The National Telegraph - Wyatt Claypool - September 26, 2025


＂Shocking＂ PBO calls out Mark Carney Liberals wasteful spending!

Topics
public debt and fiscal outlook fiscal path guns and crime gun crime
Hosted by
Wyatt Claypool
Mentioned
Gary Amasangari Mark Carney Jeremy Patser Jakari Jackson Justin Trudeau Doug Ford Loki Boki Bill C9 Speaker Gerger Vince
Liberals trying to undermine Danielle Smith in Alberta! (Poll analysis) CBC can't believe how much of LIAR Mark Carney is!

Episode Stats


Length

21 minutes

Words per minute

179.36

Word count

3,907

Sentence count

218

Harmful content

Misogyny

1

sentences flagged

Toxicity

16

sentences flagged

Hate speech

1

sentences flagged


Summary

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

In this episode, I talk about the PBO's report on Canada's fiscal situation, and why it's not good at all. I also talk about why we should be worried about deficits, and what it means for the average Canadian.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Hey guys, Wyatt Claypool here.
00:00:02.960 Like me, you probably also find it very annoying that no matter how bad Canada's economy gets,
00:00:09.540 there is always some liberal government official or minister willing to come out to say,
00:00:14.740 it's never been better.
00:00:16.320 They will find some obscure statistic, and if you're really squint at it,
00:00:21.380 you could kind of see that we're doing okay on that metric,
00:00:24.780 but they'll present it like we're setting records.
00:00:27.060 We have the best growth in the G7.
00:00:29.260 We are the happiest economy in the G20 or something like that. 0.99
00:00:34.040 Every week I hear some really stupid stat about how, 0.95
00:00:37.620 well, you know, Canada has the most livable cities based on this random survey, 0.95
00:00:41.900 so who cares that our per capita incomes going down consistently quarter after quarter?
00:00:47.720 And this is why I find this clip from a financial committee meeting so great.
00:00:53.280 The interim parliamentary budget officer showed up and called Mark Carney spending
00:00:58.800 stupefying and shocking.
00:01:01.580 The PBO is effectively a watchdog position that tries to keep the government within some fiscal guardrails,
00:01:09.160 and because they're not tied to any party and they're supposed to be very nonpartisan,
00:01:12.620 tends to be someone who's very technical when it comes to finances,
00:01:16.080 they will just tell you straight out how bad things are.
00:01:18.980 The previous guy was quite good, and this guy seems even better.
00:01:23.240 So I want to play this clip for you guys in just a second.
00:01:26.800 This is an answer to a question that conservative MP, I believe Jeremy Patser, is asking.
00:01:33.420 And then we will get to a clip afterwards where a liberal MP tried to do the annoying thing I was talking about at the start.
00:01:39.380 Well, aren't we doing really well in growth in the G7?
00:01:43.420 And it gets shut down because, no, you cannot cite something like raw GDP growth as some symbol of how healthy our economy is
00:01:51.760 when every other stat that actually gets down to how individuals are doing sucks.
00:01:57.780 But anyways, before we get into it, guys, I just want to remind you that if you like this show,
00:02:02.500 make sure to like the video, subscribe to the channel.
00:02:04.620 If you are not yet a subscriber, I'm trying to hit 100,000 subscribers by mid-December of this year.
00:02:11.460 We are almost at 80,000, so I encourage you guys, if you're not a subscriber, please subscribe to the channel.
00:02:17.660 And then also comment on what you think about all this.
00:02:20.660 It helps us on the algorithm, and I do like to scroll through and see what people are saying.
00:02:25.260 But without further ado, here is a fantastic clip.
00:02:29.260 The public debt charges is $53.6 billion, and that projection is going to increase in 2030 to $82.4 billion.
00:02:41.140 Is that sustainable?
00:02:43.560 And so this is not the PBO interim that they cut to first, but what Patser there is referencing,
00:02:50.100 or Patser, I can never say people's last names right, you know, Patser, there we go.
