Carney is a FRAUD - CBC Makes Excuses for Liberal Recession!

Hinzugefügt: 2026-06-04

[00:00:00]Hey guys, Wyatt Clayool here and welcome back to the National Telegraph YouTube channel. Yes, Canada is in a recession.

[00:00:09]If we had a conservative prime minister right now, the Liberal Party and the Liberal media would be calling it a recession. But because Prime Minister Mark Carney and the Liberals are in power, the media is calling it a technical recession or bringing on supposed experts to dismiss the idea that Canada's economy is in really bad shape right now. I know throughout all of this, Mark Carney is going to get bit in the rear over his comments about Canada still having the best trade deal with the United States because he's effectively admitting compared to the other countries in the G7, he's playing on easy mode. And yet he is running the only economy currently in a recession.

[00:00:52]Not a technical recession, a recession.

[00:00:55]Two quarters of GDP decline. And we could also add in other factors that are also often used to determine if you're in a recession or not. And we've had prolonged increases in unemployment. The private sector is not doing very well right now. People defaulting on debts is going up. But apparently, if you listen to people like the CBC, this is nothing to worry about. Don't worry guys, we have a business guru, a financial guru in Mark Carney leading our country, so it's all okay. And in fact, when you think about it, Pure Polyv is the bad guy right now. We're going to get to a panel later on in this video where someone actually attempts to make the argument that this makes pure polyv look bad. But we're going to start off with a CBC segment where they talk about what is a technical recession. But before we get to that, I just want to remind you guys if you like the channel, make sure to leave a like on this video. Subscribe if you're not yet a subscriber. Consider hitting the join button if you want to become a channel member and make a small contribution per month to make the channel more sustainable and allow me to be less reliant on the YouTube algorithm. Thank you to all of you who are currently channel members right now.

[00:02:04]It really helps me out. And of course, leave your comments in the comment section below on what you think about everything we're talking about today.

[00:02:12]And usually I have the clips lined up to just be in full screen mode right away, but I just want to point out just how pathetic this is. One, look at only 80 people liked this video and 9,300 people watched it. That's a really bad like to viewership ratio and probably indicates a lot of people are watching this two-minut segment and not being very happy with the explanation. The title here is what a what's a technical recession and is Canada in one. I like it when a title basically just avoids the truth. It's what you could call telling the truth falsely. There is no such thing as a technical recession.

[00:02:53]There are just recessions or not recessions. And then posing the question, is Canada in one? Makes it sound like there's a potential that Canada isn't in one. Even if we were to take the idea of a technical recession seriously, we're obviously in one. We met the criteria. So, why is the CBC title leaving it open-ended whether or not this is a real thing or or not?

[00:03:15]Anyways, let's watch this video. Then, we're going to get into another CBC segment in just a second. The Rword there, uh, even with technical in front of it, could be all the qualifiers, you know, whether it's business or politics, this is still going to grab a lot of attention.

[00:03:31]These numbers aren't positive. That's for sure. Two consecutive quarters is what we call a technical recession. When the >> No, no. That's a recession. It's a recession. When does a recession actually start? Unless we're just leaving it up to the government to call the recession themselves in which we would never actually call a recession because nobody be willing to actually say it. Like it's a recession. Two consecutive uh two consecutive quarters of decline is a recession. economy shrinks when it there's a contraction in economic growth for six months consecutively really. But when we say it's a technical recession, it's because there's there's also different ways to measure this. Do we compare it year-over-year? Do we compare it quarter over quarter? Do we compare it monthtomonth? And needless to say, while we aren't seeing a lot of green arrows in these numbers, by >> No, no, no. There's not no green arrows.

