Carney gets REALITY CHECK as economic outlook worsens

Prime Minister Carney's rosy view of Canada's economy just got hit with a cold dose of reality.A survey for Bloomberg News found economists slashing Canada's economic growth estimates.They see the economy growing just 0 .7 percent this year after shrinking in the first quarter.Prime Minister Carney has predicted a much more robust rebound in statements like this one in New York City last month.

We're just getting started.but the early results are encouraging.Canada is projected to have the second fastest growth in the G7 this year and next.We already have the strongest fiscal position in the G7, and we're reinforcing that advantage by cutting 10 % of the federal civil service, 20 % of our spending on consultants, and reducing the annual growth of operational spending from over 8 % per year, which is where it's been for the past 10 years, to less than 2%, which is where it's been since I came into government and where we'll stay.

but critics of the government say it's another indication Carney's economic policies are failing.This post by conservative leader, Pierre Paglia, breaking economists downgrade growth to the worst in a decade outside COVID.That makes Carney's growth record worse than Trudeau's.Let that sink in.He's delivered the only recession and the worst food inflation among G7 countries.You can't grow an economy with bailouts, handouts, and car votes for the liberal club the news is not much better on the trade front this headline continental trade pact set to stay in place as u .

s blows past key deadline this quote the united states is set to officially inform canada and mexico on wednesday that's tomorrow it's intentions for the continentaltrade agreement known in Canada as CUSMA, and all signs indicate it will blow past the July 1st deadline without agreeing to renew the pact.Negotiations will continue, but hopes that the trade deal can be renewed for another 16 years are beginning to fade.Our guest today is Jocelyn Bamford, founder of the Coalition of Concerned Manufacturers and Businesses of Canada.She's a Canadian businesswoman coming to us from the GTA.Welcome, Jocelyn.

Thanks, Mark.It's always great to spend time with you and your viewers.

A double dose of bad news.So that's not so great.We've got economists over at Bloomberg and they're hardly friends of conservatives or right wingers, but they're coming out and saying that the Canadian economy is only going to grow maybe 0 .7 percent.I mean, we're getting this rosy picture from the government saying that we're going gangbusters or that our hiring is strong, certainly compared with the Americans.So we're getting two very different pictures here.In this case, I think I'll trust the economists giving us a rather sobering view of the future of Canada's economy.

What do you think?

Yeah absolutely.Just look at the food bank numbers.Used to be you know 1 in 50 people had to utilize a food bank.Now it's 1 in 10.So you do the math.Talk to your friends.

Talk to the people on the lineup at the grocery store.It is stunning the amount it costs for just a little amount of food.Everything is expensive.So when when you know that and you live that reality of filling up your gas tank and then the politicians tell you that everything's great.Well, there's a bit of a disconnect.Maybe everything is great for them, but everything's not great for us.

Yeah, I was in New York talking about how great things are in Canada.Pierre Poliev has come out, seized on these numbers, saying that this downgrade is the worst in a decade outside of COVID, making Carney's growth record even worse than Justin Trudeau's.We're seeing Trudeau coming out.talking a lot about immigration these days.I don't know why.I guess he's missing the limelight, although you'd think it'd be enough with him hanging around with his new girlfriend, you know, Katy Perry.

But it's hard to take these guys overly seriously when they come out and nothing that they say reflects reality.So in a way, I appreciate it when real numbers come out because they show a picture of economic growth in Canada that is not good.Polyev also goes on to say you cannot grow an economy with bailouts.handouts and carve outs for the liberal club.So that's a reference to a couple of different stories recently.Of course, the condo bailout story where I guess they've committed 3 .2 billion for the entire program, but 1 .45 billion are supposed to buy these condos.

Still waiting for the details on this.But that suggests that the liberals do have a little club.And if you're a member of that club, you're going to you're going to do really well.You're going to do really well.Meantime, if you're not in the club, well, you know, we'll feed you stories about how great things are.What's your take on that?

Yeah, we just have to look at what happened during COVID.Remember with who got contracts for masks and ventilators, some of which we have never had delivered.There's never been a deep dive into what happened with the COVID money, even though it's been asked.And then fast forward to the carbon tax money.The federal government fell because their own auditor general said there was waste, fraud, and abuse with the carbon tax money that was collected from all of us hardworking Canadians.And we've never got a true account of who got that money.

So yeah, we see a complete difference from the elites in this country and ordinary folks.And I just wonder, when's the tipping point?At what point do people say enough is enough?We need politicians that represent us and work for us instead of having the belief, as many of them do, that we work for them.So what's that tipping point?What's it going to take for us as Canadians to say, we're going to elect politicians that only support us.

And what do we see?We see not a shift in qualified politicians.People that traditionally used to go into politics were people that were successful, felt that they were very blessed and felt they needed to give back.Now we see, look at the mayoralty.campaign in Hamilton.And the absolute fringe folks, and they are fringe, and we shouldn't be afraid to say that, that are running for mayor of Hamilton.

No skills in running a business, managing any kind of entity, and everyone thinks that this is okay.It would become a joke, and apparently we like it.I don't understand it.

Yeah, I mean, and the same thing seems to be happening south of the border in some of these blue cities likeNew York, where we just saw the Democratic Socialists of America seize on.They're going to have representatives running for Congress.These people are as far left as they get.And so none of them have run businesses, met a payroll, but they are gaining steam.It seems like the radical left seems to be gaining steam.

steam in the United States, certain parts of the United States anyway.I mean, I think once you get out of some of these blue cities or blue states, even, you know, Americans are saying, no, thanks to communism.But when you see momentum in favor of people shifting to the far left, it makes you wonder about the future, not only of the United States, but of the West in general.I mean, you expanded your company in the United States.I mean, when you see this sort of thing happening, of course, now you have a left wing Governor in the state of Virginia, Spanberger.Does it give you reason for pause?

