True Patriot Love - Is Canada Spending Its Way Into Trouble？ - Spring Update

00:00:00.000 we anticipate keeping spending at this click for at least five years which you know i know

00:00:07.120 we always want to say okay we're better than the g7 but we're also a smaller country in some

00:00:13.280 respect and a lot of those countries so quite frankly why are we spending at such a high click

00:00:18.320 and we we have to get that down faster we have to get our productivity up

00:00:22.000 all right thanks for being there this is tpl media i'm mike wixon today i'm joined by paul

00:00:30.960 micucci and uh end of last week prime minister carney released a spring budget update and to

00:00:37.920 talk more about that and to see what's really in there in this massive document as you can see

00:00:45.280 paul has done his homework uh is the update to that original budget of course on tuesday we got

00:00:51.680 an announcement that it was going to be amazing savings in this budget 11 billion mike so he saved

00:00:58.160 11 billion so he wanted originally they told us in the spring uh budget that we were going to see

00:01:03.760 a 78 billion dollar deficit uh he came in at 67. we'll touch on why a little bit later on in the

00:01:10.880 show but if you don't mind paul let's establish where we were in the last budget give me some of

00:01:15.680 of the salient points we were sort of uh watching over in the last budget well you know it was

00:01:22.300 interesting because you know he announced that we were going to be hitting deficits uh in the

00:01:27.780 60 billion dollar range for the next five years so that was the key thing to just we were kind of

00:01:33.360 being preconditioned to let us know that deficits weren't necessarily going to go down we were going

00:01:39.440 to see them for the near future but he was going to invest right so that was the capital investment

00:01:45.540 investing in canada elbows up strong canada all that good stuff they do a really good job at the

00:01:51.380 pr work they do on this budget the honestly the packaging of this budget and how they tell it

00:01:57.220 like a story is beautiful it's really well done yeah it is really well done that the group does

00:02:01.860 a nice job on that which budgets always haven't been this beautiful but they are well well put

00:02:06.020 together i that's why the the high consulting costs i assume i would assume yeah the way they

00:02:12.420 package it but this is terrible news i need you to package it up beautifully but yeah but remember

00:02:17.940 you know we were talked we talked about major projects in the spring which are back in the

00:02:23.140 update yeah uh which they do fill us in that they're happening they did talk about house

00:02:27.940 affordability and affordability fund um which is still here and they're still trying to get it off

00:02:33.700 the ground they haven't really got it off the ground okay let's take a look at the fall budget

00:02:38.340 uh some of the salient points that we kind of harped on at the time right uh certainly one of

00:02:43.620 them was the the deficit yeah of course you know uh the prime minister came out and he said listen

00:02:49.860 the next five years uh deficits are going to be above 60 billion dollars so this isn't something

00:02:55.860 that you're better get used to because we're gonna have to spend our way out of this uh there's a lot

00:03:00.340 of reasons which we've talked about on previous shows productivity etc but he also came out and

00:03:05.300 said listen we're going to spend on house affordability so that's one we're going to spend on

00:03:10.420 capital projects you know these uh major projects list that we came up with and and so these are the

00:03:16.900 monies we're going to put into it and we're going to reinvest in some key strategic areas in canada

00:03:24.420 um he didn't in the fall talk as much about kuzma as he does in the update so now in the spring

00:03:31.220 update he talks a lot about the fracture between the united states and why we have to spend more

00:03:37.300 where we're going to spend it and he starts to talk more in the update about job retraining and

00:03:43.140 all those good things which we're going to talk about today but you know mike before i get into

00:03:47.380 it he does really emphasize and when they wrote the budget which they did a terrific job you know

00:03:53.140 marketing wise doing it they go through a whole laundry list which we're going to put in in this

00:03:59.140 podcast of things that the prime minister and the government's done since they got into office and

00:04:04.660 i just want to go through them quickly i won't dwell on all but it's a beautiful once again a

00:04:08.180 beautiful timeline it really is achievement right so march 20 uh 2025 the prime minister's sworn in

00:04:16.980 right away he cancels the capital gains increase so that's right away in march then speech from

00:04:23.860 the throne he announces details of the gst relief for first-time home buyers then june 9th a kip

00:04:31.140 commitment of over 9 billion to meet nato's target in 2025 so right away we're going to spend 9

00:04:36.900 billion he goes to the g7 he has a meeting in the 15th we have on the 16th the launch of the

00:04:46.580 canada strong pass okay and then on the 19th we have new measures to support the steel industry

00:04:52.420 So we put some new measures in place.

00:04:55.140 Then, basically, the passage of the One Canadian Economic Act.

00:05:00.160 So that passes on the 20th.

00:05:02.280 The new EU-Canada strategic partnership of the future with the European Union happens on June 23rd.

00:05:11.000 July 1st, the government delivers a middle-class tax cut.

00:05:15.680 And then July 16th, new measures to protect and strengthen Canada's steel industry.

00:05:22.420 yeah so that's up to july then he goes on and he has a laundry list of hiring rcmp going to mexico

00:05:30.660 and has partnerships a trip to indonesia to form an agreement with the partnership agreement

00:05:37.540 uh 25 billion to support workers and business impacted by u.s tariffs so all told so by the

00:05:44.420 time we get you know to christmas we're about a hundred billion in expenditures okay that was my

00:05:50.980 so we're spending money like like we're not fooling around we're committing money all over

00:05:56.020 then out coming out of christmas we have the canada groceries and essentials benefit

00:06:00.640 uh we have the launch of a 6.9 billion automotive strategy we have a launch of a six billion dollar

00:06:09.500 trade infrastructure strategy uh we have an agreement on environmental assessments

00:06:15.320 we have uh force of nature canada strategy to protect nature like there's a lot going on here

00:06:23.480 in a short period of time so he's had a busy year and then finally uh the 51 billion dollar

00:06:31.640 build community strong fund which we're going to talk about in here right so by the time we get to

00:06:37.000 march we're surpassing 114 billion in one year so you know 2025 to 2026 basically committed 100

00:06:47.240 billion 114 billion dollars out the door he has been really doling it out he's yeah doling it out

00:06:57.200 but here's the challenge right and here's uh this is a very interesting part right of what we're

00:07:03.140 seeing in the u.s and we're seeing in canada because this is kind of the thing that's coming

00:07:06.500 back a little bit on the u.s side because remember remember the president of the united states

00:07:12.660 remember he was sitting there signing all these orders executive order executive order executive

00:07:18.580 order the problem is there's a lag time of course everything has to get put into practice it has to