[00:04:24]We're not seeing a lot of them. There are no green arrows. O year-over-year, we're still down. It's not like we had a really good boom period for six months and now it contracted, but overall over the last year, we're still up. Now, it's not like we're down three or 4%. We're actually only down like 600ths of a percentage point. But the problem with that is that inflation has happened. The population has increased a bit. I think we technically decreased population a little bit in 2025. But the pro the problem is that there's no other metrics that are making us look good. Yes, it's not the biggest decline ever. It's a very small decline, but no healthy GE7 country should be declining, especially when we have a Goldman Sachs man, the former governor of the Bank of Canada, the former governor of the Bank of England, a man who was the chair of Brookfield Asset Management. How is this guy leading a decline? And by the way, Mark Carney is holding this economy together with like duct tape and bubble gum because the only reason that our decline isn't bigger than uh like than 6100ths of a percent is because we keep throwing money at the problem. In fact, the liberals are basically saying we can sort this out by getting more money out the door from the government. That's not real growth. That's simply government subsidizing like industries that are not healthy or just spending on the military, which doesn't actually help the overall economy. we need to spend more on the military, but don't rest on that as like the thing that's going to get us out. And if we look at any other metric, so the last three out of four quarters have been declining quarters.

[00:05:57]The only quarter that was positive was the third quarter of 2025. Second quarter was also down and then the last two ones of first and second quarter of or the the fourth quarter of 25 and the first quarter of 26 have been declines too. But unemployment is bad. We lost 120,000 jobs net since the year started.

[00:06:18]Again, default rates are going up.

[00:06:20]People being foreclosed on their homes are going up. So, what is the green arrows that this guy's talking about?

[00:06:26]None. But we'll just kind of insinuate that there might be good stuff out there, but he can't explain it.

[00:06:31]>> Month to month. And needless to say, while we aren't seeing a lot of green arrows in these numbers, by some definitions, this is a technical recession. By some definitions, it's not. that there is not a lot of growth happening here. We are seeing >> no no no not there's not it's not that there's not a lot of growth there's negative growth it's declining >> some shrinking in the GDP the gross domestic product that's one of the ways that we measure how big the economy is to put it simply there and it declined at an annualized rate year-over-year by.1% in the first quarter so this is small according to stats Canada but it is present and it's not anything that economists wanted to see or expected to see. David, >> and that I think is the key thing that yes, the economy is buff been buffeted by tariffs and war and and and and there's been so much uh and yet as you note this was not predicted. They thought there would be just narrow growth.

[00:07:30]>> Yeah. Well, we actually they predicted 1.5% growth in the first quarter of 25 and it went down by like 0.025 or so. So yeah, it's bad. I don't know how they can get away from this. They keep they they they the CBC is already trying to make the excuses of saying, "Well, there's tariffs and there's wars and all there's everything's on computers and in metric right now. It's so complicated.

[00:07:56]You know, we we can't blame Carney and the Liberals because it's so complicated out there, people." It's like, well, then why are the other G7 countries, the other six of them not experiencing two quarters of decline? their numbers come out around the same time. Why aren't we hearing about Why aren't we hearing bad news coming out of Japan? Why aren't we hearing bad news coming out of Germany or especially the United States? The United States all, by the way, it's not like the tariffs are good. The tariffs are bad for everybody. But it demonstrates everyone's suffering from the general same problems. Why are we suffering worse? Because Carney is not an actual businessman. He's a fake businessman. He engages in fake business. At Brookfield Asset Management, they do mountains of fake business. They invest in areas heavily subsidized by the government where there's lots of grants, where there's lots of tax breaks, where the government has a lot of contracts. That's what Brookfield asset management does. It sits with an open mouth at the end of a spigot and has the government pour money into its mouth despite the fact that they're not doing anything particularly useful. If you're building like, you know, green energy plants and battery plants that the government's basically ensuring that you profit on, obviously you're going to do well. you're unable to fail in that industry because of the government large s being given to you.

[00:09:11]Anyway, so now we wonder what why are we failing? Because we have a prime minister who only knows how to run a business on subsidies and now he's the guy handing out subsidies and it turns out you can't subsidize an economy into success.

[00:09:23]>> Woke up this morning, we were thinking there might be some small growth and then we get these numbers and it's smaller smaller smaller red. So, it's it had a few of us in a bit of a flap this morning crunching some numbers and pulling up spreadsheets. You know, the last time Canada was in a technical recession was during the start of the pandemic back in 2020. We are seeing economists already react to these numbers though by pointing out that while the economy is sluggish, you know, there's kind of a blah vibe to everything because, you know, slug not sluggish. Sluggish in, it could imply forward momentum, but just slow. No, no, backwards momentum. Slow backwards momentum. Yeah. That's not like the 30% of the economy was wiped out obviously.

