"I've Never Seen This Before": Economist Issues Stunning Warning on Mark Carney

Imagine working out your family budget.Your spouse contributes to that budget every single day, but you decide that you're going to hide all the debt.hide all of the money that's in and out, and not tell your spouse anything about it.Not give them access, just lock them right out of it.That's Canada right now, and economists are sounding the alarm.How much money and how much debt can Canada really take on?

Seriously, do you even know the answer?If you ask me today what the federal government's long -term spending plan actually looks like for this country, I couldn't tell you, and you couldn't tell me.Not because the information is too complicated for any of you and I, but because some of Canada's most respected economists are now saying the information simply isn't there.They won't give it to you.It's under lock and key.Think about that for a moment.

It's your money, not theirs.This isn't coming from opposition politicians either, trying to score points here.It's not coming from social media influencers.It's not coming from anonymous sources.This article put out by the National Post was showing concerns coming from people whose careers have been built on analyzing government finances.One economist says the situation is extremely concerning.

Another, who has worked on budgets, by the way, since 1977, says he has never seen a lack of transparency like this.Think about that.And even Parliament's own independent fiscal watchdog is still waiting for information.If that doesn't make you stop and pause and wonder about the Carney government, I don't know what will.Let's tap into the truth.Welcome back to Tap the Maple, here on Bakes on Things for your Thursday morning.

It's a feisty one this morning, so buckle up!Since releasing its spring fiscal report, the federal government has announced a series of significant spendinginitiatives, lots and lots of spending.A national AI strategy was one of them, a food security strategy, a support for a new West Coast Pipeline project, which apparently the government's going to pay the entire thing for because there's no private investment, cooperative agreements with British Columbia, expanded defence commitments.On their own, each announcement may actually have some merit.Canadians can debate the value of any one of these things, and we know that to happen because it's even happening just in the Liberal Party.

But every major announcement raises the same question in this country right now.How much is this going to cost us?Who's paying for it, by the way?And where is the money coming from in general?And what does it mean for Canadians' long -term finances?And guess who doesn't have the answer to any of those questions?

all of us.And according to Desjardins Deputy Chief Economist Randall Bartlett, these announcements appear to add roughly $40 billion in commitments over the next decade, beyond what was outlined in the spring fiscal update, by the way.Bartlett also says some of those commitments may already fit within existing funding envelopes, but here's the problem, you wouldn't know because it's not shared with you.That's the issue.Nobody knows.The issue is that economists cannot clearly determine what is new spending, what has already been budgeted for, and how everything fits together because the government has not shown its work.

That distinction matters.This is a guy we elected who's supposed to be a master economist.Instead, he's a master cover -up man.Imagine you're applying for your mortgage, for example.Let's bring this down to our lives.The bank asks for proof of income.

You know this.You've gone through this before.They take a look at your debts.They take a look at your assets.They take a look at yourmonthly expenses to make sure you can afford the mortgage payment.

Instead of providing documentation though, you simply say, just trust me, it'll all work out in the end.Don't worry, I'm going to pay my mortgage, now give it to me.That's what we're seeing here.How do you think that meeting would end with your bank?Probably pretty quickly.I think that ends in a decline, doesn't it?

Yet economists are saying Canadians are increasingly being asked to trust broad announcements without being given enough detail to independently verify the long -term fiscal picture of them.Government spending isn't monopoly money.It's not something you can just go buy an extra pack of at the Dollarama.It affects current taxes.It affects future taxes.It affects how we borrow.

It affects everything.It's not just coming out of your paycheck.It affects everything around you.And it affects reduced spending somewhere else.We've got to get it from somewhere.Those choices deserve some very detailed scrutiny, and we can't seem to get that from the Mark Carney government.

One of the strongest parts of this story isn't even the spending itself.It's who's raising the concerns?Think about this.These are master economists, the real ones, not the ones Mark Carney claims to be himself.Randall Bartlett called the lack of transparency very concerning.He questioned whether sufficient analysis is being made available to explain how these commitments will be funded and whether there is meaningful fiscal restraint beyond reductions in the size of the public service.

And guess what?People are now shorting the Canadian dollar.And then comes Don Drummond.If you've followed Canadian economists for any length of time, you know this isn't someone prone to sensational headlines here.He's a former chief economist at TD Bank.He's been doing it since the 70s.

He's advised governments himself.He spent decades studying public finances.His criticism should make everyone, including every single liberal voter, sit up and listen.Because he said, I've been involved in budgets since 1977, and I've never seen such a lack of transparency.That's an extraordinary statement from a very mastered economist.Whether you're a Liberal, Conservative, New Democrat, Bloc supporter, Green, or someone who doesn't even vote at all, doesn't matter.

Statements like that one deserve your attention.Right away.It's urgent because it's your money, it's your finances, it's your family, and it's your future.One area attracting particular scrutiny here is defence spending.Because we know we're going to spend, spend, spend on that.Prime Minister Mark Carney has said Canada intends to reach 4 % of GDP in total defence spending by the end of the decade and then move toward NATO's 5 % target next.

