Carney—Trudeau’s economic adviser—blames Trudeau for ‘weak’ economy

“Our economy over the last five years has been driven … by government spending,” says Mark Carney, Trudeau’s former adviser on the economy. He oversaw record pandemic and post-pandemic deficits.

| February 26, 2025 | News Analysis | 2 Comments

The Canadian Press / Sean Kilpatrick

A Liberal leadership candidate bashed Canada’s recent deficit spending, having advised Justin Trudeau during record pandemic and post-pandemic deficits.

Mark Carney, a central banker and devout globalist, says the national economy was weak under the prime minister. “Canadians feel this,” he said during a leadership debate last night.

“Our economy over the last five years has been driven … by government spending that grew over nine per cent year after year after year, twice the rate of growth of our economy.”

Carney earlier promised to balance the budget in three years after borrowing more money. In nine years of Liberal governance, there have been no balanced budgets.

His leadership rivals scoffed at his claim of a “weak” economy. “I am not going to talk down Canada,” said former government House leader Karina Gould. “I am only ever going to be a champion for this country.”

Trudeau's deputy, Chrystia Freeland, accused Carney of echoing Opposition critics. “We need to be really careful not to repeat Conservative talking points,” she said. “Canada most definitely is not broken.”

“How would you manage the nation’s books at this critical time?” asked moderator Hannah Thibedeau. “I would start by pushing back very forcefully against Conservatives who talk Canada down,” replied Freeland. “The reality is Canada has a strong fiscal position.”

Freeland exited her role as finance minister last December 16, before her cabinet colleagues disclosed a $61.9 billion deficit. The figure surpassed a $55.6 billion deficit following the 2008 financial panic, a pre-pandemic record, reported Blacklock’s.

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Outgoing Prime Minister Justin Trudeau relied on the central banker for advice amid recent fallout from former finance ministers Bill Morneau and Freeland.

Morneau earlier told CTV News that the federal government splurged too much on pandemic aid. “Was there too much?” he said. “Probably.” The federal deficit in fiscal year 2020/21 rose to $321 billion.

Trudeau infamously stated that budgets “balance themselves,” a remark that has drawn wide condemnation for failing to accept known fiscal realities.

Carney, meanwhile, laid out his economic vision at a Kelowna campaign rally three weeks ago, pledging to use “emergency powers” in a trade war with the Trump administration. “We need a government that spends less, but gets the country to invest more,” he told supporters.

“There will be a deficit,” Carney openly admitted. “It is a fundamental difference between the approach the government has taken up until now.”

A prior statement by the Conservative Party criticized Carney for overseeing deficit after deficit as Trudeau’s economic adviser, in both official and unofficial capacities.

“Carney … used weasel words like ‘spending budget’ or ‘operating budget’ … to [try to] trick Canadians into believing that he will balance the budget when he really has no intention to do so at all,” claimed Conservative finance critic Jasraj Hallan.

The central banker advised Trudeau on the economy in an official capacity through last September, when the Conservatives dubbed him a “phantom minister.”

“For Carney to write a fall economic update full of poison pills and then put it on Freeland's desk, then knock her and Mr. Trudeau [out] of the game and employing himself [as] prime minister is about the most undemocratic political maneuver we've ever witnessed in this country's history,” Conservative Leader Pierre Poilievre said months later.

“The Canadian people deserve to choose who should be their next prime minister,” he added. “Let's put our faith in them.”

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