00:07:26.340 be i can policy created yeah i commit money to all these projects whether they're you know hiring a

00:07:33.300 thousand rcmp well these guys got to be hired so you have to get that done which is a huge task

00:07:39.620 then they have to be trained then they have to be outfitted before they even get deployed

00:07:44.420 there's a huge economic economic stimulus that has to go into place to get them into field yeah into

00:07:51.300 the field so and now talk about building something when you have these major projects you can go put

00:07:56.340 you know 50 million into a mind a mine but then quite frankly it'll take another year before

00:08:04.100 people even get the equipment get the equipment to the place get to the mine oh engineering is

00:08:09.940 usually at least a couple of years to understand what can be built there structurally exactly

00:08:15.940 now we we have this unemployment lag where we're seeing unemployment numbers bouncing around you

00:08:22.820 know all these uh you know they want to create new jobs but you're not seeing the correlation between

00:08:28.660 the spend and the jobs right now you're seeing a mismatch right you're seeing a very narrow focus

00:08:33.780 of spending but you're not seeing a huge impact right now now hopefully that'll catch up but right

00:08:40.100 now we don't see it at the moment it's all been committed but we have to wait for it all to

00:08:44.580 actually begin to happen exactly that's the problem paul's you get these commitments in place

00:08:51.700 and they extend beyond the term of the government to put them there in the first place

00:08:55.940 we spend all this money moving it along the next government comes in maybe it's a converse

00:09:01.380 government and they put a halt on it or whatever the case and we lose another we have another ev

00:09:08.180 disaster on our hands well pipelines right right you know look at the excel keystone pipeline saga

00:09:13.860 right we went through that for years now it's back on the table you know trump is now saying

00:09:18.580 the pipeline to wyoming they want to get going again we're kind of wavering a little we haven't

00:09:24.900 really said where we sit on it right now we're waiting for the kuzma negotiations to happen

00:09:30.420 but yeah that's a that's a case in point where government changes a whole program dies you know

00:09:36.020 acres and acres and miles and miles of pipeline sitting there shelled yeah yeah uh okay let's have

00:09:43.060 a quick look if you don't mind now he we got his report card right which he presents as uh

00:09:49.540 his self-evaluation is is admirable we know what he spent it's pretty significant so far

00:09:55.860 yeah but then the next thing he does in this budget really this update is compare us to the

00:10:00.020 rest of the world which is an interesting thing actually paul yeah we always do that right so we

00:10:05.700 always say where do we sit in the g7 which i always find it interesting because the g7 pretty

00:10:10.660 much for those of you you know the key members france the uk germany italy japan right and

00:10:17.780 they're pretty much a disaster a hot mess right it's it's very interesting how they've lowered

00:10:23.300 the g7 bar overall oh yeah well over the years it's it's you know it's a great brand i'm going

00:10:29.220 to throw this up and actually it's a great slide and it actually shows the net debt uh to gdp and

00:10:37.620 it's a ratio they do for the g7 and it's when you see it it says canada's net debt to gdp is

00:10:43.620 only 10.2 but then when you look at then when you look at the rest of the g7 look at the g7

00:10:49.700 it's a hot mess right with germany being coming second to us at 47 percent and then everyone else

00:10:57.700 is roughly a hundred percent or more so the uk the united states right so really like you know

00:11:04.420 they overspend you know they're like drunken sailors on the ship they're spending as much as

00:11:09.620 they can yeah and quite frankly so comparing ourselves this is not a good comparative right

00:11:14.740 and quite frankly i'd love to actually take some of these graphics and show the our us cohorts and

00:11:20.740 our uk cohorts and say is this really indicative of what's going on in your country i wonder that

00:11:25.860 yeah it feels it feels slightly well don't forget it's it's uh contextual yeah it's up against the

00:11:34.020 g7 yes right so exactly so we're doing better than countries that basically spend a hundred

00:11:40.260 percent of their gdp on debt and there's a huge divide of course between us and them doing that

00:11:45.780 but it just shows you that places like the you are really struggling right now right yeah well

00:11:52.340 we don't even we can't even imagine how unproductive they're but when it comes to

00:11:56.820 productivity the productivity factors they're more productive than us we're just blessed with the

00:12:02.580 resources that they don't have so they're countries that have more innovation more technology okay

00:12:09.700 which is interesting because he's saying now so this is the prime minister is coming out and he's

00:12:14.180 saying the in the investment flows per capita are now surpassing the u.s

00:12:23.460 so what should happen now this is interesting and this is in u.s dollars so he's saying

00:12:29.060 you know i went out i met with a bunch of countries a bunch of countries are starting

00:12:32.740 to invest in canada the direct investments so we should start to see the productivity increase in

00:12:39.300 the country now i hope he's right i do too again that's the lag we're starting to see we haven't

00:12:45.380 seen that now they are they are saying that that's happening and but we did see this remember this is

00:12:51.140 kind of the i hate to draw the analogy this is a little bit of the the president united states

00:12:56.420 staying on the podium saying i've signed up uh you know this company to build this plant i've

00:13:01.940 signed up this person to come here it just doesn't happen overnight right it has takes time so he's

00:13:07.780 saying that he's locking in this investment in canada and that's going to happen that investment

00:13:13.380 has to go back to the shareholders of the companies that are managing those investments abroad

00:13:19.700 the stock market is up and down and all over the place based on the maneuvering in the world right

00:13:25.060 now that has to be done around a war tariffs and everybody trying to reset what they're doing in

00:13:30.100 trade uh we're in a position at the moment where even kind of addressing that seems like an

00:13:38.580 unrealistic thing to do you know what i mean like it's a wish list right yeah it feels like a wish

00:13:44.340 list because by the time it actually arrives as i say we're several years down the road it feels

00:13:49.380 yeah it is and it's quite frankly because right after that they they post the slide where basically

00:13:54.500 where our deficits going forward projected deficits uh you know 67 billion this year 65

00:14:02.900 62 58 so we see these deficits uh still being around the 60 billion mark so you ask yourself

00:14:11.860 why are we not seeing the returns sooner that's a great question right that that should be

00:14:17.940 diminishing i mean and it does but not to a degree that it's a slow boat right it's not

00:14:23.700 like this budget is conservative in any way he's really uh extrapolating a lot of profitability

00:14:30.820 and growth in the country to convince him that this budget is worthwhile yes so you expect that

00:14:38.340 it would be the deficit would be really coming down at some trajectory and it doesn't no no we

00:14:45.380 anticipate keeping spending at this click for at least five years which you know i know we always