00:02:56.340 What he's citing is even just the own government's projections on how big deficits are going to be over the next five years.
00:03:04.640 And even then, he's being generous because at the moment, we are supposed to be,
00:03:09.280 we're already like $50, $60 billion in a deficit in this year.
00:03:13.960 But by the end of the year, it could be that $93 billion number.
00:03:18.860 And so even based on the government's own stats, it's not a very good look that we're still going to be running deficits into the high tens of billions a year.
00:03:28.960 I'll let this clip play on.
00:03:30.520 Three dollars spent on debt is a dollar that is not spent elsewhere.
00:03:35.880 Again, how alarming is that for the average Canadian, for the taxpayer, because there is only one taxpayer, right?
00:03:41.320 It should be very alarming, right?
00:03:43.960 These are, I don't know, I think I used the words in French, which the translators probably got really well, like, stupefying, shocking, right?
00:03:54.180 This is not, it's not a, it's not a, it's not a, it's not a funny fiscal outlook.
00:04:02.600 It's, it's a really serious fiscal outlook.
00:04:06.200 It's, and we don't lightly use the word unsustainable, right?
00:04:11.320 Unsustainable means that you don't have the option of saying, maybe I'll wait a couple of years, I'll see how things go.
00:04:20.700 It means if you don't change, this is done, right?
00:04:25.420 So it's, it's very, it's very serious.
00:04:29.880 I think we can all like that guy.
00:04:31.580 I like just how frank he is.
00:04:33.000 And I wish there were way more people working in government who could just tell you what they actually think in language that's appropriate.
00:04:40.300 And when I say language that's appropriate, I mean, you know, with a certain amount of intensity, not kind of, you know, fiddling around the edges and being like, well, you know, it's not ideal.
00:04:51.740 You know, maybe in the future, if we were, if we had some restraint, things would be better.
00:04:56.840 Like, just tell me how bad things are now.
00:04:58.840 And if we don't change, how bad will things get?
00:05:01.620 And so Jason Jacques, fantastic PBO interim, a budget officer.
00:05:07.760 I'd love for him to stick around because that guy's pretty great.
00:05:11.040 And to highlight how great he is, here is a liberal MP trying to do a follow-up with Jason Jacques and just getting shut down.
00:05:17.460 And obviously you project, so we're on a good fiscal path for a.
00:05:24.720 Yes, yes, Vince, please rephrase that before you get smacked.
00:05:28.220 We're on a better fiscal path than some of our G7 colleagues.
00:05:32.600 And you project our deficit staying under 2% of GDP and debt holding near the low 40% range.
00:05:39.580 Would you agree that these kinds of thresholds are really in practice fiscal anchors that signal some discipline?
00:05:53.400 I would go back to one of the comments I made at the outset that, like, the most important word in the release this morning was unsustainable.
00:06:04.700 So, we, like, it, I don't know, we didn't.
00:06:08.620 I, like, I love this. 1.00
00:06:10.540 Like, he's kind of realizing there's kind of like a decorum here and he can't just haul off and call him an idiot. 0.97
00:06:15.300 But it's like, you know, we're keeping the deficits under 2% or whatever. 0.97
00:06:20.340 It's like, okay, it's still $80 billion.
00:06:23.980 The thing is, it's still debt that you then have to service.
00:06:26.880 So, then, yeah, your deficit's only 2%, but what's your debt servicing cost becoming when there's always 2% of spending is deficit spending?
00:06:37.100 We didn't choose it carelessly.
00:06:39.980 I've been in the office for 17 years.
00:06:42.500 I was working in the federal government putting together budgets for 10 years prior to that.
00:06:46.980 You got to, like, you choose these words of prudence and care.
00:06:50.260 And certainly, we don't want to be alarmist.
00:06:53.960 And at the same time, like, it, like, the current path we're on in terms of federal debt as a share of the economy is unsustainable.
00:07:00.540 Yeah, and the thing is that they can say all day long, well, you know, there's more debt per capita.
00:07:09.940 There's more federal debt in the United States.