Yeah, absolutely it does.And all we have to do is like, let's follow the money.Where are these folks getting their money to operate this ground game?And I know, Mark, we've talked every time we get close to election in Virginia, in Suffolk, the little tents pop up with, hey, get a free cell phone.And then you have to look at who's funding that.Are they doing ballot harvesting?

Are you exchanging your personal information to become on a voters list where someone comes and visits you and maybe gives you a mail -in ballot that they help you fill out?I mean, we have to start looking at some of this stuff and finding out where's the money.And a lot of the money for a lot of the NGOsthe non -government agency, and I'm going to say charity and air quotes, comes out of our taxpayers' dollars.So where's the deep dive into where the money comes from for some of these non -government groups and some of the charities that really don't end up doing any charity work.We just have to look at what happened in Minnesota to see, yeah, there's some shady dealings going on there.

And that's our taxpayers' dollars.That's what we go to work for every day and end up giving to the government.And it seems like they don't seem to be fussed that there's fraud.And apparently we don't seem that there's fuss.So I think what's happened is, you know, the governments, treat you the way you expect to be treated, and we have taught them that they can just about abuse us anyway, and we're just gonna continue to roll along, giving them our hard -earned dollars.

Let's talk a little bit about trade, because the deadline is about to go, come and go, and still no deal.That was the first deadline.So at this point, negotiations are going to continue, but a decision is gonna have to be made about whether the deal is going to be extended, As Canada has argued for another 16 years, the Mexicans, they love the deal.They want to continue the deal.No disruption.The Americans are saying, no, we want concessions.

We're not happy.And as long as the Americans are unhappy, then it's not going to proceed.And so Canadians have a bit to concern themselves with around trade.Meantime, as we try and cozy up to the Chinese, they are imposing their own tariffs on Canada.You know, they've done so in the past, but now we haveChina coming out and saying they're going to impose a 73 .5 % preliminary tariff on imports of Canadian pea starch.

I mean, they already hit other industries, other agriculture products in Canada.It's like, uh, and so here they are doing it again.And so they're accusing us of dumping.Imagine that the Chinese are accusing us of dumping.I mean, This isn't working out for us.Like we're looking at the Americans say, okay, well, if you're going to do this to us, then we're going to broaden our horizons, sell to the Chinese, sell to other people in Asia, sell to the Europeans.

And now we're getting the same pushback from the Chinese.So it's like, what do they do now?

Yeah and we've been warning about this.The Coalition of Consumer Manufacturers of Business has been warning about this trade negotiation for a very long time.Of course the government never asked us our opinion or what we thought should have been done or if there's any advice we could give them.They didn't care even though And remember, if you look at the economy of Canada, 92 % of all Canadians work for companies 100 people below.So you think that we would be their go -to folks when negotiating and getting some input on how to grow small to medium -sized business, but never engaged us, which is interesting.And so we had been warning that this was going to happen.

We've been telling stories.and providing real -life examples of a product which is subsidized by companies owned by the Chinese Communist Party landing on our shore and that is really one of the irritants if you talk toany of the American politicians, the irritants are they don't want Canada to become a gateway for dumped Chinese products.And we're not doing anything to protect our own Canadian manufacturers and industry.And that's one of the major irritants.There's no plan or strategy to prevent dumping.

We have no plan or strategy for manufacturing.And I'm convinced that the politicians are not just not, it's not incompetent, it's by design.They can't wait to get manufacturing out of Canada so that they can get to their nirvana, which is a finance and services industry.And that is so short -sighted because technical innovation, engineering, all of that stems from manufacturing.And their complete and utter disdain for manufacturing, even though they give it lip service, is shown by the fact they don't even have a manufacturing strategy.If you wanted manufacturing, you first come up with a strategy.

There is no strategy on it.And then second, you consult with a small to medium -sized businesses that make up the majority of manufacturing and say to them, hey, how do we work to grow this?What do we need?And we would have told them, like we've told them all along, affordable energy, cut the red tape, which they haven't been able to do, develop our resources, all of those things.It's not rocket science.Just we need some willingness to get it done.

Yeah, the strategy is obviously blowing up in their face.I mean, when you hear them say that the Europeans are now lining up for Canadian steel, which is going to be decarbonized.So obviously, there must be somebody in Europe, according to Melanie Jolie, the industry minister, others in the government.apparently they're lining up to buy Canadian steel, which is going to be decarbonized, but it's going to be obviously at a premium because anything that adds to the cost of, as you well know, anything that adds to the cost of production means that the end user, the buyer, is going to pay for it.Otherwise you go broke.And so they keep throwing this out like, oh yeah, the Europeans want our decarbonized steel, you know, are low carbon produced steel.

But there's no specifics here.There's no names like which country has asked for this stuff.You know, which government in Europe has said, yeah, we'll pay an extra 10 percent or 20 percent, whatever it is, because we're, you know, on the same green page as you are.We're happy to pay more, which, of course, then our own people are going to have to pay more.Our own manufacturers are going to have to pay more because they're using this deal, presumably to build stuff.But you know, it's like they say this stuff and I just don't know.

where it's coming from.I think they just throw it out, hoping that people buy it.Last word to you.

And you know, but you know, who did come to Canada and ask for stuff was, uh, not gas.They were, uh, Germany was asking for our stuff and that's all on record, but we couldn't seem to find our way to sell them.I look at financial gas.So there were people come and ask for our stuff and we weren't selling it.We're going to, we wanted to sell you this other stuff that again, can't put a name to, can't put a country to, can't put a face to.It's very interesting, isn't it?

Absolutely.Jocelyn, thank you so much for coming on the show.We appreciate it as always.

My pleasure.Have a great day.

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