The Munk Debates Podcast An uninspiring budget and Carney's government inches closer to a majority
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Nov 6, 2025 In this engaging discussion, Andrew Coyne, a seasoned Canadian political columnist, critiques the recent federal budget presented by Mark Carney's government. He calls it a 'damp squib,' highlighting its insufficient measures for economic growth, while warning of rising debt interest costs. Coyne argues for necessary radical tax and competition reforms instead of minimal operational cuts. The conversation also dives into the political implications of MPs switching parties and whether Carney is on the path to achieving a majority government.
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Budget Is A Damp Squib
- The budget reads like a conventional big-spending liberal plan rather than transformative reform.
- Andrew Coyne warns it borrows more and spends more than recent Trudeau governments without bold structural change.
Program Review Cuts Are Symbolic
- The touted operational cuts are minimal: $13 billion from ~$500 billion is only ~2%.
- Coyne argues these program reviews are symbolic and won’t deliver serious fiscal reorientation.
Growth Measures Won’t Move The Needle
- Growth measures are incremental tweaks like accelerated depreciation and immediate expensing.
- Coyne says such small changes won’t overcome the investment shortfall amid US tariffs.