00:07:12.420 There's more federal debt in Japan.
00:07:14.700 But the thing is that those are more highly functioning economies than Canada is.
00:07:19.240 Yeah, you can have, your stats can technically be better.
00:07:23.080 If we really squint and we say, well, you know, we have less federal debt than America does.
00:07:29.140 Okay, but America has economic power. 1.00
00:07:32.000 Canada is kind of just kind of plodding along and hoping that we don't collapse.
00:07:37.200 The thing is that it's not just saying that we are carrying less percentage of weight of our economy in debt.
00:07:42.900 It doesn't mean that we can carry it the same way that America can carry even more debt than we can.
00:07:50.360 It's, it's, my goodness.
00:07:51.880 And the thing is, again, we have Mark Carney as our prime minister.
00:07:55.620 You know, the guy who was supposed to be like the fiscal hawk, you know, he's the liberal that you can put some trust into because, you know, he understands economics.
00:08:04.480 He understands how things work.
00:08:06.140 He's the man to lead us through a crisis.
00:08:07.460 He was the, dang it, he was the governor of the Bank of Canada and the Bank of England, worked at Goldman Sachs, worked at, you know, Brookfield Asset Management.
00:08:15.720 And every time I think of Brookfield Asset Management, I'm like, well, you mean the, you mean the company that basically mostly only invests in subsidy industries, you know, doesn't actually know how to, you know, invest in good industries that are just profitable because they're just, you know, genuinely are providing products on the market that people want.
00:08:33.400 You know, Brookfield Asset Management makes all its money in like green tech and, you know, battery, like battery plants and wind farms and stuff like that.
00:08:42.760 Yes, they do invest in other things, but like so much of their portfolio is stuff that only is profitable while the government is throwing grants and tax subsidies and whatnot to it that you don't need to give to the oil and gas industry at all.
00:08:56.640 And you always get the liberals out there being like, no, actually the oil and gas industry gets the most subsidies every year.
00:09:02.240 No, they're not subsidies.
00:09:03.700 They often, they sometimes on large projects will get loans at lower interest rates by the government because it's a massive project.
00:09:11.120 They still have to pay it back or they get a tax deferment for a couple of years later.
00:09:16.060 But the thing is, they're still paying the exact same amount of taxes in the long run.
00:09:19.740 I'll call it a subsidy is the dumbest thing ever considering these same people who then like look at a chart and like, oh, wow, a green tech sector, the green energy sector is doing so well.
00:09:30.320 Look at this bar chart. 0.86
00:09:31.480 And then you pull out like the subsidy bar chart.
00:09:33.960 So like the growth in the industry and then the growth in subsidies are like basically the same chart.
00:09:39.580 The green energy industry is only growing off of the back of, you know, Mark Carney and Justin Trudeau and moronic premiers like Doug Ford just dumping money into EV plants and battery plants and wind and solar farms. 0.99
00:09:53.740 It's so foolish. 0.94
00:09:55.640 But now I want to jump over to Gary Amasangari, guys. 0.95
00:09:59.660 We got to check in on old Gerger here because he's he's having a bad week, you know, after being secretly taped, admitting that the gun buyback scheme is a scam and that it's not going to work and that we should just be arresting criminals.
00:10:13.820 And that he would even he was talking to his tenant on the tape and he even offered that, hey, if you don't want to hand in your guns and you get prosecuted, I'll pay, you know, I'll help you pay your legal bills.
00:10:24.580 But here's him on power and politics trying to justify himself in the aftermath of a truly terrible week by the standards of any minister.
00:10:34.060 I want to ask you about firearms and firearm crime, because really, when you look at some of the statistics from police, it suggests that most of the guns used in the commission of a crime in this country don't come from legal firearms owners in this country.
00:10:46.860 They come from the United States.
