True Patriot Love - November 12, 2025


The Federal Deficit Explained： Will It Lead to Higher Taxes？ ｜ PART 1

Topics
accrual vs cash budgeting birth rates and child benefits slush fund
Hosted by
Shara Micucci Mike Wixson
Guests
Mike Wixson
Mentioned
Paul Christoph Children Carney
They Lied About Their Age to Fight for Canada ｜ Remembrance Day Special Why Trump’s Deal Strategy Actually Works

Episode Stats


Length

46 minutes

Words per minute

174.1

Word count

8,084

Sentence count

701

Harmful content

Toxicity

2

sentences flagged

Hate speech

1

sentences flagged


Summary

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

In this episode, we break down the revenues and expenses for the federal government's proposed budget for the year of 2025. We are joined by Mike Wixson, an accountant, to discuss the numbers and the pros and cons behind the numbers.

Transcript

Transcript generated with Whisper (turbo).
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 Today on the True Patriot Love Media Network and our Economy Pillar, we're going to break down the revenues and expenses in the 2025 federal budget, just like you would in your own daily personal life or in a small business.
00:00:13.460 With federal revenues hitting an all-time high of $507.5 billion through personal and business taxes, plus other revenues, the federal government keeps projecting them to grow every year.
00:00:26.680 Where is the breaking point for our tax increases? But hold on, federal expenses are keeping pace, growing at an unprecedented $586 billion in 2026.
00:00:38.940 It's your taxes and your dollars being spent, and as a shareholder of Canada, you deserve to know where they're going.
00:00:46.580 Stay tuned, learn, get informed, as you have every right to understand how the deficit hit a record high this year of $78.3 billion.
00:00:56.000 And why our debt ceiling is being increased to $2.54 trillion.
00:01:02.640 But hold on, don't forget the second bucket of expenditures that no one's talking about, capital expenditures of $45.4 billion.
00:01:13.600 Why, you ask?
00:01:14.700 The majority of the population and your government representatives probably do not understand the accounting of the budget numbers has changed this year, and quite frankly, they can't follow it.
00:01:26.400 We will break it down for you, so stay tuned and let us know your thoughts.
00:01:30.960 After a long read, we are here today to go through the 2025 budget.
00:01:50.620 And in October, we did a couple of shows, and we broke down the 2024 budget so we could get the basis of what we're going to talk about today.
00:01:59.720 I'm here with Mike Wixson.
00:02:01.180 I'm excited today to go through it.
00:02:03.360 I have lots of numbers, so I apologize in advance, Mike.
00:02:07.100 No, no, it's all good.
00:02:07.960 I mean, I should point out to people that a binder has been produced.
00:02:11.840 That will take two binders that will—so I do really appreciate you taking the time because your background in finance, economy, you know, being an accountant to start with—
00:02:23.900 I was, yeah.
00:02:24.780 —makes a difference to how you see this.
00:02:27.860 And just the few minutes that you and I took discussing it in advance shocked me.
00:02:33.720 This is a completely new way to look at a budget for Canadians, and I think we need to understand what that means.
00:02:38.580 Yeah, and I don't think many Canadians focused on that.
00:02:40.860 You know, in October, Prime Minister Carney came out, and he said, listen, I'm going to change this budget to an accrual-based budget.
00:02:47.440 And so people's eyes glaze over right away because it's accounting, and I get it.
00:02:51.580 So today I'm going to try to—I'm going to split it into bucket one and bucket two so I can kind of, you know, go through.
00:02:58.780 And what I tried to do is, like I did in the last show for 2024, I tried to actually create a profit and loss statement for the federal government.
00:03:08.900 Oh, like a corporation.
00:03:09.940 With a corporation.
00:03:11.080 And what I did is, in order to make it work for me, I actually tied it back to the budget deficit that was announced.
00:03:19.780 So they came out, and we got—it was, you know, they did a good job of softening us up before they gave us the budget deficit.
00:03:27.260 They said, listen, it's going to be large.
00:03:29.000 You know, it's going to be generational.
00:03:30.760 Yeah.
00:03:30.900 And, you know, and people were making guesses, you know, on the news, mainstream media was, I think it's going to be this, I think it's going to be that.
00:03:39.160 Well, it came out to $78.5 billion for 2026.
00:03:42.820 So they put out a five-year budget.
00:03:47.580 So the budget's to 2030.
00:03:50.780 Okay.
00:03:51.220 What I did is I only did to 2027.
00:03:54.620 So to make it easier—
00:03:56.920 What made you stop at 27 when they went to 30?
00:03:59.560 I didn't think it was worth the time.
00:04:01.880 You know, I hate to say that.
00:04:03.240 You know, I think they did a really good job.
00:04:05.100 I'm going to—you know, pros and cons.
00:04:06.780 I think you've got to give people credit where it deserves.
00:04:09.280 I think the people that wrote the budget did an excellent job.
00:04:12.900 So, you know, for those of you who, you know, you're not accountants, I'll just say one of the things that was super hard,
00:04:19.700 they were given the task to convert from cash-based accounting to accrual-based accounting.
00:04:24.860 So that's a tough challenge.
00:04:26.920 So they had to go back, and they had to restate all the numbers, and they had to get it all put together.
00:04:31.020 They had to write it.
00:04:32.220 It was a very complicated budget.
00:04:33.740 Not a lot of people would keep up.
00:04:34.880 And I'm sure, you know, not knocking politicians, I'm sure their staffers had a hell of a time.
00:04:39.660 I'm sure the ministers, quite frankly, don't have a clue, most of them, if they're not have a finance background of what the budget is,
00:04:46.960 because it's very hard to read, you know, and that's not a knock on them.
00:04:49.860 It's just reality is because we switch the basis with which we account for all the numbers now, it's difficult to get through.
00:04:57.040 So it took some time.
00:04:58.080 Like, it took off and on, it took me about a week to get through it.
00:05:01.600 Yeah, and not just you, but a team of people.
00:05:04.000 I should shout out the people as well.
00:05:06.280 Christoph, Beacon, MD, and Nick, everybody, I noticed a whole gang of people crunching these numbers,
00:05:13.240 because it is a different way of looking at a budget.
