Furious Canada Sticks Dagger in Trump as His Plan Backfires

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2:30Ben Meiselas:Wow, Canada is absolutely furious at Donald Trump and his regime, and they're sticking the dagger right into him, and they are turning the screws as well. Canada announced a surprise economic result. They added 66 ,000 jobs in October, marking a second month of surprise employment games. Contrast this with the United States, where Trump's regime lost 153 ,000 jobs in October. United States loses 153 ,000 jobs. Canada gains 66 ,000 and to be specific, 600 jobs as well. Just round up and say 67 ,000 jobs. Prime Minister Carney's Liberal Party posted the following, gloating, dunking on Donald Trump.

3:20Ben Meiselas:Our economy is creating good new jobs across Canada. And with Budget 2025, we'll continue to empower workers, help our industries thrive and build our country together. It's not just the Liberal Party. Look at the conservative leader on the provincial level, Premier Doug Ford of Ontario. He goes, I'm pleased to see Ontario leading the nation in job creation with 55 ,000 new jobs added last month, despite the challenges we are facing from tariffs and economic uncertainty. In the face of these challenges, we're delivering on our plan to build a more competitive, resilient and self-reliant economy so we can protect Ontario workers and jobs for decades to come.

4:06Ben Meiselas:America losing jobs. America consumer confidence in the freaking toilet bowl, like the lowest since the 1970s. In Canada, they're doing what they can to resist, and they're building trade relationships across the world and say, bye-bye, United States. We're not your friend no more. You treated us like this. We've moved on now. Prime Minister Carney gave a powerful speech at the Canadian Club in Toronto. He's talking about the 2025 budget, but here he talks about how we're done with the U.S. We're looking elsewhere. Our budget reflects that the United States is not a priority to us anymore. Sure, there'll be some trade.

4:49Ben Meiselas:We're looking to the rest of the world. We're looking to build Canada strong. That's what we're focused on here. Play this clip. And that decades-long process of an ever closer economic relationship between Canada and the United States is over. And as a consequence of particularly that last point, many of our former strengths based on our close ties to America have become our vulnerabilities. And this is happening fast. This is not a transition, it's a rupture. And it means that our economic strategy needs to change dramatically and rapidly. And that's the context, that was the context for Tuesday's budget, the first of our government.

5:28Now in the budget, we estimate that U.S. tariffs and the uncertainty that they're creating will cost Canadians about 1.8 % of our GDP. Translating that, it's about $50 billion lost from our economy, the equivalent of about$1 ,300 for every Canadian. And if we don't act now, those losses will only grow. So part of our point is that nostalgia is not a strategy. The U.S. has changed. That's their right. But we must respond. That is our imperative. What the budget does is it builds Canada strong by focusing on what we can control. And that's building at home to protect and empower Canadians. It's boosting our productivity to drive lasting prosperity.

6:21It's transforming how government works for you. And it's diversifying our trade partners to create more opportunity and greater independence. We estimate that the budget, measures in the budget, will help unleash over$1 trillion in investment over the next five years. And that alone will increase our GDP by three and a half percent. That's about$3 ,500 for every Canadian. In other words, twice of what's being taken from us.

6:55Ben Meiselas:Now, I also want to give a shout Shout out to my buddy and the leader of Midas Canada, Charlie Angus. Charlie Angus spoke to me recently, and he gave me the Canadian perspective about Donald Trump's great Gatsby-themed party as Donald Trump's starving Americans to death and ripping away health care. Charlie Angus talks about how Canada's building strong in contrast to this gangster regime. Here play this clip. Donald, I think the whole world watched you and your grotesque Great Gatsby gathering with all these barely clad young women and creepy old men. What is it? The Mar-a-Lago Roach Motel where you live and thought this man doesn't care about his own people as people's food supports are being cut off.

7:46He doesn't care about his veterans. He doesn't care about anything except himself. and we look at you Donald and we see a diminished man you're not a leader come on Donald yeah you're just a creepy grifter and you think that you could push us around it's not gonna happen it's never gonna happen Donald so we expect that you are gonna start to do more erratic things as your numbers start to fall and more and more people turn against you we expect that you will probably try and make us more of your enemy in order to divert attention from your own disgraceful and disgusting behavior but whatever you do Donald Canada's moving on Canada is looking at this in the long term we're willing to suck up across party lines across many parts of our ideological spectrum to put Canada first and do the right thing so again as Winston Churchill said to Hitler.

