Economy
If you spent and borrowed like Ottawa you’d be in big trouble
From the Fraser Institute
By Jake Fuss and Grady Munro
If the median household chose to spend like the Trudeau government, it would spend $109,982 and incur a deficit of $8,161, which it would put on a credit card. And this year—again, if the family was in the same fiscal situation as the federal government—it would pay $11,066 in interest on an overall debt burden of $427,759.
According to polling released earlier this year, two-thirds of Canadians are concerned about the size of the federal deficit. And considering its size, Canadians are right to be concerned, but it can be hard to wrap our heads around the scale of the numbers involved. A new study puts the federal deficit in more familiar terms, and shows what the median Canadian household’s finances would be like if it budgeted like the federal government.
This year, the Trudeau government plans to spend $537.7 billion while expecting to collect $497.8 billion in revenues—a $39.8 billion difference or deficit, which represents the amount of money Ottawa must borrow in 2024/25 to cover its spending commitments. The Trudeau government has run deficits every year for the last decade, and plans to continue running deficits for at least the next five consecutive years.
Consequently, the government has racked up massive amounts of debt. In 2024/25, federal gross debt is expected to reach $2.1 trillion, which is nearly double the $1.1 trillion held in 2015/16.
So what would the median household budget look like in 2024 if it managed its finances like the federal government?
In 2024, the median household will earn $101,821 after taxes (median means half of Canadian families earn more than this amount and the other half earn less). If the median household chose to spend like the Trudeau government, it would spend $109,982 and incur a deficit of $8,161, which it would put on a credit card. And this year—again, if the family was in the same fiscal situation as the federal government—it would pay $11,066 in interest on an overall debt burden of $427,759.
While it’s clear that a family spending 11 cents of every dollar it earns on debt interest, and ending the year with $8,161 in new credit card debt, is not in a good financial situation, there’s an important nuance that makes this situation even worse.
For this comparison (the federal government and a Canadian household) to work, we shouldn’t view the $427,759 in debt as a mortgage. Why? Because when a family takes out a mortgage, the amount of debt is balanced by the value of the house. In other words, the family could sell the house and use that money to pay off most or all of the outstanding mortgage.
The same cannot be said about government debt. In many cases, government debt is not backed by many assets. In the unlikely scenario the federal government used all of its financial assets to pay off its debt, it would still be left with $1.4 trillion in debt this fiscal year. If the government went a step further and sold all its non-financial assets (which includes all buildings and land owned by the federal government), it would still have $1.3 trillion in debt. In other words, more than half of the federal government’s debt cannot be paid off simply by selling its assets.
The Trudeau government continues to spend beyond its means and rack up mountains of debt every year, which has eroded federal finances. If a family budgeted like the federal government, it would be in big financial trouble.
Authors:
Daily Caller
Paris Climate Deal Now Decade-Old Disaster

From the Daily Caller News Foundation
By Steve Milloy
The Paris Climate Accord was adopted 10 years ago this week. It’s been a decade of disaster that President Donald Trump is rightly trying again to end.
The stated purpose of the agreement was for countries to voluntarily cut emissions to avoid the average global temperature exceeding the (guessed at) pre-industrial temperature by 3.6°F (2°C) and preferably 2.7°F (1.5°C).
Since December 2015, the world spent an estimated $10 trillion trying to achieve the Paris goals. What has been accomplished? Instead of reducing global emissions, they have increased about 12 percent. While the increase in emissions is actually a good thing for the environment and humanity, spending $10 trillion in a failed effort to cut emissions just underscores the agreement’s waste, fraud and abuse.
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But wasting $10 trillion is only the tip of the iceberg.
The effort to cut emissions was largely based on forcing industrial countries to replace their tried-and-true fossil fuel-based energy systems with not-ready-for-prime-time wind, solar and battery-based systems. This forced transition has driven up energy costs and made energy systems less reliable. The result of that has been economy-crippling deindustrialization in former powerhouses of Germany and Britain.
And it gets worse.
European nations imagined they could reduce their carbon footprint by outsourcing their coal and natural gas needs to Russia. That outsourcing enriched Russia and made the European economy dependent on Russia for energy. That vulnerability, in turn, and a weak President Joe Biden encouraged Vladimir Putin to invade Ukraine.
The result of that has been more than one million killed and wounded, the mass destruction of Ukraine worth more than $500 billion so far and the inestimable cost of global destabilization. Europe will have to spend hundreds of billions more on defense, and U.S. taxpayers have been forced to spend hundreds of billions on arms for Ukraine. Putin has even raised the specter of using nuclear weapons.
President Barack Obama unconstitutionally tried to impose the Paris agreement on the U.S. as an Executive agreement rather than a treaty ratified by the U.S. Senate. Although Trump terminated the Executive agreement during his first administration, President Joe Biden rejoined the agreement soon after taking office, pledging to double Obama’s emissions cuts pledge to 50 percent below 2005 levels by 2030.
Biden’s emissions pledge was an impetus for the 2022 Inflation Reduction Act that allocated $1.2 trillion in spending for what Trump labeled as the Green New Scam. Although Trump’s One Big Beautiful Bill Act reduced that spending by about $500 billion and he is trying to reduce it further through Executive action, much of that money was used in an effort to buy the 2024 election for Democrats. The rest has been and will be used to wreck our electricity grid with dangerous, national security-compromising wind, solar and battery equipment from Communists China.
Then there’s this. At the Paris climate conference in 2015, U.S. Secretary of State John Kerry stated quite clearly that emissions cuts by the U.S. and other industrial countries were meaningless and would accomplish nothing since the developing world’s emissions would be increasing.