00:05:18.200 Paul, what is the difference between the two?
00:05:21.240 Can you just take a second and explain what's the difference between a cash basis budget and an accrual budget?
00:05:26.920 Well, I'll keep it very simple, so I'm not going to get into the complexities of it.
00:05:31.760 But it's simply cash, the way governments used to do budgets, is if they spent the money, they recorded it in the year they spent it.
00:05:37.480 Yeah.
00:05:37.660 Accrual, basically, if you make the obligation or if you make a policy for the project, you account for it over five years.
00:05:48.060 You might account for the obligation in this year and then accrue it over a number of years before you spend the money.
00:05:57.100 You charge amortization on assets.
00:05:59.960 So really, it is a shift of a lot of your expenditures from your profit and loss statement to your balance sheet.
00:06:07.460 So is it like saying, okay, over the next five years, we're going to invest in all of this that shows up in the budget.
00:06:16.620 Yes.
00:06:17.200 And a lot of it, we're going to put on the asset books before we even build the projects.
00:06:23.480 On the basis of us making these extrapolations and assumptions, we're going to put them on the books as assets now.
00:06:30.920 Is that how this operates?
00:06:32.580 Yeah, once you make the obligation to do them, you record them, right?
00:06:35.680 And then as time goes on, you pay for them.
00:06:39.120 There's a liability comes into place.
00:06:40.940 So it does sit mostly, again, on your balance sheet, like you said.
00:06:45.420 What if the projects don't come to fruition?
00:06:48.460 You write them off, or you might adjust.
00:06:51.360 You do adjusting entries.
00:06:53.280 So it's the norm for companies.
00:06:56.460 I think most of us in companies do do, it's accrual-based.
00:07:00.000 So I think it is the norm.
00:07:00.980 But one of the things I found interesting, we're not talking about the capital expenditure.
00:07:05.360 So, you know, what I did, so to make it, and I want to sort of illustrate this as we go through the profit and loss statement.
00:07:12.300 So you want to jump in and we'll go through the profit and loss statement.
00:07:15.260 Show me some stuff.
00:07:16.120 And then when we get through the profit and loss, I want to talk about how all of it works.
00:07:20.680 By the way, you can download this yourself and follow along, and we're starting on page two here.
00:07:25.600 Yeah, so the first thing, you know, we talked about this before, and we're seeing roughly a 1% population growth.
00:07:36.540 You know, so we've dialed down immigration, you know, with birth rates and everything else being so low.
00:07:41.480 We're at roughly a 1% population growth.
00:07:43.840 So on our last show, we talked about the increase from 2019 to 2024 on personal tax rates.
00:07:53.000 And it was pretty aggressive, right?
00:07:55.020 We had already seen coming out of COVID a pretty indexed personal tax rate.
00:08:00.720 So we're now, which I think in those days, we basically were saying tax paid by Canadians was roughly $7,000, right?
00:08:11.140 The average income of a Canadian is about $65,000.
00:08:14.240 Okay.
00:08:15.020 You know, given we have about 30 million people paying taxes, you know, roughly here and there.
00:08:21.100 It might be about 31 now, but if you take a look at seniors and you take a look at people who are not on social assistance,
00:08:27.480 you take out minors, you're roughly in a 41 million person country, you're looking at about 30 million paying taxes.
00:08:35.120 Okay.
00:08:35.440 So we took a look at it, and it's going to go up to 2027 by 13%.
00:08:41.480 So it's not a population growth issue is what we took out of the equation, right?
00:08:48.900 Income from personal income tax is going up by 13%, but not necessarily because we have a new base of Canadians paying tax here.
00:08:57.840 No.
00:08:58.280 No, it's not.
00:08:59.020 It's not at all.
00:08:59.940 It really is.
00:09:00.820 We're going to, the indexing on how we pay our income tax is going to increase.
00:09:05.120 So in this budget, we've actively made the decisions come April 30th every year.
00:09:10.580 We, you know, we get our income tax ready, hopefully send it before.
00:09:14.560 Some of us get refunds.
00:09:15.600 Some of us pay.
00:09:16.300 In this case, Canadians will be paying more income tax by about 13%.
00:09:21.300 So the average rate of about 7,100 will go up to, you know, $8,500 roughly, you know, give or take a few dollars.
00:09:30.980 So that's going up.
00:09:32.200 So we saw that.
00:09:33.380 The next one, which was interesting, in 2027, we're at $96.7 billion that corporations are going to pay in taxes.
00:09:44.880 That's a stiff increase, too.
00:09:46.680 It is a stiff increase.
00:09:47.840 And it's a very interesting, you know, I talked about it.
00:09:51.160 This, and just for everyone, just remember, this is the federal amount.
00:09:55.920 Right.
00:09:56.500 Right.
00:09:56.720 You also have provincial tax, right?
00:09:58.080 Exactly.
00:09:58.300 So this is, this is only the federal dollars that are going into the federal government's coffers.
00:10:03.220 So this is going up to $96.7 billion.
00:10:06.660 It had already gone up, quite frankly, through COVID.
00:10:09.900 It was a huge amount.
00:10:11.740 When I did this, I was actually shocked.
00:10:14.840 It actually had gone up from 2019, from $50 billion to $82 billion.
00:10:23.300 And now it's going up from $82 billion to $96.5 billion, right?
00:10:28.420 Or $7 billion.
00:10:28.980 There was a major shift in increase in corporate tax around that time, too.
00:10:32.980 Corporations, you know, for all the, for all the people, you know, who knock corporations for not paying tax.
00:10:38.220 And, you know, there's, you know, roughly 130,000 corporations.
00:10:42.660 And we, you know, we see corporations come and go every year in Canada.
00:10:47.500 So that, that's a pretty steep increase.
00:10:49.620 You know, average company, if you look at the stats, and this is give and take a few bucks, is about a quarter million dollars in income tax a year.
00:10:59.260 That's small, big, whatever, average.
00:11:02.440 And quite frankly, this is going to climb 17%.
00:11:05.420 So, you know, tack on, you know, a number we're going to talk about in a minute.
00:11:10.060 Unemployment insurance, all the other taxes you pay.
00:11:13.020 Becomes expensive to run a corporation now.
00:11:15.320 Sales.
00:11:15.600 Like, yeah, you know, this is where we get knocked in Canada.
00:11:18.180 And, you know, this is an investment budget.