Those are major commitments.potentially hundreds of billions of dollars over that time.But economists say the detailed fiscal path to support that, to support those commitments, hasn't even been presented to anyone.It's not in the government's public documents at all.It's once again, like Carney loves to do, under lock and key.So how much is going on defense spending?

How much comes from other security -related expenditures?What assumptions are being made here?How will the this affect our future deficits because it's clear this goes above and beyond what's been planned.Those aren't partisan questions.Those are just money questions.Those are basic budgeting questions you would have in your own damn family.

I'm telling you that right now.There is something bad going on here.There is something being covered up, and it's not meant toa conspiracy theory.It's just proof.There's nothing that's being revealed to us.

That shows it's a cover -up.It's the definition of it.Even the watchdog, the provincial budget officer, one he brought in for himself, is questioning the government's plans.The parliamentary budget officer has previously noted higher projected deficits than those contained in the government's fiscal outlook.Even Jason Jakes warned about this.According to the reporting of the office, which is basically none, nobody has any idea what the assumptions are around defense spending.

Think about what that means.No idea, but you're spending billions.The office specifically created to independently analyze this and analyze government finances is still seeking the information on the government finances.If the independent watchdog doesn't yet have the full picture, how can Canadians reasonably be expected to have it ourselves?This is a very serious problem of transparency, and we talked a few episodes ago about Mark Carney's trust deficit.This just makes it even bigger.

Budgets cannot run on assumptions.It's all about economic growth, employment, inflation.We've got to know these numbers to predict these things.Interest rates are based on some of this stuff.Government revenues are based on all of this.If those assumptions hold, the plan may unfold as expected.

But we don't know, because it's all under lock and key.And if they don't hold, for that matter, everything has to change.The Bank of Canada's July outlook projects weaker economic growth for 2026 than the federal government's spring fiscal assumptions made.That's already known.That doesn't automatically mean the government's projections are necessarily wrong, but forecasts often differ.And the forecast isn't looking good.

It's a big storm.Slower growth usually means lower tax revenues, while many spending commitments will still remain from that budget.That combination can widen deficits and increase borrowing to astronomical levels.Again, what is going on here?I mean, you must be questioning this, right?I mean, I've seen people post this article from the National Post over and over again on social media over the last couple of days.

But here's the thing.The article also highlights an interesting example that was never put in those social posts.Higher oil prices provided the federal government with stronger than expected revenues.Governments always face choices when unexpected revenue arrives.One option is to reduce the borrowing costs, which we are clearly seeing is not happening.Another is to invest in new priorities.

And according to Bartlett, much of that windfall went toward additional measures rather than reducing Canada's astronomical record debt.That's a problem.It's important to understand.what this debt is doing to your taxes.Because the decision becomes much harder to evaluate if Canadians aren't shown exactly how those choices that they've made to spend that money instead of paying down the debt are being made.We can't see a thing.

Transparency builds confidence in a government.We have none with this government.That's the point I don't want anyone to miss here.This episode is about, it's not really about arguing between all of us, because I think this is a nonpartisan issue.This is a, hey, the government needs to show us what's going on issue.Canada needs infrastructure, we get that.

Canada needs national security, we get that too.Canada needs economic growth.All of those things, all governments would try to provide.The real issue here is accountability and transparency while you're doing it.Major spending commitments deserve major transparency.This trust deficit with Mark Carney just grows daily.

Canadians shouldn't have to guess here.It could beshould not have to estimate what they are seeing on paper.The Parliamentary Budget Officer, for God's sake, shouldn't have to wait for the information they are tasked to review every day.When governments ask taxpayers to finance ambitious plans, taxpayers deserve to see the assumptions, the actual costing, the timelines and all the risks associated.That isn't an unreasonable expectation for anyone.

It's just good governance.So as we wrap up here this Thursday morning, I want you to question this government no matter who you vote for.No government should expect Canadians to accept, don't worry, we've got this.Okay?Just none.Doesn't matter who the party is.

And certainly is not a substitute for financial planning.Transparency isn't partisan.It's a democratic right of yours, you who watches this.Whether you support Mark Kearney or oppose him, whether you lean left, right, or somewhere in between, we should all want the same thing here.And that's clear numbers, clear assumptions, independent scrutiny, a plan forward, and honest answers about where our country is headed financially.Today, We don't get that at all.

Debt doesn't disappear.bills eventually come due.And the more transparent governments are today, the fewer unpleasant surprises Canadians may face tomorrow.That's how you tap into the truth.Don't forget to like, subscribe, join this conversation down below.Are you deeply, deeply concerned about this lack of transparency?

Why can't we see these numbers?I want you to answer, especially if you're a Liberal supporter, I want you to answer me.Why are we hiding these numbers?What is the actual point of that?Help me understand that.When you have an economist who's been an economist since the 70s advise government saying he's never seen this before.

You don't question that?You don't have a little raise of your eyebrow every once in a while when you hear something like that?I'd really love to know.Jump into the comments.And we will see you tomorrow at 6 a .m.

Eastern Daylight Time.Folks, thanks for living and listening and trying to live in this country.We will see you tomorrow.