Interest payments on Canada’s debt have doubled in 5 years
Is the banker really better with numbers than the drama teacher? Canadian Taxpayers Federation federal director Franco Terrazzano says Carney is planning to borrow even more than Trudeau did.
Mark Carney tables his budget on Nov. 5, and Canadian Taxpayers Federation federal director Franco Terrazzano says Canadians shouldn't expect it to balance.
Franco joined Ezra Levant on The Ezra Levant Show and said he is “getting very worried about the state of our finances and the debt crunch that we're in.”
He cited a Parliamentary Budget Officer report showing that interest charges are the fastest-growing cost in the federal budget. “The fastest growing cost is just the credit card bill,” he said. Five years ago, in 2021, interest on the debt was $25 billion — today it sits at an astounding $59 billion.
Ezra asked how a man who chaired Brookfield Asset Management could turn into “such a sloppy red ink guy” in government. Franco pointed to Carney's other résumé line: central banks. Carney previously ran the Bank of England and Bank of Canada — and “what do central banks do? They print money,” he said.
Franco argued that the cost of living is out of control “because the cost of government is out of control,” and that the “single thing that pushes prices upward over time is the printing press.” He said the Bank of Canada printed hundreds of billions of dollars during the pandemic, largely to finance Ottawa's deficits.
“You can print new money out of thin air with a click of a keypad,” he said. “You know what you can't print up with a click of a keypad? All the stuff money buys. Gasoline, farmland, groceries.”
He called inflation “such an undemocratic tax” and said voters can punish politicians who raise income or sales taxes, but “nobody elects a central bank governor.”
Ezra asked whether there is any hope in the budget. Franco expects some tax relief, such as a deduction he called “pretty good,” but not nearly enough. He predicted borrowing “around the 60, maybe even $70 billion range.”
Carney will say he is finding savings, Franco added, yet he is spending billions more than even his predecessor, Justin Trudeau.
“Carney is borrowing more money than what Trudeau planned to borrow over the exact same years,” he said. “The banker is supposed to be better with the numbers than the drama teacher, but the banker plans to borrow billions of dollars more.”
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COMMENTS
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Bernhard Jatzeck commented 2026-10-26 13:57:10 -0400 FlagIt’s not going to stop until the government ceases treating the taxpayer as a monetary cornucopia.