00:11:20.180 So this is, you know, not a great indicator.
00:11:24.260 You know, you don't want to see it go that much.
00:11:26.480 And quite frankly, in our show, on the 2024 budget, I thought we had peaked.
00:11:31.800 I really did.
00:11:32.640 I said that a number of times.
00:11:33.700 As you watch the show, yeah, I'm like, you know, because you saw the 2019 to 24 increases in personal and corporate tax.
00:11:41.200 And you said, okay, that's, we're probably hitting our apex.
00:11:43.720 There's no more room.
00:11:44.780 Yeah, we're no more room.
00:11:45.880 We're at the top of the mountain.
00:11:47.800 This one struck me as a line item that I never even think of.
00:11:52.100 Non-resident taxation.
00:11:54.480 Non-resident taxation.
00:11:55.460 Yeah, non-resident taxation.
00:11:57.500 So this makes up, it's interesting what makes up this line item.
00:12:01.340 So you basically have energy taxes, which is gasoline, diesel.
00:12:06.600 You have, or sorry, no, you have, this is non-resident.
00:12:13.580 I jumped back for a minute.
00:12:15.040 Non-resident taxes.
00:12:16.240 Now they have it going up, right?
00:12:18.220 Yeah.
00:12:18.700 Yeah.
00:12:19.060 Up by 12%.
00:12:19.480 12%.
00:12:20.080 Yeah.
00:12:20.460 And I'm not sure that, that seems a little odd to me, quite frankly, that we're going to have a non-residence tax increase.
00:12:26.160 You know, unless we're thinking we're going to get more people come to Canada and spend money.
00:12:31.500 I don't, I don't, because as a non-resident in Canada, usually, I don't understand this number, to be honest with you.
00:12:40.620 Because yes, you initially come to Canada with your own funds, hopefully.
00:12:45.600 Yes.
00:12:45.840 And you're spending that money here to get yourself settled.
00:12:49.020 Right.
00:12:50.280 That seems like a ridiculously high number to me.
00:12:53.160 Well, I think it's, a lot of these numbers.
00:12:54.560 I just don't understand it.
00:12:55.580 Yeah, it is, it is.
00:12:56.920 And I think a lot of these numbers are, quite frankly, just indexed going forward.
00:13:01.620 So I think, you know, they always, I call these revenues and the expenses we're going to talk about that tie into the $78.5 billion deficit for this year, which is 2026, kind of standing revenues and expenses.
00:13:17.940 Okay.
00:13:18.540 Yeah.
00:13:18.880 So when I call, these are ones that.
00:13:20.660 So this has moved forward.
00:13:21.360 This is.
00:13:21.880 A lot of times, you know.
00:13:23.340 On a trajectory that's not stopping.
00:13:24.920 Yeah.
00:13:25.320 You know, when, it's interesting when you, a lot like, this is where we are a little bit similar to the US.
00:13:30.700 Our politicians don't spend a lot of time on the givens, the standing expenses or the standing revenues.
00:13:37.800 So whether, you know, they're, you know, when there's something they need to talk about, it comes to the table.
00:13:43.720 But for the most part, every year, whether it be personal tax, corporate tax, it just indexes up, you know, expenses for seniors and for health care.
00:13:53.280 They just index up.
00:13:54.900 So we just kind of leave those.
00:13:56.160 They sit on a trajectory.
00:13:58.220 They keep going up.
00:13:59.760 And quite frankly, we don't really seem to adjust them, which when we get to the end of this, you're going to see.
00:14:05.520 We didn't really make, as far as, other than a few government expense changes, we didn't really do a lot to our standing expenses and revenue for this year.
00:14:15.260 Okay.
00:14:15.880 Okay.
00:14:16.240 Next one, GST.
00:14:19.720 This was an interesting one.
00:14:21.320 We had it going up to $56.5 billion for 2027 from 51.4 and 24.
00:14:30.920 So if this goes up 10%, is that based on an increase in the GST potentially?
00:14:35.860 We're going to hear an announcement that that's going to go up or that we're expecting that there's going to be that much more in-country business.
00:14:44.520 They haven't announced, so they're not announcing an increase in GST.
00:14:48.740 But, you know, I think they're thinking, given where we are with the U.S. right now, there's going to be a lot more trade in-country.
00:14:55.580 Okay.
00:14:55.900 So they're hoping.
00:14:57.140 Now, it's interesting because, you know, and I'm not going to jump too far ahead, but, you know, we're projecting quite a high unemployment rate, almost 9% to 10% coming up in 2027.
00:15:07.680 So I find this one a little interesting that they think people's spend patterns are going to increase in-country.
00:15:12.800 Again, I think—
00:15:14.920 Unless it is just tariff-based in-country shopping or in-country commerce, right?
00:15:21.020 Yeah.
00:15:21.660 Yeah, it could be.
00:15:22.520 But, you know, they've also got below—they have their excise tax amount skyrocketing quite a bit.
00:15:29.800 So that which, for the most part, that's your excises, taxes, and tariffs, right?
00:15:34.680 So that's where that comes into play.
00:15:37.060 So there's another $7 billion there, another $5.6 billion just this year.
00:15:42.200 But over the span of four years, they're predicting a combined almost $20 billion in revenue between custom duties and excise tax.
00:15:57.040 Yes.
00:15:58.160 That's a lofty assumption.
00:16:00.060 It's aggressive.
00:16:00.960 It's aggressive.
00:16:01.640 You know, the one thing we talked about going into this budget or the government talked about is how aggressive they were going to be with respect to their projections and also their investments, which we're going to get to in a few minutes.
00:16:13.340 Okay.
00:16:13.600 So unemployment insurance, as I talked about earlier, also going up 13% to $33.3 billion, another hit for corporations, half of that paid by corporations.
00:16:26.580 So then there's another 6% on top of the 17 that you're already paying.
00:16:30.860 Yes.
00:16:31.440 And our employees and corporations, they're going to take the hit.
00:16:34.740 So that's, you know, as we're seeing.
00:16:36.580 Plus you're going to be paying the energy tax that is brand new.
00:16:39.380 Yeah, yeah, exactly.
00:16:41.240 And that's, you know, that's a substantial increase for a person right now who's just trying to eke out a living, you know, pay for groceries, car.
00:16:52.040 But they're going to get hit with a tax hit and then they're going to get some EI hits.
00:16:58.240 Total revenue off of this after other revenue, which always amuses me, there's only just $37 billion in other revenue.
00:17:06.100 That's going to be, so other revenue is up 48%.
00:17:09.900 Yeah.
00:17:10.680 So this is, this is a couple of things.
00:17:13.060 So this usually includes a bunch of other programs.