00:14:52.740 want to say okay we're better than the g7 but we're also a smaller country in some respect in

00:14:59.060 a lot of those countries so quite frankly why are we spending at such a high click and we we have to

00:15:04.500 get that down faster we have to get our productivity up as we always talk about does productivity answer

00:15:09.300 that is that the solution oh yeah 100 yeah yeah well the cat you know what's what's keeping our

00:15:16.020 productivity down uh technology capital investment skilled workers all the things we don't have right

00:15:22.980 now we have to get those in place and we got to get producing things rather than selling raw

00:15:27.460 materials which we're going to talk about later on the show but we can't just go getting companies

00:15:32.260 to come in and buy all our natural resources it just won't work we're going to be shelled as a 1.00

00:15:37.380 country yeah we'll have jobs we'll have jobs but from companies that are owned by foreign workers 1.00

00:15:42.420 which you know on the bill we did last week where we talked about the wealth fund yeah it really is

00:15:49.700 a key issue for canada right now the wealth fund's a great idea if it's managed correctly

00:15:53.800 it has the right conditions and if we keep co-ownership with foreign companies in our

00:15:59.180 resources well it's interesting that you say that because we're just our team is researching a new

00:16:03.840 show upcoming this week about the 407 right and oh yeah you take a look at the billions and i mean

00:16:10.180 hundreds of billions of dollars of loss that we have taken on that nobody even talks about anymore

00:16:16.700 just on that one project so it's you hope that these investments are carefully selected that

00:16:23.260 they're actually the red tape is being pulled out of the way so that our resources can be

00:16:27.820 used utilized properly so that we can actually get to producing stuff like you say handing off

00:16:34.260 raw materials to the world is bargain basement yeah it is and and quite frankly the interesting

00:16:40.620 part of that show which i won't uh say too much about today but you know the announcement that

00:16:46.220 they're looking at selling airports oh my goodness you gotta be kidding me like you're really thinking

00:16:52.980 about that yeah like after the disaster of selling public assets and like i mean we not learned any

00:16:59.440 lesson and and not to mention but the the last guys that bought the 407 frankly owned a lot of

00:17:05.200 airports and they kind of knew what they were doing and uh they took advantage of us in that

00:17:10.400 that deal as well they did uh okay so let's take a look now we've compared ourselves to the rest of

00:17:15.040 the world uh anything we missed uh on on how braggadocious we became at that moment no no well

00:17:23.120 you know one of the things that came up which i thought was interesting he wants to work with the

00:17:27.680 crtc to actually lower mobile uh foam plants so that that was one thing that kind of popped out

00:17:34.560 we did talk about it in the uh fall budget but now in the spring we're actually starting to do

00:17:39.600 some comparisons which you know we all know we pay too much for cell service right way too much

00:17:44.720 and we took a look at you know plans in the us right now so for 100 gigabytes they're around 32

00:17:50.960 a month okay yeah um we are we're trying to attain 75 to 85 a month i was going to say i

00:17:59.600 think i'm in and around 100 a month for my cell phone everything in yeah we're that's crazy for

00:18:05.840 a family we're like 300 for three so about 100 bucks a person which is which is crazy but uh

00:18:12.240 but they're you know they're trying but they're they're still trying to get to roughly two and

00:18:17.760 and a half times what americans pay for cell service so that's what i hear oh john tory's

00:18:22.900 laughing i can hear him all the way downtown i don't know that they'll reign in the cell

00:18:27.740 the mobile companies uh and don't forget that's a hard deal to make because they have a huge amount

00:18:33.720 of infrastructure built in to our country yes we rely on we and we did this to ourselves in many

00:18:40.420 ways we rely on the crtc's ability to only license two major players that are able to

00:18:48.580 um you know absorb all them everything smaller than them within a few minutes uh and and even

00:18:56.100 re-categorize you know there are cell plans you can get for 32 a month in canada but you you i

00:19:02.820 don't even know if you can call across canada with them well the funny thing is we love we love our

00:19:06.980 monopolies and oligopolies but we now on top of that uh which is kind of totally converse to the

00:19:13.940 thinking we want to sell our public assets i find it a little bizarre i've always have you know as

00:19:19.540 a canadian i've always thought why do we why do we think this way but we seem to that's that's

00:19:24.740 something we seem to enjoy okay i don't mean to drag you through this so let me let me uh get to

00:19:29.140 the next part which is basically the new programs the the build canada strong fund uh and the

00:19:34.980 adjacent things take me through some of the some of the key points there if you don't mind paul

00:19:39.940 because i think this is where some of the this is sort of the new meat on the bone yeah yeah a little

00:19:45.860 bit of is it well of course we talked about the wealth fund right so the wealth funds the the big

00:19:50.820 one in there um and really you know we're trying to put 25 billion into a wealth fund we're trying

00:19:58.020 to set up the parameters of the fund and we're trying to get canadians to start to match some

00:20:05.060 of that investment and get some international spending into it how will by the way i wanted

00:20:09.700 to ask you this paul how do we get canadians to participate in this will there be a way that we

00:20:15.780 can add this to our own portfolios yeah it'll just become a publicly traded option that we promote

00:20:23.620 to canadians to support our own country yeah it'll be like an index fund that you actually go into it

00:20:28.820 throws a return of seven to ten percent it's probably a good thing for most canadians yeah

00:20:33.300 you know they'll understand it hopefully canadians will take a more bigger interest in the projects

00:20:38.580 that are in canada the major projects and hopefully we as we get more money into it we reinvest in

00:20:43.540 those projects which which all good ideas it's how we orchestrate it and the conditions we put upon

00:20:50.660 it okay yeah so now the interesting part now that we look at so the major this and this is my concern

00:20:57.140 so just on the some of the new spring announcements yeah they talk a lot about you know getting a

00:21:02.900 hundred thousand people skilled workers trained up and a significant outlay like really significant

00:21:10.660 they they talk about billions of dollars for training and everything else but you know it's

00:21:15.860 interesting mike because it just came from a shower earlier on where we have 2.3 billion 2.3

00:21:22.580 million new canadians or new immigrants in the country who've went to school here wondering

00:21:28.980 what's next for them whether they're going home or what's happening it looks like they're going home

00:21:34.820 quite frankly there's no real plan to keep them here train them do anything with them so on one

00:21:39.780 hand this is kind of where we never get our story straight or we never get a plan together we have

00:21:46.420 2.3 million people who've come here paid money to let's call them educational institutions for the

00:21:53.780 most part i don't know what they are but they've come here they've paid the money they've worked

00:21:58.180 here oh some of those things that they signed up for were so sketchy to start with yeah you know

00:22:03.380 so now we come out with this and we say we're going to put all this money billions of dollars

00:22:08.420 to retrain people are we trying to attach these people to that training and what type of training

00:22:15.460 you know we don't really ever think this through so my worry is you know in this spring budget

00:22:19.940 we're saying okay which i understand why he's doing it i understand why the prime minister is

00:22:23.700 looking at as a key element because he's got all these major projects he wants to build a bunch of

00:22:28.740 things he's got to get going he doesn't have the skilled workers to do it you know we try to

00:22:35.220 to actually throw affordable housing up there

00:22:37.460 like we did in the fall budget.

