True Patriot Love - October 29, 2026


[Best of TPL] Carney’s Budget： What Will It Mean for Your Wallet？

Did the Bank of Canada Just Make a Costly Mistake？ ft. Moshe Lander

Episode Stats


Length

10 minutes

Words per minute

176.69

Word count

1,810

Sentence count

—

Harmful content

Misogyny

1

sentences flagged

Toxicity

1

sentences flagged


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 .
00:00:00.000 okay what people across Ontario still recovering from the recent municipal election all of a sudden
00:00:10.440 people in Ontario the rest of Canada have to get ready because Thursday November 5th we have
00:00:15.240 another budget coming down for Mark Carney and the federal government and Paul McCoochie this
00:00:19.560 could be very interesting for a lot of Canadians over the next few years yeah Jim well you know
00:00:24.600 interesting stuff because on the heels of this budget pierre paulia and i know you're gonna
00:00:33.080 you're gonna give me a hard time i didn't say anything i'm gonna roll i'm gonna roll but pierre
00:00:37.240 paulia came out and he said we need a committee hearing so he said i need i'm gonna put a motion
00:00:46.200 forward for the finance committee for the prime minister to show up at the finance committee
00:00:51.880 to talk about debt and interest expense now and he put the motion forward so he put the motion on
00:00:59.560 the floor the motion failed of course so of course but it actually failed this is the interesting
00:01:04.360 thing uh it failed 50 153 in favor 165 against so only seven votes or 12 votes yeah that's pretty
00:01:14.880 close pretty close pretty close for the way so there are a lot of people in favor of doing this
00:01:20.580 and for a lot of good reasons so and that'd be people in the ndp and the block quebecois yes
00:01:26.240 well okay real quick he's forming a faction so is this remember and i'm gonna i'm gonna back up
00:01:32.680 for a minute to last year so um for our viewers just a couple things that have changed over the
00:01:38.360 last little while so so we're all talking so they don't think we're we're being crazy when we're
00:01:43.660 talking here but you know we used to do budgets in march april and that's changed to november now
00:01:49.720 so now the prime minister carney moved it to the fall yeah to november and uh he actually
00:01:56.440 switched the accounting system with which we account our budgets also so he switched it to
00:02:01.320 a capital operating structure so just like you would almost a normal company you know you allocate
00:02:07.480 some of your expenses to cat expenditures to capital and some to operating costs you accrue
00:02:13.160 them so you know the capital so if you spend let's call it airplanes in defense correct if you buy a
00:02:19.320 billion dollars of them you accrue them or amortize them over 25 years correct yeah that's
00:02:27.240 a reasonable yeah yeah so so now you you're seeing you have two different things so when they're
00:02:32.040 talking now about operating budgets they're talking about payroll they're talking about
00:02:37.960 maintenance they're talking about those type of things when they're talking about capital budgets
00:02:42.280 they're talking about expenditures that have a useful life over a number of years so so that's
00:02:50.040 what we're hearing and it's interesting now you had an interesting theory coming into the show and
00:02:54.840 i really wanted to dissect that for a minute because i'm going to spend a little bit of time
00:02:58.920 um on the parliamentary budget officers report that came out in october annette ryan she's uh 0.98
00:03:06.280 shout out to her talk about a smart woman yeah oh yeah amazing road scholar oxford well in the
00:03:13.560 reports you're reading right now that the the pbo is putting out from the federal government is
00:03:18.280 really good stuff so it's very interesting well written um and and very balanced so she's she's
00:03:24.840 doing a good job of putting both sides on the table and also making comments of what she thinks are
00:03:30.120 are some challenges. A very quick favor before we continue. A large percentage of you who watch or
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00:03:42.580 find value there, if these discussions make you think, if you want our uncensored debates, deeper
00:03:49.260 dives, and extended sit-downs, head over to tplmedia.ca and subscribe there directly. It takes
00:03:56.080 just five seconds cost nothing keeps you informed so thank you now back to the show but my theory
00:04:03.520 paul is look at the two days before the budget drops the u.s midterms are taking place which
00:04:10.480 could be an historic midterm for american politics and what it would mean to the republicans in the
00:04:15.520 house and the senate and for the presidency of donald trump and how their economy plays out in
00:04:21.520 the last two years of his presidency so i really believe this and then this morning we have tiff
00:04:27.040 macklin raise the interest rates for the first time in three years and then said we're likely
00:04:32.000 gonna do it again so not only did he raise it to 2.5 it will go up again and he's warning us
00:04:39.040 so i honestly believe that the champagne and carney and his staff have three budgets ready
00:04:45.440 the vanilla budget the the republicans were devastated right budget and the the half in
00:04:53.680 between budget and i honestly believe that that their their narrative about the budget and their
00:04:59.280 strategy and how they think about it based on the republicans being crushed in the midterms