00:17:18.620 It's crown corporations.
00:17:20.380 Right.
00:17:20.740 So that are in there.
00:17:21.760 And then like foreign exchange return on their investments.
00:17:25.340 So this is, this is turning out to be where they're allocating the benefits of all their investments.
00:17:32.560 So they're saying by making all these investments in infrastructure and everything else, they think that they're going to see a substantial increase in other revenue flowing into the country.
00:17:43.280 So not only are they amortizing the expenses over a long period of time, they're assuming profitability on that over a period of time as well.
00:17:53.300 Yeah.
00:17:53.560 They're budgeting that they're going to see the increases from that.
00:17:56.260 Right.
00:17:56.440 So, you know, I'll be honest with you, Paul, if I did my home economics this way, I'd be in a lot of trouble.
00:18:02.980 Well, it's, it's aggressive, right?
00:18:04.660 You know, you'd be buying, uh, you know, and I was, you know, laughing about it with you earlier.
00:18:10.080 It's kind of like the story where, you know, your, your business is losing money, but you and your wife decide to actually go out and buy a home and put a pool in it.
00:18:18.640 Um, yeah.
00:18:19.460 Right.
00:18:19.840 So now I've got to service the losses of my company.
00:18:22.780 Yep.
00:18:23.300 I have to come up with, uh, a home payment and these renovations.
00:18:28.700 Yes.
00:18:29.240 And, but don't worry, I'm going to amortize all this over 40 years.
00:18:32.660 Yeah.
00:18:33.020 And the company is going to turn around and I'm going to do great.
00:18:35.440 Yeah.
00:18:35.800 Yeah.
00:18:36.160 So, so that's where it is.
00:18:37.840 Now, if we jump over to page three and we go to the expense line, um, uh, there's some really interesting, uh, things to talk about here.
00:18:46.720 So elderly benefits, which I talked about on the last show, um, you know, we're, we're about, you know, 7, uh, million, you know, seniors in Canada right now.
00:18:57.920 It goes up around 3% a year.
00:19:01.140 So, you know, our aging population increased about 3%.
00:19:03.860 So you can see from 2024, it's jumping up again, not 12%, but 17%.
00:19:10.560 Yeah, exactly.
00:19:11.600 And so, you know, that, uh, uh, the indexing on seniors payments is very aggressive.
00:19:18.260 It always has been there a large voting block.
00:19:20.980 The government has always treated them really well.
00:19:23.140 And quite frankly, uh, they're going up to 89, which, uh, billion dollars in 2027, um, for benefits.
00:19:31.500 It's interesting if you follow this out to the 2030, if you go out to 2030 and you look at what they budgeted, it actually hits the a hundred billion dollar mark.
00:19:40.780 I don't think anyone would have thought that elderly benefits would have ever been a hundred billion dollars.
00:19:45.460 Is this an aging population thing?
00:19:47.960 No, well, it's, it's a combination, right?
00:19:50.060 It's a combination of a very aggressive indexing on the payments.
00:19:53.660 So they get, they get raises every year that are really nice.
00:19:57.440 They're sweet.
00:19:58.320 And quite frankly, it's a 3% growth rate.
00:20:01.280 It really is a very, uh, easy to track.
00:20:03.980 We talked about earlier, you know, this is the unemployment insurance, um, amount.
00:20:09.780 Now this is growing, you know, they're, they're basically saying, you know, right now, if you do the math, we have roughly, uh, 1.5 and, uh, unemployed people in 2024.
00:20:22.800 0.5 million.
00:20:23.740 Okay.
00:20:24.080 So what they're saying here is it's, you know, spending $23 billion.
00:20:29.060 We have 1.5 unemployed people.
00:20:31.180 Now, if you take a look at this chart in 2024, it's at 23,000.
00:20:35.020 23 billion.
00:20:35.860 Sorry, 23 billion.
00:20:36.960 23 billion.
00:20:37.880 Yeah.
00:20:38.720 My apologies.
00:20:39.620 No worries.
00:20:40.140 Uh, and it's up, it's up $10 billion, $11 billion almost over four years.
00:20:47.680 Now, correct me if I'm wrong.
00:20:50.220 The strategy of this budget was to get us back to work.
00:20:53.780 Yeah.
00:20:54.340 Well, that's not, you know, as of 2027, all those things haven't kicked in.
00:20:59.420 So, you know, we're going to be, we're going to be ranging in the nine to 10% unemployment rate.
00:21:05.260 Really dangerous territory because no one wants to be in that.
00:21:09.420 That's depression level.
00:21:10.560 Yeah, it is.
00:21:11.240 And, uh, and, you know, that was certainly a recession level, a 1930s number right now.
00:21:15.600 Yeah. 0.87
00:21:15.900 So, but, you know, recession level, if, you know, CPI, if you believe the CPI numbers, they're usually crap anyways, quite frankly.
00:21:24.940 And our inflation rates are usually understated.
00:21:27.920 So it seems like we are, for the most part, probably have been in a recession for the last two years.
00:21:33.440 If you look at it, uh, with respect to our low growth rates, really what this says is we're either going to pay more employment insurance per person,
00:21:41.220 or we have a lot more people unemployed.
00:21:43.220 Yes.
00:21:44.160 Simply put.
00:21:44.940 Yeah.
00:21:45.320 Well, we're going to index it slightly, but quite frankly, we're going to have a lot more people unemployed.
00:21:49.260 But don't worry.
00:21:50.280 After 2027, we'll have all of this capital asset that people will be employed at.
00:21:56.340 Yeah.
00:21:56.880 Well, then that's the, you know, again, you know, we talked about, it's kind of the conundrum they're in because after the last decade, they have to spend their way out of it.
00:22:06.240 They have to invest in things.
00:22:07.520 The challenge will be, and we're going to get to that in the show, you know, later in the, uh, uh, shows coming up, they have to spend, uh, spend on projects that are going to have a great return on investment.
00:22:19.800 They're going to have to have an increase in GDP.
00:22:22.560 Children's benefits was one that got me as well.
00:22:25.580 Um, you know, I think it's great.
00:22:28.740 We, we do need to have support.
00:22:30.720 We want healthy children, but we have a declining birth rate here in Canada.
00:22:36.060 And a sharply increasing 18% being spent on children's benefits.
00:22:42.400 I'm, I'm trying to unravel that one.
00:22:44.580 Well, you know, two things on that one.
00:22:45.960 I, I mentioned on the last show.
00:22:47.520 So our birth rates are like 1.3, uh, children per, per women, per, per ladies in the country, um, who are able, right. 0.87
00:22:57.540 To have children.
00:22:58.520 And, uh, it's declining.