00:10:48.640 I was looking at some of the data.
00:10:49.940 The Toronto Police Service very helpfully supplied some.
00:10:52.440 Ninety percent of the guns that they take off the streets as part of a sweep when it comes to a crime come from the United States.
00:10:59.780 Illegal firearms from the Americans.
00:11:02.200 Why crack down on legal firearms owners who arguably go through very stringent requirements to get a license and then have to follow a bunch of paperwork and regulations and what have you?
00:11:11.620 Why go after them and not pour the seven hundred and forty two million dollars you've allocated for this gun buyback program into beefing up the things that are happening at the border to stop what is really the main source of crime guns in this country?
00:11:26.800 And that's that's a great question for some reason, always like the fill in hosts on the CBC are better than the main hosts.
00:11:33.140 But like we haven't even hired a single new cop.
00:11:36.100 They want to put a thousand new border agents or police officers along the border and they have not hired one.
00:11:42.180 They then say, well, it's not just the cops.
00:11:44.100 We're also going to get drones.
00:11:45.020 It's like, well, have you got any drones?
00:11:47.180 Well, no, we're going to get them.
00:11:48.320 It's like, guys, it's been months again.
00:11:51.940 Big national projects by other countries are finished in half the time it takes the liberal government to put out a press release.
00:11:58.360 But sorry, I'm cutting off Mr.
00:12:00.300 I'm a song here.
00:12:01.420 Here's his answer to that.
00:12:03.400 Very well put question.
00:12:04.660 JP, I've outlined the other efforts we're making on on firearms, including additional resources at the border, additional RCMP, CBSA officers, the changes we're making to.
00:12:16.320 Is it public money well spent?
00:12:18.660 You know, obviously, we're in a finite budget situation.
00:12:21.680 You're about to cut across the board some 15 percent if the prime minister gets his way.
00:12:26.860 $742 million that is going to be spent on this buyback program.
00:12:29.980 Couldn't you deploy that to other areas, including cracking down on where the guns are actually coming from, where these crime guns are sourced, the United States?
00:12:38.600 Like, I think in this era where money is tight, does it make sense to expend this sort of money in police people who are not largely responsible for the gun crimes that we're seeing?
00:12:48.400 Yeah, so that didn't go so well for Gary Amasangari.
00:12:53.020 I can assure you, if it cut back to him giving another answer, it was basically reiterating, oh, no, we're still doing all the right things.
00:13:00.980 You know, you just got to be patient.
00:13:03.240 Now, we just need to also care about, you know, getting guns off our, and just repeating garbage where not only has he admitted it's all wrong, but just everyone's basic common sense tells them, if you want less crime, arrest criminals.
00:13:15.100 I know it's simplistic, oh, we got to get to the root causes of crime.
00:13:19.260 The root causes of crime are criminals.
00:13:22.540 If you just lock up the criminals, they will not commit crime.
00:13:26.380 I know there's always more criminals out there.
00:13:28.160 There's always people starting their life of crime.
00:13:30.280 But the whole point is, it's politically incorrect to say mass incarceration works.
00:13:36.620 Whenever people criticize incarcerating criminals and giving them harsh sentences, they'll be like, well, recidivism can still remain quite high.
00:13:43.920 It's sometimes people don't get rehabilitated.
00:13:46.940 Okay, if you leave prison and you commit another crime, I'll lock you up for twice as long.
00:13:50.680 How about that?
00:13:51.820 What do we owe these people that they get to, like, eventually open the cupcake shop that they've always wanted to as a kid rather than mugging old women on the street?
00:14:00.200 I'm pretty sure we should just, you know, lock them up harder.
00:14:02.900 I don't care that they have dweems and aspirations.
00:14:06.060 Just lock them up if they're committing crimes.
00:14:07.980 What is this?
00:14:08.720 Like, it's just, you know, don't do the crime if you can't do the time.