00:22:39.460 Affordable housing has a lot of warts and he knows it.

00:22:42.560 He knows that potentially building more affordable housing

00:22:46.520 will even sink rental rates even lower

00:22:49.240 because now you're having the government compete

00:22:51.820 against the private sector for rental properties,

00:22:54.540 which is a very precarious situation.

00:22:56.740 I think they're kind of dabbling in it.

00:22:58.180 They're looking at it, they're saying,

00:22:59.100 oh wow, how do I kind of figure this out?

00:23:02.000 So no, I got to get these other projects working. 1.00

00:23:04.900 So I'm going to try to get skilled workers because because of the baby boomers and the 1.00

00:23:09.160 skilled workers in Canada right now, they're all aging. 1.00

00:23:12.120 I need to actually put some more money there.

00:23:14.520 So they put some more money there, but do they have the bodies to do it?

00:23:17.620 And so they have apprenticeship programs.

00:23:19.840 They have education programs.

00:23:21.680 They have all these programs.

00:23:24.720 But traditionally, the sad thing in Canada, most of our training programs become boondoggles

00:23:30.060 for the provinces, right?

00:23:33.720 the provinces don't necessarily make great choices no they use it they use it for election favors

00:23:40.260 for the most part let's call it what it is it's a boondoggle for the most part so any

00:23:44.040 in canada traditionally training monies has been used for kind of boondoggle money it's gone out

00:23:49.660 the door and so maybe the reason i you know did the immigration show earlier maybe that's just

00:23:55.220 going to happen again and they don't really foresee anything happening with this training money

00:23:59.160 so therefore they're not attaching it to the the uh new immigrants that are waiting around

00:24:05.100 to see what happens i'm very curious that they haven't attached it it's a bit nebulous as well

00:24:10.320 like that they haven't attached it is one thing but that it's fairly nebulous in what they're

00:24:16.040 going to do with that money and how it's going to be distributed yeah which it always is right so

00:24:20.940 then then these programs show up across the country where you know certain groups get the

00:24:26.520 money and you know their centers show up and a bunch of guys show up in the morning and they get

00:24:31.220 you know uh they get a hard hat a pair of work boots and a lunch pail and a hammer and then they

00:24:36.620 say goodbye to them and then they go pick up their money so it never helps because quite frankly you

00:24:41.320 don't get skilled trades and therefore you don't move forward the other thing is when when we're

00:24:45.380 talking about trades i'm sorry to keep stopping you along the way but it it hearkens on other

00:24:51.160 shows that we by the way subscribe to the network because a lot of the stuff we're talking about

00:24:55.860 is attached connected directly to other shows we've done and this is one that comes to mind

00:25:02.060 when it comes to housing and retraining one comes before the other i think i think you need people

00:25:08.120 working before housing starts to take care of itself we seem to want the government to step in

00:25:15.400 and take care of our inability to buy a home when what we really need to do is get productive and

00:25:21.220 get back to work doing things that are higher paying jobs more stable careers and i think i

00:25:28.720 hope that that's the mission overall i don't know free training does it because you point out the

00:25:34.720 fact that it often gets uh misspent uh it's it's money into the wind it's a it's a small stimulus

00:25:42.740 that usually goes to a very few individuals yeah people yeah a small group of people and that's

00:25:48.280 traditionally what happens in Canada we all know it there's no but I think it's a misnomer to say

00:25:51.840 no point in trying to hide it anymore we know what happens to the money right so and it's it's

00:25:57.200 unfortunate but it's happened for decades and you know people just I think they've got tired of it

00:26:02.800 so they just kind of turn a blind eye for the most part I think it does happen I mean until it gets

00:26:09.220 so ballooned out of control that we then ask ourselves how did we let this happen yeah you

00:26:15.460 You know, then it's, you know, on the floor of some provincial house for a couple of days.

00:26:21.040 Then it just vanishes.

00:26:22.220 Then it vanishes and we do another program the next year.

00:26:25.520 But, you know, Mike, it's very interesting because the idea, the concept is solid.

00:26:31.900 So I understand the concept.

00:26:33.140 The concept is that we have all these projects and we have them all across the nation now to build the infrastructure to do the projects.

00:26:42.140 And I think that's where the, again, the missing link in this budget, which I said was the same missing link in the fall budget, is they need to connect them now.

00:26:50.220 So if I have a capital project, a mine, a plant or whatever in another city, and I don't have the infrastructure to locate the people, I first have to move the trades and the companies that construct into those areas, incentivize them, get them to build so people can go live there and survive and enjoy and have a family and the schools and everything else.

00:27:11.600 in grocery stores and then quite frankly i can move the people into those areas and they can

00:27:16.400 start to flourish by building the properties similar they can create new small towns listen

00:27:22.020 we did it mining towns we we particularly did it in the 30s 40s and 50s we were good at it yeah at

00:27:27.420 one point we were good at going in the north and building towns and uh infrastructure my own family

00:27:32.520 relocated to timmins it was a mining town there you know there was another fan uh uh part of my

00:27:39.000 my cousins and and my aunt and uncle were military so they followed that route you know yeah well

00:27:44.440 let's talk about military right a huge part of uh what's coming up quite frankly and sectors that

00:27:50.440 we're spending over 25 billion on the first one is defense it's 7.7 billion we're spending it right

00:27:57.000 now and that's you can see it right we're we're starting to fix up bases we're actually you know

00:28:03.560 buying planes equipment everything every week we're seeing another announcement on defense

00:28:08.740 spending it's true which is something we're doing but again people and marrying those people

00:28:13.920 to the project to the to the expenditures is the challenge right now and that's the disconnect

00:28:20.880 that's where we need to get better at it right yeah it does feel that way yeah uh on the major

00:28:26.220 projects uh you know okay so you've got defense uh in the industry overall uh the strategy there