00:05:04.720 might change how they set up the budget because they could point to look this is what's happening 0.97
00:05:09.760 in america uh this is what we don't have as much of a threat from this because he's a lame duck
00:05:15.040 president now and they're already throwing stories floating around this weekend kind of like
00:05:20.280 inserting into the media about hey let's get back together and talk about trade which after we
00:05:24.880 haven't heard anything for weeks all of a sudden this weekend days before the midterms we're
00:05:28.660 starting to see stories come out about let's talk trade again with canada so i really think the
00:05:33.120 republicans are running a little scared they've seen the numbers nate silver and all the experts
00:05:37.960 have broken down the numbers they're frightening for any real serious republican and i think
00:05:43.080 Philippe Champagne and the Francois Philippe Champagne excuse me and Mark Carney have got
00:05:47.940 budget A and budget B ready to be released on budget day in the fifth I think he has time to
00:05:54.220 pivot yes I think he does they've already released a bunch of their numbers out so when we took a
00:06:00.640 look getting ready for this show we were following the PBO's report so quite frankly the October 20th
00:06:06.440 report they put out because it had some interesting insights and we had kind of picked up on as I
00:06:12.060 mentioned starting the show that Pierre Polyev was asking for this committee hearing because
00:06:16.160 the debt and the capital expenses were getting out of control so so just real quick the numbers
00:06:22.220 from the PBO report just so you think he's not just talking out of his side of his mouth
00:06:26.320 yeah he they say the PBO the five-year cumulative deficit will be 333 billion dollars with the
00:06:36.380 public debt charges the fastest growing expense in government so this is a legit concern this is not
00:06:42.740 poly of grandstanding and doing some uh you know you know elect elect hearing for the conservatives
00:06:48.920 this is actually dollars and cents it's black and white in the report that is a legit concern that
00:06:54.820 needs to be talked about by all levels of government well yes it does Jim and as I mentioned
00:07:00.320 before because of the change in the accounting and the reporting the narrative has changed so
00:07:07.840 when i again you know the pr i always take my hat off to the again the the pr machine that the
00:07:13.600 liberals have and they do a really good job at getting the message out on what they want to talk
00:07:17.600 about and they've come out and they said listen by next year we're gonna we're gonna balance the
00:07:21.760 operating budget and that was the quote from mark carney just in september like two months ago right
00:07:27.280 which the pbo she's saying uh mrs ryan she's saying basically it's not going to happen on
00:07:35.280 the time frame he wants so it's going to she believes it's going to be delayed unless there's
00:07:39.520 a massive hike in gas prices which it's interesting so and i'm we're going to be
00:07:44.400 doing a show with moshe lander later uh from concordia the university oh fantastic yeah i
00:07:49.120 love that guy um brilliant on the interest rate hike yes the interest rate right hike is coming
00:07:55.120 primarily or the reason used by tiff macklin is that the interest rate hike is based on energy
00:08:02.000 cost increases gas and oil increases so it's which i don't agree with and on that show i think a lot
00:08:08.320 of the canadians don't agree well i don't agree with it for a number of reasons because you're
00:08:12.240 using domestic policy interest rate changes to fight foreign policy and you're or then using
00:08:18.400 foreign as an excuse to do for what you do domestically yes so so you're you have stagnating
00:08:23.600 a stagnating economy with labor and with every with gdp and all the things going on but you're
00:08:29.920 actually moving in the other direction so i i do think it has consequences so i'll come back to that
00:08:35.040 but you know um i thought it was very interesting again your your point jim on the the capital debt
00:08:42.560 charges now you know and that is actually um we're going to rise so our borrowing in the country is
00:08:50.960 going to rise as you mentioned to 732 billion dollars that's staggering which has as you
00:08:57.920 mentioned 83 billion by 2030 has an 83 billion dollar interest charge so so every man woman
00:09:07.120 and child in the country is paying x amount of dollars every every year for just to service the
00:09:12.480 deck correct our per capita federal debt so that's per person in the country is going to go from
00:09:19.200 what was in 2022 29 000 went up to this year 33 000 and will cap out in 2030 at 40 000 ouch just
00:09:30.800 under 40 000. so you know that that is a big big nut and that was what pierre paulia so pierre
00:09:38.320 paulia isn't wrong and asking for that to be examined because he's saying when carney got
00:09:44.240 into office one of his promises was that he would work on getting the gdp to debt ratios under
00:09:51.600 control or debt to gd yes he did so he wanted to get that it's not happening i hope you enjoyed
00:09:56.800 this excerpt from paul micucci's first in a series of four on the federal budget it's behind our
00:10:02.880 paywall but i'll tell you what if you go to tplmedia.ca right now you can sign up for 30 days
00:10:08.480 for free to check out what's behind the paywall and get the entire series as a trial on us. Thanks.