[00:10:01]No, but it's backwards. But they keep using language implying that well we're still chugging along. It's like no, we're going backwards. We needed the train moving in the other direction as if tariffs and energy prices dragging things down. This technical recession, if it happened, may be over by some measures or may just not be as big a deal as it sounds because oil and gas prices have gone up so much and that does inject money into the Canadian economy. David.

[00:10:27]>> So, we're now we're going to li rely on high gas prices to get us ourselves out of uh out of like the the technical recession. Again, we're either in a recession or we're not. I have looked up even the CD How Institute's own definition doesn't even require two straight uh quarters of of decline. You can technically be increasing but still be in a recession if all of the actual metrics of health are not good. Like again, unemployment shooting up, defaulting on debts shooting up, people foreclosing on homes, all these different things can be metrics of a recession. Yet, you can even be increasing your GDP simply because the government's injecting money. But the but the economy isn't healthy. The economy isn't having organic growth.

[00:11:13]It's having government subsidize either quote unquote growth or just maintaining what we have. That's the problem we're currently in. But now let's get to this other CBC segment that's very funny because of all the excuse making that goes on in it. Uh we're going to have the CBC panel tell us why actually if you think about it this makes pure poly look bad at least uh according to Gre I think it's Greg Mckan uh who is a liberal shill on their panel >> destruction.

[00:11:42]>> Our party insiders are here. Greg Mckran is a former liberal ministerial adviser.

[00:11:46]Fred Delorey is a former conservative campaign manager. Melanie Rish is a former communications director for the NDP. Greg, let's start with you and the economy. So, kind of weak numbers last quarter. Uh, seems we've slipped into a >> not not weak numbers. Negative numbers.

[00:12:02]I wish they would get this right.

[00:12:04]Negative numbers. Not weak. Weak is we only grew by a quarter percent. And it was not really good. You know, even if we grew by, you know, 0.001, 001. It is It's moving up, but it's barely anything and effectively gets wiped out by inflation. That would be bad enough. No, it's negative. They have to say negative, but they refuse to do it.

[00:12:24]>> Technical recession. Do you think this is a political liability? Are you worried about what you're seeing from Statscan?

[00:12:30]>> It's never good news. Um, and having lived through a couple of recessions, uh, yeah, absolutely not good news. um the response uh today from folks like Desard and other places there and the interviews you've done thus far um leading off Peter Armstrong uh you know talked about what a surprise this was that's not always a good sign so you can't even though I think the folks at finance are saying you know there are good things coming um yeah it's never a good sign I think though if we're going to speak politically in in addressing the clip that you showed of the leader of the opposition >> we're we're now having the big butt pivot we're just Greg McKron is making a wide turn over a four-way a four-lane highway to try and make this about federal conservative party leader Pier Paul of I guess smiling too much at a press conference.

[00:13:20]>> And maybe my theme today will be communications, but they put out uh a media advisory to you and the the rest of the press gallery that said it was a full-blown recession. So a month ago, if you were the leader of the Conservatives and you said what he said about Mark Carney, that he was badly educated, there was a huge blowback on that from a lot of his own folks. So today, you start off by saying, you know, that this is a full-blown recession when it's not.

[00:13:44]And, you know, I I watched his his uh media availability. um you shouldn't smile or or look like you're happy or laugh when there is a fiscal issue that >> he didn't laugh at the fiscal issue. He mocked Mark Carney a bit for again pretending to be some financial wizard and he's not. He laughed when a Hill Times journalist Steuart Benson asked him a completely ridiculous excuse-making question about how well this could be forecasted away later. you know, maybe that they readjust their numbers later and it's not actually a negative growth uh quarter. I'm like, do you think that they wouldn't be trying to have sweeten the numbers as much as they can? Yeah, maybe. Sometimes they get revised higher, they could be revised lower. That's what car that's what Polyv was smiling about how ridiculous the liberal response to all this was. And by the way, you know that New York Economic Club speech that Carney gave. Doesn't this entire thing put this into a new light? Carney probably knew what the numbers were going to be. He probably knew the numbers were very weak. And when he went to the economics club and made his make America great again comment, I only see that as begging. Well, great elbows up play there, Mark Carney. Now you're having to basically go down there and like hat in hand and say, you know, you know, Canada can help make America great again. And it's like I don't even necessarily disagree with his words, but it's so pathetic that only now is he actually trying to get along with them and actually get something going here.