00:28:34.380 is basically to support uh tariff laden industries by the looks of things things like steel

00:28:39.960 uh farming uh automotive automotive yeah all of those sectors well you know we're spending out

00:28:47.460 of that 25 billion that's going out right now is 6.9 of us on automotive which again i'd like you

00:28:54.480 know to sit down and under fully understand which it's not in this budgets it's you know they talk

00:28:59.020 a little bit about it but they don't talk about what's going to happen to automotive i think we're

00:29:03.860 we're waiting for kuzma so we've allocated some money we have a relief fund going to the automotive

00:29:09.560 workers we have uh and the employers to say hold on to these people till we figure out what we're

00:29:15.220 doing in the summer so there's kind of a uh like a hold fee being paid right now it's kind of what

00:29:21.020 it feels like it is it's like construction when you're trying to keep that construction manager

00:29:24.580 and you say to him go home for three weeks you know here's a whole fee so just stay at home wait

00:29:29.420 for my project to start so they're they're kind of doing that with automotive you can see it circling

00:29:33.340 and they're talking more about electric vehicles they're talking about what's going to happen

00:29:37.540 but it really is the missing link if they're going to try to rebirth auto uh in the country

00:29:43.080 i don't know if it's sustainable with only a couple million cars sold a year maybe it is maybe

00:29:48.860 it isn't but somebody pointed out and i saw this in the globe the other day that our automotive

00:29:53.220 might become more like mexico in the sense that we might be parts manufacturers we might be

00:29:59.440 component manufacturers maybe the battery element of it but you're right there's no real there hasn't

00:30:06.000 been and even from the auto industry there hasn't been really any talk of what the strategy is

00:30:13.040 and i guess kuzma is the hold it is the hold so that that whole group of people that

00:30:18.380 the committee that they put into place with you know dominant leblanc and the group that's

00:30:24.280 continually going to the u.s not making a lot of headway right now you know they're going to come

00:30:29.180 back and tell us at some point if that is even going to happen but you know just keeping in mind

00:30:34.280 that the u.s is i think they're got their mindset that automotive is going back and the more you

00:30:40.120 know i listen to stuff in the u.s the more they're talking about the rebirth of the auto town and the

00:30:45.700 auto sector you know and for those of you you most canadians know how auto parts is essential

00:30:52.240 to ontario right now but those you know magna inter magna plants and everything going with that

00:30:58.120 group you know where they're going how they're going to survive what they're going to end up

00:31:03.260 making you know i'm sure they're waiting to through the summer to see and once again kuzma

00:31:07.640 must be the link on that because of course mexico is the other hub you know we develop it here we

00:31:13.080 get it manufactured there we yeah do parts assembly here but you know will we get back to

00:31:20.220 building entire cars or how will that look it would be i'd be very curious to see what the plan

00:31:25.100 is yeah once again i don't think we'll hear anything until kuzma no so that's sitting you

00:31:29.180 know uh basically our critical mineral strategy um that's another one we're going to talk about

00:31:36.020 that in a minute really hasn't been well defined we outlined the projects we outlined some of the

00:31:41.480 things we're putting money into um but we've we've allocated five billion dollars for critical

00:31:48.760 minerals now what's going to happen with that where it's going to be spent when it's going to

00:31:53.420 get live that's another thing that that we're waiting to see uh and of course uh clean energy

00:32:00.040 was one of the topics that came up here yeah okay do i talk energy or clean energy that's kind of

00:32:09.000 my question i mean yeah we really right now are being propped up as we will we'll talk about on

00:32:15.720 this budget yeah by oil prices at the moment um oh yeah he caught a break well not a break he you

00:32:21.880 know the the world sort of uh sent this budget a little bit of a break in an unfortunate way

00:32:28.760 when uh the war in the middle east kicked in then quite frankly you know everyone knows they're

00:32:33.800 paying at the pump oil skyrocketed which then meant the fees and they come to canadians uh

00:32:39.960 through the distribution of oil um that just blew up right to the point where it's actually

00:32:47.240 uh cut our budget shortfall by about 17 billion dollars so the question arises in my mind can we

00:32:55.240 as canadians have that money please because it's cost us so much for gas couldn't you

00:32:59.480 you doesn't isn't there like a media correlation that you could make instead of claiming that your

00:33:04.340 budget is going to be less in deficit this is an emergency for Canadians and he's using that money

00:33:10.120 to offset a deficit at a time where this really could make a difference at the gas pumps for

00:33:15.740 Canadians and for business overall in Canada yeah no it is it is true so you know the interesting

00:33:22.800 part is we ended up, we ended up, uh, having a deficit of $67 billion. So, but that is primarily

00:33:30.880 because we had $17 billion of, you know, revenue come in from oil. So 84 billion. So our deficit

00:33:39.380 was really 84 billion. And then we got 17 billion. We had budgeted for 78 billion. Right. So we

00:33:48.420 really are six billion over over right i know we want to make the you know we hey we did better

00:33:54.500 than we thought and no no we don't want to do that paul why are they doing that that's not that's not

00:34:00.320 ideal the the joy of numbers sometimes right they can they can show one thing but the reality is

00:34:05.780 you know the oil and gas prices have uh come back now we have taken some of that saving so

00:34:13.180 So, you know, he, the prime minister and liberal government have tried to take some of those savings and put them into programs to help Canadians of lower income.

00:34:22.500 Right. Even all Canadians with reducing the taxes on gasoline at the pump and some of the food programs that you're getting, food rebates, GST rebates.

00:34:32.180 So those have actually come back to Canadians. The problem is you add all these other programs, whether it be the the the wealth fund, whether they be jobs training.

00:34:42.000 all the things we're spending in addition that we didn't budget in the fall are actually coming

00:34:47.040 to roost now and actually driving that number higher. So we've exceeded the deficit that we

00:34:52.300 originally have. And then we deducted the $17 billion off for what we got in oil revenue.

00:35:00.120 And voila, we have a $67 billion deficit. I've seen this kind of math before.

00:35:05.380 Yes. Okay. Let's take a second and drill down,

00:35:08.560 no pun intended, on some of the major projects that were outlined for us in the plan by the

00:35:14.480 Prime Minister. Where do we stand with those now? Still going on, right? And we've committed

00:35:19.420 six transformative strategies, 15 projects, 60,000 jobs is what they're calling for.

00:35:29.740 Again, these don't happen overnight. And it's an expenditure for Canadians of about $125 billion.