00:23:01.360 Um, so we're declining, we're in the lowest quartile of birth rates in the world right now, which is not a great stat.
00:23:08.340 Our immigration levels have been high.
00:23:10.000 So it's kind of buffered the growth in the country by having immigration rates high.
00:23:13.920 Um, but it's, it's not a great stat.
00:23:15.780 The program doesn't work.
00:23:17.540 So the, the, the expenditures, this program and the child benefit programs that we have in place have just not met the objectives that people need.
00:23:26.360 Need, need, and quite frankly, it's a combination, Mike, of a bunch of things.
00:23:30.540 So it's not just, you know, I, I wouldn't, I wouldn't say we want to take anything away from people, you know, $10 a day, get daycare.
00:23:37.200 They're all great things, um, quite frankly, but if you can't buy an affordable home and if you can't buy groceries and you can't, you're not thinking about having kids.
00:23:45.340 So if you've already had a kid and you're struggling, it helps you a little, but quite frankly, the problem is we can't get people to enter the, the family zone.
00:23:54.160 Let's call it because they can't get their head around how they're doing everything else.
00:23:58.900 So yeah, there, there is a, there's no financial security for people by and large to keep that growth potential for family growth.
00:24:08.920 Uh, you know, I had three kids, uh, you've had many kids as well.
00:24:13.720 I think 16 or 17, the, no, not that many, the, uh, the reality is that's, if you take a look at the, many of the people just working for us.
00:24:24.060 In that age group that might be having children soon or having one child, that's their thought process.
00:24:30.500 I can afford one kid and that's it.
00:24:33.300 And so you're right.
00:24:34.640 I don't think that we've actually put this money toward incentivizing people to, to have families.
00:24:39.000 Yeah, it's everything else is too difficult.
00:24:40.680 It's gotta be a full package and we didn't do a good job, but what we're doing is we're sustaining.
00:24:44.580 And because these are, as I mentioned, these are standing expenses, we, we just take programs and we clip them along, even if they're not working.
00:24:52.080 And then we index them and we increase them, but they don't have the, the results we need.
00:24:56.820 So Paul, can you explain this line to me?
00:24:58.620 The COVID-19 income support for workers line?
00:25:01.620 Yes.
00:25:02.420 What is that?
00:25:03.540 So, so that was the member of COVID we, we, you can see we were paying money to the program and it just dwindled out in 25.
00:25:11.040 Right.
00:25:11.540 Right.
00:25:12.040 Yeah.
00:25:12.540 And we started to get some money back.
00:25:14.540 Remember we were getting, we were recouping some funds.
00:25:17.540 Yeah.
00:25:18.040 So we actually got recouping of funds.
00:25:20.040 So as we paid back our COVID supports, these were the monies that came back and that's come to an end.
00:25:24.840 So by, you know, end of this year, we can see that off the list.
00:25:28.540 It'll be gone.
00:25:29.540 So by 2027, uh, $152 billion in expenses, um, just along those lines right there, all of them
00:25:39.340 with fairly major increases, uh, over a four year period.
00:25:46.340 Well, hold on, go to page four because it gets better.
00:25:49.340 So page four.
00:25:51.340 So it's our transfer payments to other levels of government.
00:25:54.340 Uh, this is, we just started to see other provinces, you know, unveiling budgets.
00:26:00.340 And quite frankly, they're hitting deficits, but this is the money we pay to the provinces for healthcare equalization payments and other fiscal arrangements.
00:26:10.340 Right.
00:26:11.340 So, and this is going up.
00:26:13.340 The Ontario fund, I think is this.
00:26:15.340 Yeah.
00:26:16.340 Yeah.
00:26:17.340 We just, you know, and again, and then increasing deficit, a lot of, a lot of scrutiny on that over the last week.
00:26:21.340 But, you know, uh, in 2024, uh, you know, for healthcare and social programs was 66 billion.
00:26:28.340 It's going up to 75.3 billion.
00:26:30.340 So, you know, on previous, on previous shows, we've talked about this a lot.
00:26:34.340 We continue to aggressively increase our healthcare expenditures, something that people don't know, you know, they, they think we're underfunded, um, in the healthcare world.
00:26:44.340 No, that is not the case.
00:26:46.340 No, we're not.
00:26:47.340 It's, we're finding out pretty quickly that comparatively, um, per capita, we are actually third in the world in healthcare expenses.
00:26:55.340 Just miserably ineffective at spending it.
00:26:57.340 Yeah.
00:26:58.340 Our GDP, our healthcare expenditures are GDP third in the world.
00:27:01.340 And I think we're number five in the world on total healthcare expenditures.
00:27:05.340 Yeah.
00:27:06.340 So we just haven't figured out all the issues in that system right now.
00:27:10.340 And that's, that's a challenge, but.
00:27:12.340 But we're throwing another 14% at it over.
00:27:14.340 We are.
00:27:15.340 We're, we're cramping up now.
00:27:16.340 Will there be any net benefit to it?
00:27:20.340 I don't think so.
00:27:21.340 I'll be true to you.
00:27:22.340 I think this is just money that's going to get sucked into the system.
00:27:24.340 So I think the system, the way it's working now, quite frankly, it'll be put into the system and then it'll basically just be.
00:27:30.340 Just evaporate.
00:27:31.340 I think, I think this is money.
00:27:33.340 Uh, it really doesn't seem like, um, it, I mean, whether our healthcare is underfunded or overfunded 14% to change a healthcare system that is so obviously broken, I think would shock Canadians in itself.
00:27:46.340 I think Canadians would say, no, we need a 20 or 25% increase to do something that'll make a difference.
00:27:52.340 Well, that, yeah, their service levels are down.
00:27:54.340 Their wait times are up.
00:27:55.340 You know, they're seeing all the negativity and they're saying, we've got to spend, let's throw money at it.
00:28:00.340 Throwing money at it.
00:28:01.340 It's not based on the stats is that's not the issue.
00:28:04.340 No, that's not the issue at all.
00:28:06.340 So there's something broken, broken in the system.
00:28:09.340 Yeah, it's broken.
00:28:10.340 So, um, transfer payments, you know, I think other than Alberta, I think everyone gets transfer payments.
00:28:17.340 Now, uh, correct me if I'm wrong.
00:28:19.340 And by the way, if anything you see in this presentation, you know, please, if you have another idea, if you think, uh, you'd like to correct us on anything, just send us a note.