8:42You do your worst, sir. We expect it, but we will do our best and we will always do our best.

8:48Ben Meiselas:Next up, going back to Prime Minister Carney's speech right here, he talks about Canada's free trade deals, whether it's with Indonesia, the ASEAN countries, whether it's with Europe. Canada is focused on free trade and they're actually doing real deals, not the fake Trump deals, real deals. Here, play this clip. In the last few months, we've signed a historic free trade agreement with Indonesia. We've struck agreements with the United Arab Emirates and AI, with the EU in defense, and with Germany in critical minerals. Last week, we launched free trade negotiations with Philippines and Thailand, targeting conclusion by next year, alongside a new free trade agreement with the ASEAN countries, countries that represent 20 % of global GDP.

9:37and we are re-engaging with global giants, India and China.

9:42Ben Meiselas:One of the things that Prime Minister Carney was also talking about is how Canada has made a concerted effort now to go after all of the people who may have wanted to work in the United States on H-1B visas. But since Donald Trump has destroyed the H-1B visa program and has made it much more difficult for immigrants to study in the United States, Canada says bet we will take that on here's what Carney says. Let's play it so 1.7 billion for the world's most talented researchers a thousand of them and targeted H1B visa recruitment from the United States

10:26Because We do have the best educated workforce and we do have some of the world's best research universities. But when you are good, you know, you have to get better. And that's what we're going to do with talent. Ever have one of those moments where your body reminds you it's not 25 anymore. Maybe it's the slower recovery after a workout or the way your joints creak like an old floorboard. And don't get me started on how much worse it is in the winter. It's like my energy goes into hibernation. Aging is a reality for all of us, but our actions determine how we age. That's why I use Qualia Senolytic to help keep my cells healthy and my body feeling youthful.

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12:11Ben Meiselas:Here's how Carney finishes his speech. Powerful standing ovation for Prime Minister Carney. Let's play this clip. This budget takes pragmatic, responsible choices to right-size government while protecting the essential social programs that every Canadian, that give the programs that give every Canadian a fair chance to get ahead. So that includes child care, dental care, pharmac care, the national school food program, as well as the health, education, and social transfers on which the Deputy Minister of Finance of Ontario and his colleagues across the country rely. We protected it. Did you say thank you?

12:53That was a choice. To govern is to choose. But this is important. It's important for our schools, for our health care, for our people. Let me finish and just observe that there are two potential responses to what's happening in the world, what's happening with U.S. trade policy. And the first is to stick to plans designed for the old world. The second is to create a new plan for a confident Canada that will prosper in the new world. And let me objectively compare the two before you. First, we can hunker down, slash the deficit, turn inwards, and in the words of the tragically hip, wait for the trickle down.

13:42Scott, what do you think? Okay, I'll hold your vote until I get to the second. That would mean getting rid of our key social programs, eliminating all of the health, education, and social transfers to the provinces and territories while not investing in what we need now. Or secondly, we can take risks and we can invest boldly in our future as Canadians have done in the past. Because our country's history is filled with adventurers, risk-takers, and builders. It was forged by Indigenous peoples and voyageurs who mapped the continent and built vast trading networks from coast to coast to coast before the Americans had even left St.

14:26Louis. When the Second World War ended, Canadians united in a mission to build big things. New neighborhoods for hundreds of thousands of returning veterans, new universities to launch new careers. The St. Lawrence Seaway, the Trans-Canada Highway, Expo 67, the CN Tower. See, we used to explore in this country. We will chart new courses again. We used to build in this country. We will build big, fast, and bold again. We used to take risks in this country. We will step up to the plate again. We choose Canada. It's not our country. It's your future. With the budget, we take control to fight Canada for it.

15:15Our country, it's your future. We're taking control. Let's do it together. Thank you.

15:27Ben Meiselas:folks we take a look at the consumer confidence chart as low as it can possibly be we've never seen economic expectations or consumer confidence this low in a very long time i mean you're going back to the great recession or the heart of covid under the trump regime to see numbers this freaking bad. I mean, you go back and look at the jobless claims in the United States. We haven't seen jobless claims, this bad people losing their jobs. 153 ,000 job losses in October, 950 ,000 jobs lost in the first three quarters of this year. We haven't seen it that bad since the Great Recession or during COVID.

