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2025 Federal Election

Carney’s Fiscal Fantasy: When the Economist Becomes More Dangerous Than the Drama Teacher

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4 minute read

From Yakk Stack

Sheldon Yakiwchuk's avatar Sheldon Yakiwchuk

Advanced Polling in effect, lineups at the polls longer than ever witnessed in Canadian History, it’s only Today that Mark Carney and the Liberals have unleashed the furry of their Economic Pathway for Canadians…

No Balanced Budget until 2045?
AYFKM?

This is literally worse than imagining that the Budget will Balance Itself!

And…

From an Economist?

I mean…

By now, Canadians are used to watching Liberal leaders toss around billions as if Monopoly money flows from the Peace Tower. But Mark Carney, the supposed “grown-up in the room,” has just shattered any illusion that he’s the responsible one at the table.

In the latest Liberal platform rollout, Carney promised nearly $130 billion in new measures over four years — a move that, when combined with existing spending plans, adds a jaw-dropping $225 billion to Canada’s already ballooning federal debt. This isn’t just imprudent — it’s economic malpractice.

And let’s not forget, this isn’t coming from a part-time drama teacher. This is Mark Carney — the former Governor of the Bank of Canada and the Bank of England. A man who, on paper, should understand that debt and deficits aren’t abstract theories, but real burdens passed on to future generations. Yet here he is, throwing fiscal caution to the wind with more reckless abandon than Justin Trudeau ever managed with his “sunny ways.”

A Dangerous Dose of Delusion

Carney called this platform “prudent with people’s hard-earned tax dollars” — as if adding a quarter-trillion dollars to the national debt is the new definition of restraint.

One of the marquee pledges? A 1% cut to the lowest federal tax bracket, dropping it from 15% to 14%. While that sounds like a modest win for working Canadians, the real cost is anything but: $22 billion over four years — paid for with borrowed money. It’s a shiny giveaway wrapped in fiscal irresponsibility.

On the defense front, the Liberals now want to increase military spending by $18 billion, finally waking up to global threats after years of neglect. This includes everything from raises and housing for CAF members to long-overdue modernization and recruitment reforms — noble goals, no doubt, but late and politically motivated. The Liberals have ignored defense for a decade, but now that NATO is watching and war is trending, they’re throwing money at the problem and hoping no one notices the hypocrisy.

Worse Than Trudeau?

Let’s be clear: Justin Trudeau’s time in office saw deficits explode, services falter, and fiscal anchors snapped like twigs. But Trudeau never claimed to be an economist. Carney does — and that makes this all the more damning.

This is not the cool-headed central banker Canadians were promised. This is a politician trying to outspend Trudeau in an election year, cloaking vote-buying in economic jargon and calling it “vision.”

The Bottom Line

Carney’s plan is not a blueprint for prosperity — it’s a roadmap to fiscal ruin. If Trudeau was the wide-eyed idealist who believed budgets balanced themselves, Carney is the cold, calculated number-cruncher who knows they don’t… and spends anyway.

Canada doesn’t need another “visionary” with a blank cheque. It needs leadership with a grip on reality — and a respect for taxpayers that goes beyond pandering soundbites.

Because if this is what “responsible” leadership looks like, we’re in deeper trouble than we thought.


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2025 Federal Election

NDP Floor Crossers May Give Carney A Majority

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Walk this way!  …singing, hey diddle diddle with the NDP in the middle…

Rumours are bouncing around that a number of NDP MPs are looking at potentially crossing the floor to join the Liberal Party of Canada and give Mark Carney the majority he is looking for. The final count for the Liberal Party was that they finished with 169 seats, a mere three seats short of the number needed to claim majority and not have to work with other parties to create a workable mandate.

From the NDP perspective, I sort of get it. After all, Singh lost in his own riding, the party no longer enjoys Official Party Status and all the accoutrements that come along with this (the biggest one being money), and the party is rumoured to be bankrupt. From an individual’s perspective, crossing the floor gives them four years of employment (beyond that may be more murky as many will say “I didn’t vote for that”), and if you are amongst the first to cross, your bargaining position (cabinet position) can enhance your political lot in life fairly materially. If this were to occur it will happen quickly as the law of diminishing returns happens exponentially faster should you be the fourth to cross the line (maybe the Lizzy will join the race!)

From the Liberal perspective, I’m not as convinced the benefits are as transparent, from a nation building perspective. Sure, you get the majority (and thus mandate) you wish to pursue, but you truly would be thumbing your nose at Canada when you know that many NDP votes metaphorically crossed the floor to vote during the election (likely without the foresight that it would result in the death of their party), and that the country is actually pretty evenly split between the Liberals and Conservatives. Language like “now is the time for Canada to unite” and “we need a strong mandate to make Canada strong, and now we have it” could be thrown around, but that can create real fractures should that occur.

Personally, I am hoping that Prime Minister Carney says no to any floor crossers, and works to bridge the divides that are significant within this country. There is no reason that Canada cannot be one of the greatest countries, other than getting in the way of ourselves. Now is the time for olive branches, not cactus areoles.

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2025 Federal Election

Post election…the chips fell where they fell

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William Lacey's avatar William Lacey

I put a lot of personal energy into this election, trying to understand why it was that Canadians so wholeheartedly endorsed Mark Carney as their new leader, despite the fact that it was the same party who caused irreparable economic harm to the economy, and he has a similar philosophical outlook to the core outlook of the party. I truly believe that we have moved to a phase in our electoral process where, until something breaks, left leaning ideology will trump the day (pun intended).

Coming out of this election I have three questions.

1. What of Pierre Poilievre? The question for Conservatives is whether the wolves feed on the carcass of Poilievre (in my opinion the worst enemy of a Conservative is a Conservative) and initiate the hunt for a new leader (if they do, I believe the future should be led by a woman – Melissa Lantsman or possibly Caroline Mulroney), or does Poilievre move to Alberta and run for a “safe” seat to get back into the House of Commons, change his tone, and show people he too can be Prime Ministerial? His concession speech gives clues to this.

2. What of Mark Carney? Maybe (hopefully) Carney will see the light and try to bring the nation together, as there is an obvious east-west split in the country in terms of politics. Time will tell, and minority governments need to be cautious. Will we have a Supply and Confidence 2.0 or will we see olive branches extended?

3. What of the House of Commons? As I have mentioned previously, there has been discussion that the House of Commons may not sit until after the summer break, meaning that the House of Commons really will not have conducted any business in almost a year by the time it reconveens. If indeed “we are in the worst crisis of our lives” as Prime Minister Carney campaigned on, then should we not have the House of Commons sit through the summer? After all, the summer break usually is for politicians to go back to their ridings and connect with their constituents, but if an election campaign doesn’t constitute connecting, what does?

Regardless, as the election is behind us, we now need to see what comes. I will try to be hopeful, but remain cautious. May Canada have better days ahead.

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