be sensitive to the needs of Canadians, many of whom feel anxiety
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because, uh, whether it's, uh, threatened trade measures, uh, or other things, or whether it's simply,
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um, uh, increased costs due to food inflation. We're here to help with that. Any responsible
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government must be here to help, uh, with those kinds of pressures. We have an existing mechanism,
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a tool already built into the tax system, uh, in the form of the GST rebate. It's easy to build upon.
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Um, and it's easy to justify in my view, uh, in a world where, uh, food inflation, uh, imported food
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particularly, um, has seen supply related shocks, uh, and which means that food has increased more than the
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overall CPI. Um, that is, uh, something that we've been giving a lot of thought to over the last few years.
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They're giving a lot of thought to that, by the way, in the UK, throughout Europe.
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Okay. Now he's gonna start blaming other jurisdictions. You know, other jurisdictions
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have also been as irresponsible as us. It's like, okay, well, I, I don't care about that.
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I care about what we're going to do and I, what the conservative party needs to do. And I said this
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in my last video, they need to frame this properly because there is a certain, like giving people
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money has a certain way of making those people vote for you. There's a reason why public sector
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employees overwhelmingly vote liberal and NDP. It's because they are the pro employing more people
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parties and employ, you know, pro keeping people employed, even if they're working fake government jobs,
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what the conservatives need to do with this GST rebate is frame it as the bare minimum. And it is,
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the liberals don't actually want to make your lives substantially better. They're just cutting you a
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check to make you leave them alone. That's it. They're doing the bare minimum to make you go and
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back and sit at the kids table again. So they can call talk to all their insider friends at the adults
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table. That is what the conservatives need to be doing. This is a bare minimum plan in order to make
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Canadians leave Mark Carney alone so he can do the things he's more interested in doing.
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Anyways, that should be it for this video guys. Oh my goodness. It took me literally three hours to
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shoot this video. There's something wrong with my brain today where I could not make words come out
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of my face properly. And so I was restarting the recording like 50,000 times and I finally got to
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the end of it and I'm having a mini celebration. Well, the conservative party convention is going to be
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starting tomorrow in my city of Calgary. So I'll be doing that over the next few days. So if you don't
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see a video on one of these days, I probably just didn't have enough time in the morning to wake up
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and shoot something and know that I'm doing important things. I'm actually bringing Dallas Brody
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to the convention, the leader of the 1BC party. And we're going to be able to go around and interact
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with federal counterparts and talk about places where we can overlap on in terms of our policy and work
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together. But with all that being said, thank you guys for watching, like, share, subscribe, and I