Canadian Budgets, Deficits, Debt, and Sacrifices

November 17, 2025 rjdavison

PSS-7 – Canadian Budgets and Sacrifices Download PDF

PSS-7 My last post came out just before Canada’s most recent Federal Budget was released. While the estimates have been updated, they are still unnecessarily high, starting at $78.4 billion dollars for 2025/26, with a total of $321.7 billion by the end of the 2029/30 fiscal year. So, yes Canadians are, as advertised by Mark Carney, being sacrificed at the altar of Net Zero. A sacrifice that will produce no financial, climate, or environmental benefit. According to the Liberal Government’s own 2022 documents, Canada will spend (by 2050) ±$3.93 trillion to reach Net Zero (and who knows how much more to maintain Net Zero) to save ±$3.64 trillion by 2100 (weighted to the end of the century). All for an unmeasurable ±0.004 °C temperature rise reduction (roughly $10 trillion for every 1/100^th of a degree Celsius of temperature rise averted).

#climatechange #delaythegreen #globalwarming #showusthedata

This post just goes through Canada’s deficit/debt history and reviews the Liberal’s budget forecast capabilities. How have they performed? Dismally. The budget forecasts have steadily risen, with the deficits rising significantly faster (taking away our children’s and grandchildren’s economic future). Every one of those budgeted deficit dollars will be borrowed and will be added to the already crippling Canadian debt levels ($1.28 trillion Federally, $2.33 trillion Canada wide). And I suspect that every one of those deficit dollars is being spent unnecessarily on ideological initiatives like Net Zero, the “energy transition”, more unnecessary bureaucratic positions, etc. Net Zero emissions by 2050 are not going to happen in Canada, let alone among the big emitters, China, India, US, OPEC+, etc. Sadly, Carney and those who continue to vote for him are stuck in their ideology. Full Global Net Zero compliance will reduce temperature rise by an insignificant, unmeasurable amount (±0.28 °C using the IPCC science) for roughly $10 trillion for every 1/100^th of a degree Celsius of temperature rise averted. Extreme weather trends will continue their historical declines (despite humanity’s rising emissions and media lies to the contrary).

I personally do not look at Net Zero as a political issue. Both top political parties (the Liberals and the Conservative Party of Canada) are still pushing the Net Zero ideology (each with their own spin). Even the United Conservative Party of Alberta is still pushing for Net Zero. Net Zero is an economic issue. Spending trillions ($2.63 trillion discounted at 3%/year) on Net Zero to save billions ($700 billion discounted at 3%/year) is an economic issue that has been made political. Spending $10 trillion for every 1/100^th of a degree Celsius of temperature rise averted is economic suicide (not to mention stupid). Our 2024/25 interest expense is expected to be $55.6 billion rising to 76.1 billion by the 2029/30 fiscal year ($329.3 billion total). That is more than the projected deficits ($321.7 billion). That is also more than the total Canada Health transfers back to the provinces, territories, and municipalities ($299.9 billion). These economic policies are not sustainable. The interest expense was $93.8 billion in the overspending, inflation induced, high interest rate 2023/24 fiscal year. Carney’s overspending could easily lead to higher interest expense than those budgeted. Serious spending and regulatory cuts are needed.

The Net Zero, Global Warming, Climate Change/Emergency/Crisis/Whatever narratives are falling apart. The empirical data does not back up the All CO₂, All the Time narrative. Even the computer models do not back the narrative. Even Bill Gates is questioning the catastrophic alarmist narrative. The realities of food, energy, information, and monetary security have proven to be much more important than the simplistic, long running, unscientific concept that a 0.01% increase in CO₂ is the primary driver of our recent minor ±1.2 °C temperature rise out of the Little Ice Age. Higher magnitude temperature fluctuations were common throughout the last 10,000+ years, the Holocene, despite a virtually flat CO₂ concentration. CO₂ is at best a minor player in the climate change discussion, definitely not the primary climate driver.

Given the Trudeau era and current Carney era Liberal rhetoric, I do not see much hope for the desperately needed, common-sense changes required in Canadian energy, economic, and environmental policy. Their proposed censorship, societal, and transparency policy initiatives further dampen that hope. The ultimate goal appears to be the destruction of the Canadian Federation. Can Alberta/Saskatchewan, etc. afford to waste any more time/money hoping for a Carney capitulation? I think not. Our local politicians need to take a stronger stance against the Federal overreach. We were supposed to see some progress by November. That did not happen. The current Liberal (i.e.: the UN/WEF Totalitarian) vision of Canada is not what I grew up with and certainly not what I want for my kids and grandkids.