00:14:12.240 I like that philosophy on criminal justice.
00:14:19.280 Why was I not being able to get that word out there?
00:14:21.680 But here's a great clip from Kyle Seaback, also going after the gun buyback scheme.
00:14:27.020 I think this is a great distillation of just, you know, just all of the elements of how this has become embarrassing for Gary Amasangari and the liberal government.
00:14:35.680 In the public, he supports it, but in private, he calls it a politically motivated scam that won't work.
00:14:40.960 Talking out of both sides of your mouth should be a fireable offence, but it's worse.
00:14:44.600 His job is to keep Canadians safe.
00:14:46.500 Gun crime's up 130%, so he's failed, and he's pushing forward with a program he says won't actually work.
00:14:54.520 What will it take for the Prime Minister to fire this minister?
00:14:57.720 Mr. Speaker, in order to have a serious conversation about crime, we need to have a serious conversation about guns, Madam Speaker.
00:15:08.020 We brought forward, as of this week, launched a program in Cape Breton where we are compensating lawful gun owners who are willing to forego their AR-15 and other harmful weapons, Madam Speaker.
00:15:21.700 In addition to that, we're securing the border with $1.3 billion in investments.
00:15:28.140 They've spent money, but they've not actually hired any cops yet.
00:15:30.880 That's kind of the problem.
00:15:32.340 I hate this rhetoric.
00:15:34.340 We want to have a conversation.
00:15:36.540 We want to have a dialogue.
00:15:38.140 We have a dialogue, guys.
00:15:39.860 Can we sit down and talk?
00:15:41.480 We just want to talk.
00:15:43.380 I don't know.
00:15:43.820 I just go into a lazy, like, mumble-mouthed voice whenever I want to, like, portray how much this annoys me.
00:15:49.980 Guys, can we just sit down and discuss things?
00:15:53.400 We want to have a serious conversation about guns.
00:15:56.240 You're in government.
00:15:57.260 You're just supposed to have good policy.
00:15:59.180 Like, what is this? 0.98
00:15:59.920 Oh, yeah, we did something stupid, but it was to strike up a conversation. 0.91
00:16:03.580 We have Bill C2 right in front of the House, Madam Speaker, that the party office, if it's serious about gun crime, can support and pass through the House, Madam Speaker. 0.96
00:16:12.600 We are looking for...
00:16:13.780 Remember, we're Dufferin-Caladin.
00:16:16.060 Let's have a serious conversation about gun crime.
00:16:18.880 The Toronto Police Association says 90% of guns used in gun crimes are illegal crimes, are illegal guns.
00:16:26.180 Are they going after that?
00:16:27.440 No.
00:16:28.000 They've come up with this $750 million politically motivated scam.
00:16:33.260 Not my words, the public safety minister's words.
00:16:36.020 And you know what else he said?
00:16:37.260 Don't ask me to explain the logic of it.
00:16:40.020 So if we're going to have a real conversation, why aren't they going after the criminals, the 90% of illegal guns that are making our communities unsafe?
00:16:47.940 His job is to make our communities safe.
00:16:50.260 He's failing, and he's admitted it's a scam.
00:16:52.480 Why won't...
00:16:52.860 Honourable leader of the government in the House.
00:16:57.940 Here's what's clear, Madam Speaker.
00:17:00.720 Bailing out Gary.
00:17:01.740 What is clear is that on this side of the House, we will put in place meaningful, meaningful measures to make sure that assault rifles are not available to the people who have perpetrated mass killings and tragedies in this country.
00:17:17.640 That is what Canadians want.
00:17:19.320 That is what Canadians ask for. 1.00
00:17:20.840 That is what the Liberal Party has always stood for.
00:17:24.140 The mass killings have been done with illegal guns.
00:17:27.700 Like, what is he talking about?
00:17:29.040 Like, as if they're being provided to mass killers.
00:17:31.640 The mass killers don't go for legally owned, like, legally, uh, legal weapons.
00:17:36.740 Because oftentimes they couldn't pass a background check, and they're the type of people who don't really follow the law, as you may have gotten the impression from, you know, from them committing massive acts of violence.