00:35:36.000 So, you know, this is an LNG. It's for the Nickel and Crawford project that's happening up in Timmins. It's for the Darlington nuclear plant in Bowmanville. It's for the mines in Quebec and Alberta and the Tolstin hydro expansion and Great Slave Lake in the Northwest Territories.

00:35:59.920 so you know these are 15 strategies they also still have slated the alto alto high-speed rail

00:36:06.880 yeah i noticed that i'm still on the list and you know the corridor for conservation um which is in

00:36:14.520 the northwest uh british columbia and the yukon so these are all things uh in churchill plus which

00:36:22.000 is in manitoba so a lot of projects still slated um slow progress so but they're on the books they're

00:36:29.540 they're referred to um and the major projects office that have been set up are managing them

00:36:34.900 now you know on the critical minerals front there's an investment that's going on now it's

00:36:40.820 not as substantial as you'd think so you know canadians always think oh we're into critical

00:36:45.940 minerals we are making as a as a country we are making an investment in critical minerals but

00:36:52.340 you know graphite mines in quebec quite frankly we're loaning 46 462 million in debt servicing

00:37:00.020 to finance we have 149 equity financing in it for the nouveau mon graphite so that's happening the

00:37:08.900 rio tinto um project that's happening in quebec we we're making a 25 million uh investment in as a

00:37:17.380 country titanium or lithium uh in alberta that's a project we've talked about on a previous show

00:37:25.460 with stan it's a good it's a good project it has a lot of challenges because it's new technology

00:37:33.380 these are all loan mechanisms paul they're loans there's some equity there is a high component of

00:37:38.580 equity but it's not a you know i thought it would be a higher amount and i'm always kind of um

00:37:43.860 surprised how how and uh you know we talked about how our critical minerals are lifeline for a

00:37:51.840 country you know i think we need to reassess whether we're making enough of an investment

00:37:57.600 and what we're going to do with them so you know it's one thing to say you have critical minerals

00:38:03.560 it's another thing to say where you're going to how you're going to process them where you're

00:38:08.240 going to sell them what products are they going to go into right and how they're going to make

00:38:12.820 you a powerhouse again you know i i don't mean well you would hope that these various arrangements

00:38:17.780 have been made around the world by carney at the moment position us well with those resources you

00:38:23.460 hope but you know once again we don't see that yet well and on previous shows we've talked about it

00:38:28.040 mike a lot of these resources and these critical minerals countries have already left ahead of us

00:38:33.040 so we're still telling it out there for example they are you know and we talked about it on

00:38:37.960 previous shows how you know china australia you know whether it be lithium or it'd be graphite

00:38:43.640 you know all these materials are are already being mined in other countries in a substantial

00:38:50.320 way right so we've got to do startup if you look at it from a business standpoint you get into

00:38:55.260 startup mode spend a lot of money enter the market late so you have to enter the market at a lower

00:39:01.480 price generally speaking there's no other way to win yes and then start to build your way back

00:39:07.520 and become, you know, existent in that industry,

00:39:11.860 not even just a winner, just existent, ongoing,

00:39:15.160 is a huge front load of debt and investment.

00:39:19.120 It is, and quite frankly, you need to create it.

00:39:22.340 We've talked about this before,

00:39:23.700 but you need to create it as almost its separate project

00:39:27.360 and almost set up a command post to make it happen

00:39:32.960 because the urgency is critical.

00:39:36.580 It's not only critical minerals, but it's critical that we get going on this because, quite frankly, the world is starting to pass us by because we're moving at a too slow a pace on this.

00:39:46.200 And when I look at the investment we're making, my one recommendation coming out of the budget is we put more money into this.

00:39:52.200 We put more money into the mining sector for the critical minerals that build Canada today.

00:39:57.780 So what are the things we need to use at home, whether it be in defense, whether it be in housing, whether it be in electronics, manufacturing?

00:40:04.360 what are the critical minerals we need to get place in place today for our country and then

00:40:09.400 what can we sell abroad directly what contracts can we get in the short term and you know that's

00:40:14.460 the challenge because as we're doing it you got to imagine there's a bunch of other countries doing

00:40:18.420 it and you know not to totally unrelated but before this we did a show on immigration it's

00:40:24.460 a great show but it was a scary show because as we're creating an immigration policy the eu is

00:40:31.080 already ahead of us and they've already got an immigration policy that they've deployed for the

00:40:35.400 people that are kind of abandoned in their country so they're already rolling out there's we're just

00:40:41.260 starting to figure out what to do so again as canadians we got to be moving at that pace

00:40:46.020 uh an interesting way to position this budget is to take a look at it from that perspective that

00:40:53.600 the rest of the world is also rebudgeting realigning certainly everybody in the g7

00:40:58.740 is doing a realignment of how they spend and what they spend

00:41:02.340 and how they're going to fortify.

00:41:04.520 So you hope that our plans lock like Lego

00:41:07.960 with some of these alliances that we've made out there

00:41:10.760 and that, by the way, Kuzma comes up and doesn't throw a wrench,

00:41:15.360 no pun intended, in the mix.

00:41:17.100 Oh, yeah, for sure.

00:41:17.900 And change some of these plans.

00:41:20.060 The next thing on the list for me was

00:41:22.340 the section talking about benefiting Canadians.

00:41:25.740 what does this section do that is significant really well there's a bunch of stuff mike and

00:41:32.240 i pulled it out because there's a there's a laundry list of uh i call them small changes

00:41:36.940 but they're you know they're big in everyday life for people so uh basically middle class tax cuts

00:41:44.620 for two income families up to 840 this year so we're going to see some tax changes first time

00:41:51.340 home buyers are saving up to 50 000 um for gst on new homes so we knew that one that one was a

00:41:58.040 that one was an adopted conservative member an adopted conservative program the removal of well

00:42:04.220 we keep saying this uh consumer carbon price uh driving gas prices down almost 18 cents that was

00:42:11.100 one he did right when he got in office i mentioned earlier yeah and that was you know basically that

00:42:16.320 was a conservative policy that he conceded to but you know they still complained that he didn't take

00:42:21.300 it out the carbon tax off industrial um basically uh reducing uh gas station uh gas tax yeah so

00:42:30.900 dropping 10 cents a liter can you imagine now if you hadn't done that what we'd be paying we'd be

00:42:35.000 well over two dollars a liter yeah that's crazy when you think about it and we could still get

00:42:39.460 there imagine that so it would be closer to 210 215 a liter by the time yeah yeah 12 million people

00:42:45.800 are going to receive hundreds of dollars uh from the grocery and essential benefit plan

00:42:51.720 so they're they're like like usual we're going to get well some of us are going to get a check in