00:28:27.340 We're, we're really interested in your opinion.
00:28:29.340 Yeah.
00:28:30.340 I don't, I don't think anybody here is trying to be an authority.
00:28:32.340 We're literally going through it.
00:28:33.340 We, but, but poor Paul, because he is our economist, he gets, uh, and also I think, I think you found it very interesting because this time we have a different kind of budget.
00:28:45.340 Yeah.
00:28:46.340 And that's important for people to understand.
00:28:47.340 So take it a second to go through it.
00:28:48.340 I think it's worthwhile.
00:28:49.340 Yeah.
00:28:50.340 Uh, pollution pricing.
00:28:52.340 Uh, what is that?
00:28:53.340 So that's a carbon tax.
00:28:55.340 That's gone.
00:28:56.340 Yeah.
00:28:57.340 So, you know, remember, remember we charged it, then we rebated it.
00:29:00.340 Yeah.
00:29:01.340 So, and it just phases out over time.
00:29:03.340 So as you can see.
00:29:05.340 Wow.
00:29:06.340 We still have to hand back, uh, $30 billion, huh?
00:29:10.340 Yep.
00:29:11.340 Wow.
00:29:12.340 Yeah.
00:29:13.340 $30 billion has to, that's a pretty big commitment.
00:29:15.340 When you, when you hear them say, okay, we're not, we're going to cut the carbon tax.
00:29:18.340 Yep.
00:29:19.340 You know, they're not getting rid of 30 billion.
00:29:21.340 Take a look elsewhere in the budget.
00:29:23.340 Yeah.
00:29:24.340 Wow.
00:29:25.340 This is a very interesting.
00:29:26.340 So transfer payments.
00:29:27.340 Yep.
00:29:28.340 In 2024, we're 96 billion by 2027, a 22% increase of 117.
00:29:35.340 Yeah.
00:29:36.340 To 117 billion.
00:29:37.340 Yeah.
00:29:38.340 No, it's crazy.
00:29:39.340 And quite frankly, you know, when you look at it, um, you got two things here, you got
00:29:44.340 the transfer payments, which are going, uh, up and this is kind of the slush.
00:29:50.340 I call this, uh, on the last show, this is the slush fund, right?
00:29:54.340 So this is kind of where everything gets thrown into.
00:29:57.340 If you look at companies, you know, there's always an account where you don't know where
00:30:01.340 to classify it.
00:30:02.340 So you throw it in this line item, but this is a very big line item, right?
00:30:04.340 So going up 22% at 117.
00:30:07.340 So this is, uh, anything from, uh, payments to other countries, payments to first nations,
00:30:14.340 um, any programs and a lot of defenses in here.
00:30:18.340 So you can see we had a pretty healthy increase in our defense line item, uh, which we're going
00:30:24.340 to go through on the next show.
00:30:26.340 So these are all in this line item.
00:30:28.340 And then, uh, you know, which is talked about quite a bit, you know, they said, we're going
00:30:32.340 to decrease, uh, spending on government.
00:30:35.340 And on the last, uh, the 2024 breakdown, you know, I, I made a comment that, you know,
00:30:41.340 it's interesting when the biggest department or the biggest spending in government is government.
00:30:46.340 Um, and it is, you know, it's an, it's an entity of itself and they want to try to stop that.
00:30:51.340 We saw through the last decade, about an 8% growth in the, the government spending, the
00:30:57.340 operating expenses.
00:30:59.340 Um, they've said timeout and they're starting to ratchet that down.
00:31:02.340 They have a plan to eliminate 40,000 jobs through mostly attrition.
00:31:07.340 You know, if there's a job posting, they won't fill it.
00:31:10.340 People will retire.
00:31:11.340 So that's a phasing program that they have going and they're dialing it down to 3%.
00:31:15.340 So it's not going down, but it's not going up to 8% again.
00:31:20.340 Yeah.
00:31:21.340 In this, in this arrangement, it's, it's going up, you know, it's, it's another $4 billion
00:31:27.340 versus 24.
00:31:28.340 Um, you know, and it's $144 billion.
00:31:31.340 So there's lots of room there.
00:31:32.340 Um, they talk a lot in the budget about programs and expense review and all that good stuff.
00:31:38.340 Um, but in, you know, 2027, it's, it's 3% increase.
00:31:43.340 And then, you know, uh, the one that gets the most press, it's basically the public debt charges.
00:31:49.340 Yeah.
00:31:50.340 You know, the interest on our debt climbing from 47 billion in 2024 to 60 billion in 2027.
00:31:57.340 That's 20%, 27%.
00:31:59.340 Yeah.
00:32:00.340 Well, you know, and it is, but you know, our, our, uh, debt ceiling.
00:32:05.340 So I think the, the government last week went to, uh, let's see, auditor general.
00:32:12.340 I think, is it Christophe can help me with that.
00:32:15.340 But, uh, they went to him and asked him for a debt ceiling increase to $2.54 trillion.
00:32:21.340 Um, so, you know, we were looking at that, you know, the question came up the other day.
00:32:26.340 What's the, what is the, uh, U S and I think they're 38 trillion.
00:32:31.340 Yeah.
00:32:32.340 So if you compare.
00:32:33.340 Yeah.
00:32:34.340 We're in the same ballpark, right?
00:32:35.340 Not far off.
00:32:36.340 And we're not far off 10 times the population.
00:32:38.340 So yeah.
00:32:39.340 Which makes sense.
00:32:40.340 I mean, we are an extension in many ways of the U S I mean, sovereignty aside and everything.
00:32:44.340 Yeah.
00:32:45.340 We are going to be affected in similar ways, right?
00:32:47.340 To, to match economies.
00:32:49.340 Yeah.
00:32:50.340 Except for, except for, if you think about it, it's a little crazy.
00:32:54.340 We actually, uh, don't have a military like they do.
00:32:59.340 So quite frankly, they spend a trillion dollars a year, almost on military at this current time.
00:33:04.340 And we don't write that.
00:33:05.340 So, you know, we have, uh, you know, a fairly comparative growth on our debt ceiling, but we
00:33:12.340 don't have this massive, we don't have a massive spend, which is defense.
00:33:16.340 So let's not, let's not tell them that there'll be, uh, yeah.
00:33:19.340 They'll be asking for us to chip in, which I've actually even heard Trump say a couple
00:33:23.340 of times.
00:33:24.340 And, uh, and then at the end we have actual loss, which is quite frankly, uh, tends to be
00:33:29.340 our pension decline.
00:33:30.340 So it's, it's the money that our pensions are losing, um, as the markets change.
00:33:36.340 Right.
00:33:37.340 And, you know, it'd be nice if that flipped a little, but quite frankly, uh, it hasn't in
00:33:42.340 the past.
00:33:43.340 So we've never projected, uh, from what I can remember in the last decade, an increase.
00:33:48.340 And again, I might be wrong, but I've only seen this as an expense, uh, item, uh, as we
00:33:53.340 go through, uh, which means, you know, the erosion of our government pensions, which tend