[00:15:10]only now are we doing this. It looks like begging after having pretending to be the tough guy for a very long time.

[00:15:17]>> It's going to affect all Canadians going on. I think that was a bad look. Um so I I don't think he helped himself today and that probably gave um the government some leeway or some time that as the day went on the actual financial experts, the people who know what they're talking about were able to comment. And so far you had, you know, Peter Armstrong and someone from the Chamber of Commerce that has given me personally a little bit of um, you know, I'm I'm not going to, you know, thinking that it's, you know, it's we're get get the words out, Greg. He can't call it good, but he's trying to like say, I'm comforted. I'm comforted by what they said about the terrible economic numbers so we can all feel good because someone from the Chamber of Commerce said it's it's okay.

[00:15:58]It's nothing to set our hair on fire about. Again, I thought Carney was good at this. I wasn't voting. I didn't vote for him obviously, but in terms of the general Canadian public, were we all voting for mediocre? Were we all voting for two quarters of decline? Or was the pitch probably that this guy knows the economy? Don't worry, he's going to be able to move around the chess pieces and he's going to have us growing at 2% every quarter because he's just going to get all the dumb regulations out of the way and motor on. And by the way, pipeline ain't coming. pipelines not not going to ride in with the calavalry over the hill and save the economy because Carney doesn't want to do it as pointed out by outgoing Liberal MP Steven Gilbo, former environment minister. Carney, there's more than 14 liberals in the caucus who don't like the agreement and Carney is just finding the the like the quiet way of putting a pillow over the pipeline's head and making sure it dies.

[00:16:49]There's no big project he's going to pull out of his back pocket to grow the economy. They're all years away. There's not creating any GDP growth. And but but Greg's here telling us that we should all feel comforted that it could have been worse.

[00:17:02]>> Um you know I'm not gonna you know thinking that it's you know it's we're in completely in the clear. There's a lot of government spending still that's not out the door and I think you hear that from the prime minister. He's really tied military and energy together and you know that is what you and the ambassador from Germany talked about. So the >> the energy projects are are small scale or not coming in terms of the pipeline not coming. some of the LG expansions, they probably will happen years from now. So, we're not really going to see a big economic bump from them for a while.

[00:17:33]But like the military spending, are we really saying that like, oh well, don't worry, we're going to be saved because we're like investing in hiring people to be troops. By the way, we should expand the military. I'm not against it. But the problem is if these are the things that we're hanging our hats on, that's bad because these are not productive parts of the economy. Yes, it adds to the GDP, but they're not. It's not like we're starting a new mine. We're not starting a new tech firm. We're not, you know, printing t-shirts and selling them overseas. We're not doing any of that.

[00:18:00]We're just putting people in tanks and, you know, and training them. And that's good. We should do that. We should have more ice breakers. We should have a bigger navy. We should have more jets.

[00:18:07]At the same time, this is not actually something that's you're going to go to a boardroom and say, "Don't worry about it, guys. We ordered some jets." You're they're going to be like, "Well, our office spaces are clearing out because we have to fire people." And I'm not sure how that helps us here on Bay Street or in, you know, downtown Calgary or Winnipeg or Vancouver, but you get my point.

[00:18:28]>> Fingers crossed and being very hopeful.

[00:18:30]>> Yeah. Fred, what do you make of what Paulie have said on that? I mean, he also had a kind of prescription for what's ailing the Canadian economy, right? He says he wants to get rid of the industrial carbon tax. He's going back to that, of course.

[00:18:42]>> What kind of comment is that? He's going back to that, of course. He just like acts like it's funny. And by the way, I'll even partially criticize Polyv on this. much. I really think this is the time. Alia, look into my eyes. Look into your soul. I'm gonna stare into your soul right now. Pierre run on a 20% across the board income tax cut.

[00:19:03]Corporate, all personal income taxes.

[00:19:05]Take a point off the GST. You just got to cut it down because that's what's going to create a big economic boom to make sure we have growth in the GDP. You really can't grow the GDP by just, you know, eliminating one tax here or there.

