"The Shocking Reality of Canada's Situation"

Added: 2026-06-01

[00:00:00]He's been Prime Minister for four quarters now.

[00:00:03]The economy has shrunk in three of those quarters.

[00:00:06]He's the only G7 leader who can say that.

[00:00:09]The economy is smaller today than when Mark Carney became Prime Minister a year ago.

[00:00:15]He's the only G7 leader who can say that.

[00:00:20]He's been Mark Carney uh would like to make excuses today.

[00:00:26]But let me ask him a question. But before I do, I'm going to actually quote back to him something he said to one of you.

[00:00:31]Mark Carney said to one of the journalists "Rosie, look inside yourself."

[00:00:37]Well, I'm going to ask Mark Carney to look inside himself. And I'll ask him directly, "Mr. Carney, if it really is global factors and tariffs that have given Canada the only recession in the G7, why have France, Italy, Japan, Germany, the United Kingdom, and the United States all avoided a recession?

[00:01:00]They all have the same tariffs and same global factors, yet none of them, not one, is in recession. Only Mark Carney has the distinction of leading his country into a recession.

[00:01:10]Now, we know that there will be a lot of excuses today, but excuses will not put food on the dinner table of the 2.2 million people relying on food banks.

[00:01:18]Excuses will not get the jobs back for the 120,000 people who've lost them as Canada has the second highest unemployment in the G7. Excuses will not allow a young couple to buy a home as Mark Carney has given Canada the worst housing costs in the G7. Excuses will not help the mother who is tossing and turning in bed at night wondering how she will make her mortgage payment as Mark Carney has made Canada the most indebted household given Canada the most indebted households anywhere in the G7.

[00:01:52]According And by the way, Mark Carney will claim that this is just technical.

[00:01:58]There's nothing technical about having an empty stomach because you can't afford paying the worst food inflation in the G7. There's nothing technical about coming home from work and telling your kids that you no longer have a job and that they're going to have to sell the house because Canada has the second highest unemployment in the G7. That is not technical, it is real. This is a full-blown liberal recession. And it's not just one or two little data points that caused this, my friends, it is one of many data points that we see today. For example, in the last few weeks alone, we have fact after fact showing that the liberal economy is collapsing. I'm going to quote from Equifax. Insolvency volumes have increased to levels not seen since 2009, up 19% year-over-year. Delinquency rates climbed 32% year-over-year.

[00:02:55]In the first quarter of this year, insolvency volumes hit a 17-year high partly due to escalating financial strain on mortgage holders and one in 1.5 million Canadians missed a minimum debt payment in the first 3 months of this year alone. Then there's the investment numbers which came out just yesterday. They show that in the first four quarters under this liberal Prime Minister, Canada saw 1.9 billion dollars of investment flee. That's 20 billion dollars more than entered our country.

[00:03:32]That's a net 20 billion dollars leaving our country to build pipelines, mines, homes, bridges, technology in other countries for foreign businesses and foreign workers.

[00:03:43]>> Shame.

[00:03:44]>> Again, we cannot blame foreign factors for that because the other countries to which that investment fled are facing the same foreign factors. So, no more excuses, please. We actually need results.

[00:03:59]Furthermore, we know that that the Prime Minister is fond of doing um illusions of action, but here is a core reality.

[00:04:12]After a year in office, what has really changed in our economic policy? Every anti-development law remains in place, C-69, C-48. He's increased the the industrial carbon tax six times higher than it was when Justin Trudeau was in office. Home building has actually dropped, and in many provinces the GST still applies to that home building.

[00:04:37]He's renamed, not eliminated, renamed the consumer carbon tax. And there are 500 economic projects waiting, some of them for years, just to get through the liberal bureaucracy uh permitting system.

[00:04:52]Now, we know what won't fix this.

[00:04:55]Dazzling speeches at the World Economic Forum, clever-sounding corporate buzzwords, signing fake and unenforceable MOUs in grand halls with stately backdrops, none of these things will reduce costs or boost growth. Announcing projects that were approved many years earlier, or making sky in the pie pie in the sky promises like he's going to double electricity production 25 years from now with no details on how.

[00:05:22]All of these things are illusions. They give the impression of action, but in reality all of the policies of Justin Trudeau remain the same, or they have gotten worse. The deficit has doubled, spending is higher. The only spending that has not gone up is capital spending, precisely the opposite of what Mr. Carney promised.

[00:05:43]The only way out of this liberal recession is to reverse the policies that stopped that that caused it in the first place. And that is why we are calling for the Prime Minister to get back in the House of Commons next week and introduce a bill to reverse all of the net the economic policies his party has introduced over the last decade. We don't need more photo ops, more signing ceremonies, more discussion papers. We need to reverse the liberal policies that have given Canada the only recession anywhere in the G7.

[00:06:14]Conservatives have put forward positive plans to unleash our growth, including a real plan to incentivize the Americans to sign under tariff-free trade, eliminating capital gains tax on reinvestments in Canada, ending the industrial carbon tax, in fact cutting taxes on work, energy, home building, and investment, making Canada the fastest place anywhere on Earth to get a permit, the freest economy in which to trade, work, invest, and get a return.

[00:06:42]Let's restore the promises of this country where anybody who gets out of bed in the morning can find a terrific job, a job that gives them a great paycheck, that buys affordable food and homes, where our young people can afford to start a family, where our parents can afford to give their children the best start, where our seniors retire in peace and tranquility, and where our economy is truly independent, self-reliant, standing on its own two feet. That is the mission. Now, let's turn it into action. Thank you very much.