16:11Ben Meiselas:This is some bad, bad data, folks. But I just want to share with you the contrast of what we see right here, right? On the one hand, you have the American reports about job loss and how bad our economy is. Like, here's what they're talking about on CNBC. Here, play this clip. It's about the health of the job market. Steve Leisman joins us with the latest numbers from Challenger on job cuts. What's going on? Yeah, well, this is like a clue from like a cough or a sneeze or whatever, but announced corporate job cuts, Andrew, in the U.S., surging past 1 million so far this year with 153 ,000 new layoffs announced just in October, according to Challenger.

16:49That is the worst October since 2003. Here are the numbers. October up 153. That compares with September. That's 100 ,000 more than September and 100 ,000 more than this time last year in October, 2024. Andy Challenger commenting, some industries are correcting after the hiring move of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising cost drive, belt tightening, and hiring freezes. Announced layoffs don't always lead to actual cuts and could take place from attrition, but the report puts in perspective what we've been reporting here day after day, week after week.

17:23Series of marquee announcements unveiled in recent weeks across U.S. industries, including UPS, Amazon, Target, among others, Paramount, Rivian, all these companies there. Government has been responsible year to date for$308 ,000, but look at that, Tech 141. 141. That could be where you see a lot of the AI, maybe some in warehousing, but a big chunk of that's going to be UPS as well as potentially some hit from reduced flows of trade. Retail's up there as his service is at 64 ,000. You take out the doge cuts, the number's a bit better at 800 ,000, but still well above last year. Challenger doesn't see much in the way of hiring, saying announcements are 35 % below last year, and they're skeptical about the number of new hires for the holiday season.

18:05Ben Meiselas:And in contrast, let me show you what they're talking about on in Canada. On CTV News, you'll see when they're talking about, wow, surprise job growth. No one was expecting this, but two consecutive months in the row of job growth, unemployment ticking down, still higher than it needs to be, but ticking down. Here, play this clip. And some positive news, the Canadian economy showing some surprising signs of life, adding more than 66 ,000 jobs in October. Statistics Canada is saying that this month's impressive job numbers follow a gain of just over 60 ,000 jobs in September. All of the gains were in part-time work, where employment rose by 85 ,000 people.

18:47The unemployment rate fell to 6.9 % last month, with the youth unemployment rate that fell for the first time since February. Let's delve deeper. We have with us Claire Phan, Senior Economist at the Royal Bank of Canada. Claire, good morning and thank you for your time. Your reaction to these latest numbers? Right. So prior to the release, we're already expecting signs of stabilization broadly in Canadian labor market heading into the fall. And what we saw actually aired on a right improvement, starting with the employment growth of over 66 ,000 and the decline in the unemployment rate. Of course, the employment growth number has been notoriously volatile over this year because of what's been happening with, you know, the trade exposed sectors.

19:33But even if we were to look at some of the details underlying these headline numbers, there's not a lot of soft spots that we can point to outside of the fact that hours work actually fell despite of the employment gain. But that was mostly due to the teacher strike in Alberta.

19:48Ben Meiselas:You know, and I go back to what Prime Minister Carney was saying is that, you know, you have to be bold right here, because if you don't take the steps, if you're not bold, if you're not forward looking and future looking and recognizing Canada as a leader in this new world order that's developing where America is weaker, America, the Trumpy America is much, much less involved in international trade. Canada says we can assert our formal and moral authority right now. And that's exactly, folks, what we're seeing Canada do right there. And in many ways, Canada can look back at it and go, our reliance and dependence on the U.S.

20:26Ben Meiselas:as a trading partner may have been holding us back. This may have been a blessing in disguise. As Donald Trump attacked us, it freed us up so that we were able to explore other options in the international community with much better partners, reliable partners, more profitable partners than the United States. So there you have it, Canada v. United States. Tell me what you think, folks, and shout out to all of our Canadian viewers. I'm sure you're all subscribed to Midas Canada already, but if you're not, subscribe to Midas Canada right now and see Charlie Angus, the leader of Midas Canada, in action.

21:01Ben Meiselas:Thanks so much, everybody. We appreciate you.

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