00:33:59.340 to be spent, which is interesting.
00:34:01.340 We, we looked at this last show, the, the balance of our investments by the government
00:34:06.340 pension funds are in the U S.
00:34:08.340 Oh yeah.
00:34:09.340 So it was like, it was like two thirds of our spending on, uh, or investments of those
00:34:14.340 pension funds don't even occur in our own country.
00:34:16.340 So once again, tied to the U S economy.
00:34:19.340 Yes.
00:34:20.340 We rise and fall down.
00:34:22.340 Yeah.
00:34:23.340 Which, you know, we're going to hopefully change that.
00:34:25.340 Hopefully there's a, you know, uh, a way to get around that.
00:34:30.340 So, okay.
00:34:32.340 So now we talked about, and this is where I wanted, you know, we've been through that.
00:34:36.340 So, you know, we looked at the revenue, we looked at the expenses, we looked at it from
00:34:43.340 2025 to 2027.
00:34:46.340 Right.
00:34:47.340 And we, we basically did a full analysis on 2024.
00:34:51.340 2024.
00:34:52.340 So we understood what had happened from 2019 to 2024, which by the way, I don't think
00:34:57.340 anybody has done out there.
00:34:58.340 I've, it was so funny.
00:34:59.340 I was looking out there for who has done that analysis.
00:35:03.340 It's really important because you realize where we're at and that it's only part of the
00:35:10.340 picture with this budget.
00:35:11.340 Well, it is.
00:35:12.340 And quite frankly, you had to figure out where we were before COVID, where we were after COVID.
00:35:17.340 And then now you're okay.
00:35:19.340 Now I know.
00:35:20.340 So, um, we started looking and this is where it got interesting because, you know, when
00:35:25.340 we first heard about the budget, all people focused on really was the 2026.
00:35:31.340 And everyone remembers, I don't want to harp on it, but, you know, there's been a lot of,
00:35:35.340 um, you had the election, you had the governments, you know, not sitting for the federal government.
00:35:41.340 We were prorogued forever.
00:35:42.340 Prorogued forever, you know, and it seemed to take a long time.
00:35:45.340 We were waiting for, you know, the NDP leader to retire.
00:35:48.340 And a bunch of stuff was going on.
00:35:50.340 That's a good point.
00:35:51.340 And it was keeping government, you know.
00:35:53.340 One more tick against our pension budget, by the way.
00:35:57.340 Yeah.
00:35:58.340 Yeah.
00:35:59.340 You know, and, uh, it was keeping government not in, you know, not seated for quite a bit
00:36:03.340 of time.
00:36:04.340 So we weren't, we didn't really see what was happening in 2025 because we didn't get a financial
00:36:10.340 update for quite a long time.
00:36:11.340 So, you know, uh, this year, uh, middle of the year, we got an update and we started to
00:36:16.340 see what 2025 was, and then we see 2026, but we're already in, you know, November.
00:36:23.340 We're at the end of the year.
00:36:24.340 So quite frankly, March year end is a government year end.
00:36:28.340 So 2026 ends in March 31st.
00:36:31.340 So pretty much we're gonna, our deficit on those standing expenses we just talked about
00:36:38.340 is going to be $78.3 billion.
00:36:42.340 Wait a minute on January.
00:36:45.340 Sorry, March after they do this.
00:36:48.340 So that's not part of this budget.
00:36:50.340 That's not part of the expansion of this budget.
00:36:54.340 That's just money on the books that we're going to spend ongoing.
00:36:58.340 It's the base.
00:36:59.340 It's the base.
00:37:00.340 It's, it's, it's to pay the seniors, pay the pensions, uh, pay healthcare.
00:37:06.340 So just if you think of it as your home, you know, it's the 78.3 billion is pretty much
00:37:13.340 just what it is to, you know, keep your home running, pay the utilities.
00:37:17.340 This is not part of the expansion and development budget.
00:37:21.340 Just paying our bills.
00:37:23.340 Well, that's so bucket one, I call it, let's do it this way.
00:37:27.340 Bucket one is just your regular expenses and revenue.
00:37:30.340 Right.
00:37:31.340 That's just the money you make every day, less the money you spend.
00:37:34.340 Okay.
00:37:35.340 Right.
00:37:36.340 Bucket two is what your capital is.
00:37:38.340 So that's, that's if you want to buy a new home, a car, put a pool in, that's that type of stuff, you know, and the layman's term for a person.
00:37:47.340 New money to spend.
00:37:48.340 Yeah.
00:37:49.340 For government, that's basically the capital projects.
00:37:51.340 That's the new money they want to put, uh, into the economy.
00:37:55.340 So that's, that's really what he's talking about.
00:37:58.340 The prime minister, when he's talking about investing in the country, right?
00:38:01.340 He's not saying that he's putting $70 billion toward new.
00:38:06.340 He's saying combined, uh, our house expenses and our desire to renovate and put a pool in.
00:38:15.340 That's the budget we're looking at here.
00:38:18.340 All of it combined.
00:38:19.340 Well, he's not really saying he, he, he is, and he isn't right.
00:38:22.340 So he's, he's kind of telling the, and this is the, the media spin on it.
00:38:27.340 Um, there's been, you know, in the budget, they, there's a lot of graphs talking about the full spend over five years and everything else, but you really have to break it down by year to figure out where it's going and how.
00:38:38.340 So in 2026, so the year that's going to end and the new, you know, we've the accounting on it, we're going to basically spend $123.7 billion on the money we lost as a deficit.
00:38:56.340 So the money with it, we were over, so there are revenues were not enough to cover our expenses.
00:39:01.340 So, you know, we, we were running a business, but we didn't make enough money to cover the expenses.
00:39:07.340 So we basically were over 78.3.
00:39:10.340 That's our 80, that's our 80 billion right there.
00:39:12.340 That's our, yeah.
00:39:13.340 And then that's where we decided then to spend money on projects.
00:39:19.340 So then the new pool, right.
00:39:24.340 And that was the $45.4 billion.
00:39:27.340 So on our one 23, we're at our expenditure for the year with the two combined is 123.7.
00:39:36.340 The financing requirements.
00:39:38.340 So this is buried, I think on page 280 something in the budget, they came out and said, well, because the money we spent, we lost.
00:39:48.340 The money, the revenues being not enough to cover our daily expenses and the money we spent on projects.
00:39:55.340 We need financing of about 137.9 billion.
00:40:01.340 So, you know, to keep the lights on and keep going, we need to borrow.