00:17:48.320 What the Conservative Party has always stood for is making these arms available across the country and doing nothing to ban them.
00:17:56.680 Hunters tell us they don't need them to take down a deer.
00:18:01.200 Huh.
00:18:02.700 Hunters have told us they don't need those weapons to take down a deer.
00:18:05.460 Well, okay, I'm not sure if all guns should only be available based on what can take down a deer.
00:18:10.600 And based on that logic, they'd have to get rid of a lot of firearms off of their ban list.
00:18:15.200 But, again, their arguments are purely arbitrary because their law is arbitrary, and they're probably going to have to kill this law eventually in a similarly arbitrary fashion because they don't like the political blowback.
00:18:28.660 This has been a, like, a mess of their own making. 1.00
00:18:32.680 It was a stupid policy that they've marketed in a stupid way. 0.99
00:18:35.800 And then Gary Amasangari did the one honest thing by telling his tenant what he really thinks about the law, and now he's regretting it because people know what he actually thinks now. 1.00
00:18:43.720 But, you know, that's just how politics works sometimes.
00:18:48.080 Anyways, that should be it for me today, guys.
00:18:50.920 I do just want to quickly make a plug for if you live on Vancouver Island, we have a 1BC event taking place tomorrow in Mill Bay.
00:19:00.160 Hopefully you can show up to that.
00:19:01.260 I won't be able to be there.
00:19:02.320 I just cannot possibly be all over the place all at once.
00:19:04.960 And then we actually had yesterday, I made a video, I felt embarrassed because, you know, you put out a video, you say something that turns out not to be true four hours later.
00:19:14.540 This isn't like a correction, like I spread misinformation.
00:19:17.840 But in Penticton, we had our 1BC event at the trade, like the Penticton Trade Conference Center or whatever.
00:19:24.920 It got shut down by, like, you know, all these left-wing activists saying that we're racist, we're phobic, we're ist, we're whatever.
00:19:33.260 Obvious nonsense, but all these people who, you know, work at a publicly funded conference center are looking for an excuse to not allow a party like 1BC to show up because they don't work on a profit motive.
00:19:43.880 And so they told us that we were no longer allowed to be there because we don't have the right values.
00:19:49.140 And then the Art Up studio in town was going to let us have our event there.
00:19:54.160 And they even leaked all the messages from these left-wing activists, this person named Loki Boki, trying to shut down our event.
00:20:01.820 And it demonstrated that the person's just going around smearing us to people and trying to, like, threaten protests and whatnot and attacking the businesses.
00:20:09.040 Art Up was going to do the event, but from threats and pressure, now they don't want to do any more.
00:20:15.120 And they definitely want to do.
00:20:16.500 It wasn't like, you know, they suddenly now believe we're bad people.
00:20:20.020 It's like, well, if you have people wanting to protest your store and potentially try and tell your customer base no longer to show up for having the audacity to have a conservative party do an event there,
00:20:31.080 I can see why they maybe had to kind of pull out.
00:20:33.440 So we are trying to find a different location for Penticton.
00:20:36.040 And I think if you still sign up at the link on our website for Penticton, we will let you know where that event is going to be at.
00:20:42.960 And then also, if you live in Calgary, guys, if you live in Calgary, please get yourself a Sonia Sharp Vermeer sign.
00:20:48.940 She is the only conservative candidate in the race who can actually win.
00:20:53.180 And I think from the videos I've been doing, we've placed, the channel has placed about around 500 signs around the city.
00:21:01.520 So we've been doing our part here.
00:21:04.020 So make sure to do yours if you live in Calgary and put a lawn sign on your property or even go pick up a lawn sign at their HQ and put it in your window if you live in an apartment.
00:21:13.000 But anyways, with that all being said, I will see you guys all later.
00:21:17.020 I will see you guys all later.