[00:19:19]It will help. It will get things moving in a positive direction. But if we want it to be leaps and bounds, it just needs to be a big uh it just needs to be a big tax reform policy. In fact, the government, if the government wants to be greedy, cut taxes, you'll bring in more revenues because more people want to be in in this economy and there'll be more investment. You'll make more revenues if you lower the price a bit.

[00:19:40]It's basic economics. If you price a bunch, if you run a convenience store and everything's 50 bucks or higher, you're not going to sell a lot. But if you also price everything at five cents, you're not going to actually make a lot of money. You'll sell a lot, but you'll bring in nothing. There's an equilibrium here where the price has to be low enough that people buy a lot, uh, but it's also high enough that you bring in good revenues. Right now, we're like in the convenience store where everything's like seven, eight bucks and no one wants to purchase anything because it's just, you know, you'll do it if you're desperate, but that's kind of it.

[00:20:09]Government needs lower taxes if they want to spur the economy while also actually padding their own revenues. I'm attempting to make the government more selfish here, but Pierre, do that. Lower taxes, 20%, even 15% across the board tax cut. That's what you're going to do day one. That would be brilliant.

[00:20:27]>> Get rid of the anti-energy laws. Uh blaming the deficit, saying that that's maybe why we're seeing some of the job, you know, the ugly job numbers, the slumping GDP. Economists are not necessarily aligned with him on that, but certainly he pounced on this today, feeling like maybe it's an opening for him, right?

[00:20:42]>> Yeah. And it is an opening if it's prolonged. If we're into a series of recessions or a prolonged recession if this goes a long time, but if we're out this month or if we were out last month and don't know it yet, it kind of loses its oomph. Um, but I see, you know, he pivoted to his main message about the industrial carbon tax. So, it's it's an opportunity, a political opportunity to do that. But again, it's if it's not prolonged, if it if the recession is if we come out of this quickly, uh does that mean Carney was right? Does that mean Carney's whatever he'd been doing uh making announcements? Has that got us out of the recession? I >> I find Fred Delorey the most disappointing commentator on in all of media. He's supposed to be a conservative and he's basically sitting there just making potential excuses for Carney. Well, if we are out of the out of the recession next quarter, then it's all okay. Um, no, not really. That doesn't compute. I'm sorry. Uh, getting into recessions, you don't get forgiven because you get out of it. That should be normal that we're not declining every any quarters. We shouldn't be declining at all. And by the way, we've declined three out of the last four quarters. So, what makes us confident that we're going to grow this next quarter and then we're not just going to slip back into another declining quarter in the third quarter?

[00:21:52]Like, come on people. But again, Fred Lori just has absolutely no teeth to his commentary, I find. But I want to end this off by going back to that press or to that press conference with Pierre Paul, the one that Greg Mckan was trying to slag Pierre for, casting it as Paul not taking this seriously and you shouldn't seem like you're chroling over the economy going sour. Why don't we Sorry. Why can't we pin some blame on the guy making the economy suck? We're going after Alv's tone in reacting to it all. It's so just high school and stupid. But uh check this out. His his interaction with um Hill Times journalist Steuart Benson. I I found this just hilarious just how I guess transparently um flack catching this was >> in Q3 2025 the economy grew at an annualized rate by 2.6%. We have economists saying that today's numbers are so nominal they could be forecasted away and revised away. So, aren't you jumping the gun a little bit calling this a full-blown recession?

[00:22:53]>> Right. So, um I know that there's a lot of uh excuses being made for Mark Carney today. And I I'm not surprised. By the way, which outlet are you with?

[00:23:02]>> Is 2.6% economy growth excuse or is that just the numbers?

[00:23:06]>> It's actually a ne There's no 2.6% economic growth. The economy, if I could, if I could.

[00:23:13]>> So, so you're having to go back. How many quarters are you having to go back now?

[00:23:17]>> So, you're having to go back. Okay. So, let's get this straight. So he's basically saying, so you're you're claiming that because in Q3 of 25 we grew at at 2%. From the previous quarter, that makes it all right when in Q4 we contracted by like I think 25%. So I think in Q3 we went up by like four 0.47% or something like that. Uh and then in Q4 we went down negative 25%. And then in this last quarter it was only like 0.0. 06 or 0.0 Yeah. 0.06 or whatever.