00:42:57.000 the mail 38 or 40. i think it's going to be several hundred dollars so it's going to be a little bit

00:43:03.080 but you know that's kind of a stop gap for what we're seeing so if you think about it we're going

00:43:08.120 to take in 17 billion dollars you know from what we earned from having paying higher gas and then

00:43:15.240 then we're going to redistribute some of that back to lower income families no no paul but that

00:43:19.940 money is already spent don't you see well it was not a saving no it wasn't saving um you know we're

00:43:27.700 gonna we changed some of the uh which i thought was a good thing so banking fees we put caps on

00:43:33.240 saw that that is a good thing which is good so i think that was something that was getting out

00:43:37.100 of control many countries uh i think we're following suit many countries have also enacted

00:43:41.160 that so the g7 yeah nsf funds uh only have a fund uh a charge of ten dollars i think it's capped

00:43:48.920 uh and 50 more debit transactions at a cost of no more than four dollars per month

00:43:56.200 right so we capped the the trans so those are some good things um again we talk about skilled

00:44:02.920 trades programs and automotive federal benefits, uh, basically for about $5.5 million of low

00:44:13.660 income Canadians. So that's a good thing too. So, you know, we, we brought back the strong,

00:44:19.200 uh, Canada strong pass for people exploring Canada. So I think that's good to get some tax

00:44:24.680 benefits. And of course, a much needed tax relief for Canadian brewers and wine distributors.

00:44:30.300 that was uh that was a good one to read in there as well it was because that has been

00:44:36.080 there's a struggling group right there oh my goodness yeah the people the industry shrinking

00:44:42.860 to begin with the the border you know our sale to the u.s so heavily impeded that industry really i

00:44:51.460 i think was hanging by a thread in many ways and i could be wrong but it sounds like the right

00:44:56.120 decision their disability became uh in this uh making life more affordable aspect disability

00:45:03.320 we sped it up made it easier for people to get disability benefits i think all parties were

00:45:08.360 really happy about that in the budget and i know pierre poly have commended mark carney on doing

00:45:13.980 that so i think that was both parties thought that that should be decent yeah yeah you know and

00:45:19.240 can we talk a little just but you know before we finish up one of the key issues that we really

00:45:24.680 don't talk about enough is the 51 billion we're putting into infrastructure investment so you

00:45:30.440 know this is the money we're going to stream into into uh our provinces our territories to do roads

00:45:37.960 bridges so that's the downstream funding to get our infrastructure back and this is a unique

00:45:44.200 opportunity for us to do that so you know in bad times you know we've been through it in our

00:45:49.880 lifetime mike you know one of the key things is to get people working by doing these big

00:45:54.980 infrastructure programs and also take the time to reinvest in some technologies that speed them up

00:46:01.080 right absolutely highway construction is a great example of that if we have 51 billion my my advice

00:46:08.400 right now is not only to do this and put the money out there for equipment and people and everything

00:46:13.380 else let's actually enhance our technologies to do this in the future going forward so that's

00:46:18.960 fantastic idea it doesn't take a year to build a road it doesn't take you know a year to resurface

00:46:23.920 a bridge it doesn't take and that's all technology equipment and all those enhancements that we can

00:46:28.960 get and develop and help have you seen some of the construction advancements that uh come out

00:46:34.000 of china for example and the the way that the so there i think it's japan that is building roads

00:46:39.680 that are recycled bottles somehow like uh sorry if it wasn't japan but i i just saw the it is and i

00:46:45.600 And I thought to myself, wow, they've really come a long way because the durability of these roads, let alone stopping the fill of land.

00:46:54.700 What an incredible but they invested in the technology, as you point out, to be able to do that.

00:47:00.040 They did. They did. And I think we now that we're doing this, I think we really have to think through what are we going to do again?

00:47:06.740 this is to me this is the disconnect and when we do these budgets what roads highways bridges

00:47:14.100 water sewer are we going to put in and where and why and what does it do to increase our

00:47:18.980 productivity and what does it get us to what can we get out of that region and how we're doing it

00:47:23.460 it's one thing to take all your money and throw it into the major cities well the major cities

00:47:27.780 quite frankly they have manufacturing they have people they have finance and housing but if they're

00:47:34.180 not increasing our productivity then that's not where the major push should be right right if if

00:47:39.140 we're trying to do mining or build or uh whatever industry we're trying to retrain people stimulate

00:47:46.340 that industry take that sector that's where you're saying we should be building this infrastructure

00:47:52.020 and and you know perfect sense equipping our companies to actually help and grow and diversify

00:47:57.140 to do that so you know if we identify a company that actually you know is doing uh you know road

00:48:04.820 uh asphalt or whatever can we get them to actually look at a new technology okay let's put some money

00:48:10.420 into that company and investigate new technologies from around the world that are faster better more

00:48:16.020 durable last through our winters don't erode with salt those are all the things that are being tried

00:48:20.820 and tested in other countries and that's where we need to kind of move forward to get our productivity

00:48:25.940 higher sounds like solid advice uh i'm sure you took a look at the financial statements i did

00:48:32.480 anything squirrely in there paul micucci no no you know there's some of course you know we do have

00:48:39.160 as we talked about you know on our previous shows you know our elderly benefits you know

00:48:45.720 just to focus on them but we're still going we're growing up past 90 billion dollars a year we have

00:48:52.380 an aging population i think we all know that you know at some point we're going to have to address

00:48:56.780 this issue right i don't think that's any surprise to anyone that we're going to have to look at that

00:49:01.800 and figure out a way how we're going to adjust as time goes on because the the increase every year

00:49:07.680 is is quite substantial right and so i understand it's a big voting block but quite frankly it makes

00:49:13.900 up you know out of our direct expenses for the the canada it makes up almost two-thirds of our

00:49:22.000 direct expenses from a canadian budget perspective not reflecting two-thirds of the population being

00:49:29.760 of that age of course exactly 25 of our canadians are above the age of 65 right so it's disproportional

00:49:38.040 and it grows at a substantial amount every year above inflation and above cpi it's funny until

00:49:43.340 you mention it when we look at the budgets i forget about how serious that is for this country

00:49:47.660 yeah many other countries right now as well but that boomer that aging population um and we've 0.97

00:49:54.680 thought about it for years paul like when's how many years ago did you start hearing oh we've got 0.69

00:49:59.440 an aging population we need to repopulate we need oh yeah i mean it's been years and years now boom

00:50:04.380 bust an echo remember the book right yeah right yeah yeah so uh anything else in the budget that

00:50:10.260 uh kind of ei you know ei we continue to budget a significant amount of increase for ei you know

00:50:16.700 I think we all realize that we are going to see a significant amount of

00:50:20.080 unemployment coming up. Um, it's kind of hovering. So if he, you know,

00:50:24.340 it really becomes how fast we can get these projects into play to get this

00:50:28.000 number down. Um, and then, you know, healthcare transfers, uh,

00:50:32.620 they're not going up. So we have no, you know,

00:50:35.440 we've stabilized our healthcare transfers.

