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Trudeau Liberal 2024 Budget To Crush Economy · Radio Baloney - The Richie Baloney Show!

• 0:03
  What is this. According to the experts, pretend Finance Minister Christia Freeland is
• 0:07
  a disingenuous liar because the twenty twenty four budget isn't about fairness. It's their
• 0:12
  communist government's first attack on the upper middle class. Yeah, they're these like
• 0:18
  when now was running around in the countryside at the beginning of the communist movement
• 0:23
  in China, they were called communist bandits because they would just steal. They
• 0:27
  would just go into a town and just take everything. That's all they know
• 0:30
  how to do. Obviously, their economic system doesn't work, so they just
• 0:33
  have to plunder and steal. Lit's hear this all I'm going to be Derek.
• 0:37
  Why don't you lean a little bit more into that concern that you've felt
• 0:41
  in reaction to this update from the federal government. Sure, okay, so
• 0:46
  a good, good starting point on. So let's start backwards here. We
• 0:49
  need high faster productivity. Girls. To get that, we need more investment.
• 0:52
  And in order to get more investment, we need to generate savings and
• 0:56
  or go into deeper hawk to external credit. Yeah. Trudeau's not so good
• 1:00
  with the economics and numbers and all that stuff. Yeah, he's much better
• 1:04
  at the whole. Let's just borrow more money and hope everything works out.
• 1:08
  I'm sure the budget will balance itself, and the budget will balance itself.
• 1:12
  Is I have an inability to handle small numbers and little calculations, those easy
• 1:19
  things that people do. So well, oh yeah, yeah, yeah,
• 1:25
  there's that. Anyway, I guess we'll continue. And so generating domestic savings
• 1:30
  is extremely important, and we're not very good at that. The relatively few
• 1:34
  who do save are the relatively upper income households, the lower bottom three quintiles
• 1:40
  and on an income distribution basis, dissave on net. And so what we're
• 1:45
  doing here is going after the people who are generating the two savings that could
• 1:48
  back up investment in back productivity gains. Those upper income gohurds are the ones
• 1:53
  that indeed hold the capital gains. But what we're doing now is compounding government
• 1:57
  taxation at every single stage of the creation chain. You know, I almost
• 2:01
  feel a bit sorry for Justin Trudeau here. I mean, he must find
• 2:06
  this all so complicated. I have a slight learning disability, and so think
• 2:10
  about it. When you pay taxes upon your workforce earnings and invest them the
• 2:15
  after tax earnings at a company, you hope to generate some profits out of
• 2:19
  that company, and some capital gains the company against tax. The company invests
• 2:23
  some of those after tax earnings in things that they hope will generate capital gains
• 2:28
  that are now going to be taxed at a higher rate going forward. Anything
• 2:31
  that's left over gets distributed to shareholders either through dividends and or capital gains themselves.
• 2:37
  And now people are going to be taxed yet again. So this whole
• 2:39
  fairness argument is extremely misleading. But this is the only trick that inept socialist
• 2:47
  governments have up their sleeve. Once their policies bankrupt the country, there's nothing
• 2:53
  else to do but start plundering the wealth of the people who aren't broke yet
• 2:57
  until they are broke or they leave. It's just tried to buy votes until
• 3:01
  there's no more money left. Need I remind you that we spend more on
• 3:05
  servicing the interest on the debt in Canada now than we do on healthcare.
• 3:09
  It is an extremely unfair method of taxation to combat compound the taxation at every
• 3:16
  single stage of the investment process, and what Canada has done here has made
• 3:22
  itself severely less competitive compared to other jurisdictions. We will have among the highest
• 3:27
  capital gains tax rates anywhere in the world, after we've already lost our corporate
• 3:30
  tax advantage compared to the United States about six years ago. That's no way
• 3:35
  to generate investments, savings, and productivity. Oh so stealing more of people's
• 3:38
  money. That is apparently bad for the economy. Apparently it's bad for business.
• 3:44
  Oh well, that's a shocker, isn't it. Scotia Banks, a
• 3:47
  VP and head of Capital Markets Economics, Derek Colt ripped the Trudeau governments twenty
• 3:52
  twenty four budget into shreds today on BNN Bloomberg because the new tax on capital
• 3:58
  gains is an extremely unfair method of taxation that compounds tax on the investment process,
• 4:04
  which will ultimately lead to a low standard of living for Canadians along with
• 4:10
  the population trap that we're currently in. Yes, it's a disaster. And
• 4:14
  of course in the budget though, I mean Trudeau, he needs to spend
• 4:16
  more to try and buy support. So what else are you gonna do?
• 4:20
  It doesn't care about Canada, obviously,