Finally, there is the climate realism aspect to all this. After the Paris agreement was signed and despite the increase in emissions, the average global temperature declined during the years from 2016 to 2022, per NOAA data.
The super El Nino experienced during 2023-2024 caused a temporary temperature spike. La Nina conditions have now returned the average global temperature to below the 2015-2016 level, per NASA satellite data. The overarching point is that any “global warming” that occurred over the past 40 years is actually associated with the natural El Nino-La Nina cycle, not emissions.
The Paris agreement has been all pain and no gain. Moreover, there was never any need for the agreement in the first place. A big thanks to President Trump for pulling us out again.
Steve Milloy is a biostatistician and lawyer. He posts on X at @JunkScience.
Business
COP30 finally admits what resource workers already knew: prosperity and lower emissions must go hand in hand
From Resource Works
What a difference a few weeks make
Finally, the Conference of the Parties to the UN climate convention (COP30) adopted a pragmatic tone that will appeal to the working class. Too bad it took thirty meetings. Pragmatism produces results, not missed targets.
We should not have been surprised. Influential figures like Bill Gates and Canadian-Venezuelan analyst Quico Toro, who have long argued that efforts to reduce CO₂ should focus more on technology and prosperity, and less on energy consumption and declining growth, have gained ground.
In the World Energy Outlook 2025, prepared by the International Energy Agency for COP30, you can see that many of the views held by the people above had already gone mainstream before the conference started.
The World Energy Outlook 2025 lays out three scenarios: Current Policies (CPS), Stated Policies (STEPS), and Net Zero Emissions by 2050 (NZE). In WEO 2025, all three scenarios reflect longer timelines for the decline of fossil fuels than in earlier editions, and the NZE pathway explicitly states that major technological breakthroughs will be required.
Unfortunately, many potential technologies are adamantly opposed by the loudest groups within the Climate Change Movement because they are not perfect. Even some continue to oppose nuclear power, one of the few proven sources of large-scale, zero-carbon, firm electricity.
Another noteworthy standout in WEO 2025 was the strong recognition that energy security, costs, and supply chains are now the primary considerations in determining each country’s energy mix.
What all this means is we are breaking away from emotionally charged, fear-based policies and rhetoric and moving toward a practical “let’s do things better” approach.
For 30 years, the radical leadership of the environmental movement has focused on what we should stop doing and on sacrificing prosperity. Essentially, what has been going on is an attack on working people in the industrialized and developing world.
Today, workers in the developed world are so anxious that many are losing faith in democratic institutions. Meanwhile, people in the emerging and developing world see light at the end of the tunnel and are determined to industrialize.
Clearly, it is time to merge the fight to lower CO₂ emissions with prosperity. “Let’s do things better” captures the history of human progress and resonates with working people today.
What does it take for longer, healthier, safer, and more sustainable lives? It takes the pragmatism of workers. They spend their lives striving to improve workplace safety, to develop tools that enable them to perform tasks more effectively with less physical effort, to earn higher pay, to produce more food with less land, and to preserve their opportunity to continue working.
Resource workers have felt under attack and are humiliated when celebrities fly in on a helicopter to denigrate their work and make references to the virtues of small-plot gardening, or politicians who tell them to go back to school for “jobs of the future”, only to find themselves in low-paying service jobs.
As the COP30 discussion indicates, we have reached a turning point. It is time to focus on doing what needs to be done, but doing it better. It is time to stop banning activities entirely as though circumstances and technology never change. Demanding perfection hides what is possible, slows progress and, in some cases, stops it altogether.
Bill Gates’ memo to COP30 points to the turn in the road:
“We should measure success by our impact on human welfare more than our impact on the global temperature, and our success relies on putting energy, health, and agriculture at the centre of our strategies.”
Gates also makes a point that will resonate with working people: “Using more energy is a good thing because it is closely correlated with economic growth.” Ironically, a statement made by a billionaire resonates with working people more than does the message of many climate activists.
The work at the Port of Prince Rupert comes to mind, given its growing role in supplying cleaner cooking and heating fuels, when we are reminded that 2 billion people worldwide cook and/or heat their homes with highly polluting open fires (wood, charcoal, dung, agricultural waste).
Persuasion published Quico Toro’s essay on November 13, 2025, which speaks another truth.
“COP imagines these emissions as something a country’s government can set, like the dial on a thermostat. But emissions are more like GDP: the outcome of a complex process that politicians would like to be able to control, but do not actually control.”
I am feeling more secure about the future here in Canada and BC, as governments, First Nations and the public are leaning into climate and economic pragmatism.
There will be hard discussions and uncomfortable trade-offs. Past decisions need to be re-examined in good faith. Do they meet today’s demands? Are we doing what needs to be done better? Is it the right move for today’s youth and future generations? Will we bring back the hope and opportunity of a growing middle class?
Nobody, not the Liberal government, the BC NDP government, First Nations, none of us would have predicted the world we are facing today, where our economy and sovereignty are challenged.
Today, oil, natural gas, and critical minerals, not one or two but all three, are the financial backstop Canada needs, as we rebuild the economy and secure our sovereignty.
Look West: Jobs and Prosperity for Stronger BC and Canada is as much of an admission that we are falling behind as it is a call to action. Success will take billions of dollars, the exact amount unknown.
But what we do know is that oil, gas, and critical minerals generate the most public revenue, the highest incomes, and are our most significant exports. They are Canada’s bank and comparative advantage. They will provide the cash flow needed to get it done.
Not maximizing oil production and exports is fighting with both hands tied behind our back. We all know it; now we need to focus on doing it better because circumstances have changed dramatically.
Jim Rushton is a 46-year veteran of BC’s resource and transportation sectors, with experience in union representation, economic development, and terminal management.
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