00:40:06.340 So we need to go out and, you know, borrow money, you know, bonds, print money, whatever we need to do that.
00:40:13.340 So we need to get 137 to cover.
00:40:17.340 Now, the interesting thing, if we would have done it the, you know, and this is very complicated, but I won't spend a lot of time on it.
00:40:23.340 If we would have stayed under the old accounting methodology, that would have shot up by another 30 million.
00:40:31.340 We would have been about 30 million higher because under a cash basis, our cash capital expenditures would have been significantly higher.
00:40:41.340 Right. Okay. Right. So, so for the, for the time being.
00:40:45.340 But because it's, this has been amortized over such a long period of time, we see it as a lower number.
00:40:52.340 Yes. We see it as a little, but we still, we still, you know, in the budget, they're still saying we need to go out and we need to borrow $137 billion.
00:41:01.340 And then for 2027, it goes up to $149 billion.
00:41:06.340 So we're going to have a slightly lower.
00:41:10.340 So we're going to go and borrow another, what is that?
00:41:13.340 Another $11 billion the following year.
00:41:16.340 Yeah.
00:41:17.340 Just to match the budget.
00:41:18.340 So here's the thing, our operating, our operating deficit goes down.
00:41:23.340 So we're going to, we're going to start to get our operating deficit down to 65.4 in 2027.
00:41:30.340 That's that first year I was talking.
00:41:32.340 Right.
00:41:33.340 After, you know, we've changed the accounting systems.
00:41:36.340 And then basically we're going to spend 56.7.
00:41:39.340 So for 122 combined billion dollars.
00:41:44.340 And by the time we go out and refinance it, we're going to need about 149 billion to keep the lights on.
00:41:50.340 We basically double the budget from 2025 to 2026.
00:41:53.340 And then it tempers a little bit in 2027, but we're still, you know, almost double what we spent in 2025.
00:42:02.340 Yes.
00:42:03.340 Yeah.
00:42:04.340 Yeah, we really are.
00:42:05.340 And that's where, you know, but, you know, I said on previous shows and Mike, I just, you know, wrapping this up, I just wanted to go through with you.
00:42:12.340 I don't know if you have any other choice.
00:42:15.340 So I, you know, I, I'm, I'm of the opinion and I've said it on previous shows.
00:42:19.340 The challenge is whatever capital expenditures you pick right now, here's the challenge for the country.
00:42:26.340 And I think this is critical for everyone to pay attention to.
00:42:29.340 They have to be good, productive revenue generating projects.
00:42:35.340 So you can put so much into infrastructure, you can put so much into defense, but you also need to be actually doing projects that you can.
00:42:43.340 Showing a return.
00:42:44.340 That will produce things that will be sold.
00:42:47.340 Right.
00:42:48.340 Right.
00:42:49.340 Sold for a profitable amount, not sold at a loss.
00:42:51.340 So, and that's how you get your GDP productivity and your PPD productivity to increase.
00:42:58.340 And those are things you got to pay attention to right now.
00:43:00.340 And I think a lot of economists and bankers right now are kind of echoing that concern is that you really got to put in those guardrails and those reporting mechanisms and accountability to do that.
00:43:12.340 And what, what's kind of, uh, I'm not, I don't want to be critical of, of anyone on this cause this is a difficult time. 0.59
00:43:20.340 Um, but I think, you know, the opposition is spending a lot of time, you know, uh, we had two non-confidence votes and the, you know, they basically, they threw up kind of silly.
00:43:31.340 I thought they were, uh, you know, usually when a budget goes up, you usually have, there's three readings, the final readings, the important one, uh, both the other parties get a chance.
00:43:41.340 To amend, um, their amendments weren't very good.
00:43:46.340 I thought I was disappointed.
00:43:47.340 You know, I think the last one was, you know, we don't agree with the budget cause it, it hurts Quebec.
00:43:53.340 I think the block threw that one up.
00:43:54.340 And I think quite frankly, uh, I think there were better ways to actually put in amendments to actually put in, um, guardrails and accountability and reporting so we could.
00:44:08.340 Maybe Carney expected the opposition to come to the floor with guardrails rather than actual opposing of the budget, because like you've said, and many people have said, this is not a horrible budget.
00:44:20.340 This is kind of what we have to do.
00:44:22.340 I mean, it's not the greatest news in the world always, uh, when you get, when you get to the economy of a country and we're in that scenario, but is it not better to, this is just my opinion or question on that basis.
00:44:35.340 Is it not better for us to be working together on the amendments to this thing that makes sense and just get it passed so that we can begin or should we be voting this thing down?
00:44:45.340 Oh, that's a tough question, right?
00:44:47.340 I, I, if you can't, if you can agree on the amendments, quite frankly, you're going to get there.
00:44:51.340 And I think you, but you have to, you know, unfortunately we, we took those two votes and we didn't take the opportunity to have constructive dialogue.
00:44:58.340 Right.
00:44:59.340 I think we missed an opportunity.
00:45:00.340 And I think if both parties would have sat down or all, all parties would have sat down and come up with some really reasonable requests in order to put those in place, I think it would have been a better use of time.
00:45:12.340 I think maybe the prime minister should invite them to the table.
00:45:15.340 Yeah.
00:45:16.340 That would have been nice.
00:45:17.340 Right.
00:45:18.340 And rather than worrying about who's walking across the floor, let's worry about how to make this work.
00:45:23.340 They might've actually, uh, things might've stayed the course actually with, uh, with, uh, people crossing the floor or taking a powder, abstaining votes because they had a, an opinion and it made a difference.
00:45:35.340 Yeah.
00:45:36.340 I agree, Mike.
00:45:37.340 So, uh, hope you enjoyed this and we're going to continue.
00:45:40.340 So we're going to do a couple of part two and three, uh, talking about the actual, uh, pillars that were in this budget specifically with respect to operating and capital, um, uh, expenses.
00:45:53.340 So please subscribe, uh, watch, and we hope to see you soon.
00:45:57.340 We, uh, we hope to see you soon.
00:45:58.340 We, uh, we hope to see you soon.
00:46:11.340 Bye.
00:46:11.900 Bye.
00:46:12.700 Bye.
00:46:15.960 Bye.
00:46:16.960 Bye.
00:46:18.460 Bye.