[00:23:52]It was a very small drop, but it still matters. It's still a problem that we go from a Christmas season where the GDP contracted to the next year where GDP contracts again. That's kind of pathetic. It should be easy to grow your GDP after a bad quarter because it's like you fell you stepped into a hole and it should be you should be able to gain back a bunch of uh like GDP by just stepping out of the hole. The fact is that we tried to take another step and we didn't even get out of the hole. We fell a little bit further into the hole.

[00:24:22]That's the problem here. But we're trying to go back in time and give Mark Carney a big pat on the back for having like a, you know, decent growth in quarter 3 of 25. But your quarter growth is only good if it's sustainable. And it wasn't. And year-over-year we're down a bit.

[00:24:38]>> There's been four quarters since Mark Carney became prime minister. The economy shrunk in three of those four quarters. Canada is the only G7 country for which that is the case. There's now been an entire year of Mark Harney that is recorded in economic data and the GDP is smaller today than when he took office. That is only true of Canada among G7 countries. And now there are two backtoback quarters where the economy shrunk which is the literal definition of a recession. Canada. And by the way, it's not just that our economy is shrinking quarter after quarter. It's that we have the second highest unemployment in the G7. You think that the you think that the 120,000 people that lost their jobs since the beginning of this year call this just a technical recession? No, they call this real job loss. And >> so I'm going to cut off there, but I think this is the thing the Conservative party should be spreading everywhere.

[00:25:38]Just pointing out the media flack catchers trying to defend this. You lost a job or you know someone who lost a job or you have never seen wage growth. You haven't seen wage growth in years. And they're going to come out and say it's a technical recession. Maybe we can we can round out the numbers in the next couple months and it will raise us back into the positives. No. Come on. This guy Mark Carney, remember him? Epidge Farms remembers he was supposed to be a financial guru. So what's going on?

[00:26:08]That's the problem here. And again, we can keep blaming out external factors, but guess what? He has a lot of mechanisms he can pull to try and improve the economy, but because he's such a frankly just a lame, dopey person when it comes to finances, his only idea is he keeps hitting the government subsidy button every single quarter thinking that's going to fix things.

[00:26:27]He's like Barack Obama in 20 2009 2010 and the the economy is like barely recovering from the ' 09 0809 recession because all he does is pumps money into the economy. Not actually trying to make sure the money allocation is proper.

[00:26:42]Money allocation matters. Subsidizing weak industries because they're overregulated and overt taxed doesn't make the industry better. It just it just keeps it limping for longer when if you cut their tax and deregulate it, they would be booming and they wouldn't need anything from the government. But the thing is that Carney doesn't even think about using any of these mechanisms because again, he's a welfare queen from Brookfield Asset Management.

[00:27:04]He runs the economy like a pimp. He just throws money at it. He's just like, "Oh my goodness. Well, that that area is not doing very well. How about instead of fixing all the fundamental market issues that we've caused through policy through policy and taxes, let's just, you know, put some cash under that leg of the couch so it doesn't wobble so much rather than just getting it fixed." But anyways, with all that being said, thank you guys for watching. Uh, I'm very happy to be back in the Calgary studio.

[00:27:32]It's very comfy to be back here. I I feel bad for those who get introduced to the channel and they see me in these like dingy hotel rooms looking like I'm being held hostage by the IRA or whatever and then you see I actually have this nice place and you're like, why are you filming there? It's because I was working at the BC legislature. I'm the comm's director for Dallas Brody, the MLA who's the leader of 1BC. And so sometimes I'm just there for like weeks at a time because I don't fly back on weekends because it would cost an incredible amount of money to have constant roundtrip travel every single weekend. And by the time I get back and you know, you wake up the next morning.

[00:28:07]You just feel groggy and terrible from traveling, even if it's just an hour and a half flight. But now I'm going into too much detail that you guys don't care about. Uh, make sure you like, share, subscribe, consider joining the uh the membership program for the channel so you can help make the channel more sustainable for me. And I'll see you guys all later.