00:50:37.300 We're not doing anything more on the federal level.

00:50:40.100 I'm a little shocked by that based on the feedback that we get from Canadians

00:50:42.960 about the healthcare system. Yep. Um,

00:50:45.300 but okay yeah i mean if if we're not increasing spending i guess that's a good thing i hope that

00:50:53.640 means that we've also solved the health care problems associated with you know all of these

00:51:00.160 uh major critical complaints that we've heard over time you know uh hallway care

00:51:06.180 huge wait times surgery wait times all of this sort of stuff i don't know that that has been

00:51:13.480 taken care of yet i don't know if money is the solution to that yeah so we have around 60 billion

00:51:18.680 from the federal government on health care transfers a year that's flattened quite frankly

00:51:23.560 they don't i don't think anyone anticipates from the provincial i know most provinces have really

00:51:28.040 said to the the health care sector hey we're done yeah you know it's going down it's got a dip they

00:51:33.880 can't provincially uh go any further and from a federal perspective they they've capped off so

00:51:40.440 you know we have an aging population we have a stagnating or flat healthcare expenditure it's

00:51:47.160 it's one of the bigger issues that's upcoming in canada we don't talk about from a from a revenue

00:51:52.600 perspective you know just uh they've done a good job of keeping a corporate tax for corporations

00:51:58.920 and small businesses flat i think they've done a decent job they continue to actually show a

00:52:05.480 increasing uh personal tax revenue increase oh okay yeah so that continues to grow every year

00:52:12.120 we see that kind of clicking up clicking up it's interesting because we now have a conundrum where

00:52:17.960 we have an aging population less people playing paying a higher amount of income tax we have a

00:52:23.400 bunch of new uh immigrants who are leaving right we're exiting and therefore we think our tax base

00:52:30.840 is going to go up i don't really understand i've looked at the assumptions around the uh the uh

00:52:37.400 actuarial assumptions that are based in that number i don't tend to agree with it but that's

00:52:44.840 the assumption they make in the budget so just to be aware that could be a number that we see

00:52:50.680 change change throughout the next couple years and hopefully won't go down substantially that's

00:52:55.720 That's a pretty cool observation actually to make because you're right. This kind of shows where the extrapolation of projection on these numbers can meander a little bit.

00:53:06.680 Yeah, yeah. If we have 2.3 million people exit the country and we have a bunch of people crossing the finish line that are leaving the workforce, hopefully they stay in Canada and retire in Canada. 0.71

00:53:19.320 if they decide not to retire in canada we'll lose some of them depending on where they would go

00:53:23.880 i don't know where they go but uh that's a challenge and we have to always keep that in

00:53:27.640 mind as we're doing these but so we have some you know as we go as a country we have some definitely

00:53:32.040 challenges you know housing affordability quite frankly um from this budget i still you know i

00:53:37.960 mentioned it before i still struggle with some of the uh logic on why we're spending some of that

00:53:43.480 money i think would be best suited other places um but once you stimulate an economy and people

00:53:49.160 have money and they have jobs homes begin to sell again yes the market opens up to people

00:53:56.920 pre-buying homes which i think is the major stagnation right now is nobody's getting in on

00:54:03.320 pre-sales certainly condo pre-sales are dead uh subdivision pre-sales are at their all-time low

00:54:09.720 over the last 10 years so delinquencies have actually almost doubled in like three years

00:54:16.600 so we're seeing more and more you know even you know we just did a show we took a look at

00:54:21.480 brampton for example being the highest delinquencies in canada right now for for power of

00:54:26.760 sales yeah a lot of mortgages were written up there that didn't make sense you could feel it

00:54:31.080 these were yeah monster homes at huge uh huge rates that uh you know selling prices that were

00:54:37.320 outrageous so yeah not surprised actually to see that but once the economy is stimulated once we

00:54:43.560 are productive that's how housing becomes accessible to people not through building

00:54:51.800 i don't know how the government does this except offset okay taxes we'll take the hst off up to 50.

00:54:59.800 i mean that spreads out into billions of dollars but to the average person it doesn't mean much

00:55:04.840 if they don't have a decent paying job exactly exactly and i think that is honestly mike the

00:55:10.360 the the government and the prime minister right now that's the biggest challenge that is to get

00:55:16.260 his caucus to get his ministers into play to try to figure out what to do to stimulate each of those

00:55:21.540 areas and actually try to integrate them it'd be interesting right now i know they they love

00:55:26.920 committees and they love to form things it'd be interesting to try to figure out or to for the

00:55:32.640 government to sit down and try to figure out how to integrate all these ministries into one

00:55:38.400 integrated strategy and where to go and um you know we did a show on norway the other day um

00:55:44.640 and after we did the show i you know i came away and we were talking about the fact how they create

00:55:49.580 equinor they created a wealth fund and they grew and grew and you know you came away and you thought

00:55:54.000 wow that is a real strategy of a government talking about the long-term viability of their

00:56:00.200 country yeah and every party that comes into power stays with this constitutionally so that

00:56:06.140 forevermore that country can grow and the citizens will not allow them to change it no because the

00:56:11.400 citizens have seen the benefit of reaping the rewards of the oil in the country we have the

00:56:17.140 ability it's not too late for canada we can do this it's just getting the integration in place

00:56:22.400 to make that happen and getting everyone to buy into it there's your spring budget update paul

00:56:28.240 thanks for uh tearing it apart and by the way in case you wonder uh how big that budget is

00:56:33.440 this is the working document that 167 pages oh thanks it's a good read yeah well for you thank

00:56:41.300 you so much for uh making it clear for all of us though don't forget to subscribe tell a friend

00:56:46.320 about where you saw the video you can share it of course comment and uh if you would like the

00:56:52.720 notes that paul made for today's show we'd be happy to send those along to you so just reach

00:56:57.460 out to us visit tplmedia.ca thanks we'll see you next time thanks paul thanks

00:57:03.440 You

True Patriot Love - May 15, 2026

Is Canada Spending Its Way Into Trouble？ - Spring Update

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