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Jagmeet Singh’s mythematical numbers

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From Resource Works

Singh… somehow has failed to correct his original post.

National NDP leader Jagmeet Singh earns a new mark for his business mathematics — though his subject is better called “mythematics.” He gets an F for his declaration that Cenovus Energy had record profits of $37 billion in 2023.

He began with this post on X (Twitter): “Last year, Cenovus raked in $37 billion in profits. And a whopping $64 billion in 2022. Big Oil is making record profits, burning the planet AND asking for massive public handouts. It’s time to end the free ride for oil and gas.”

Readers quickly hit back: “Per Cenovus’ own 2023 Financial Year report, profits were $4.11 billion CAD, down 36% from 2022. Mr. Singh conflates revenue (which includes no expenses, government fees, or taxes) with profit.”

Some pointed to Cenovus’s own figures:
Revenue: CA$52.2b (down 22% from FY 2022)
Net income: CA$4.11b (down 36% from FY 2022)
Profit margin: 7.9% (down from 9.6% in FY 2022)

Heather Exner-Pirot of the Macdonald-Laurier Institute, and special adviser to the Business Council of Canada, added: “Not sure why Singh would just make up numbers? Anyone can look up their annual financial results. There was no $37 billion in profits. Although if they did have that kind of year, it would be great for Albertan royalties and Canadian business taxes.”

She included a link to Cenovus’s 2023 annual report. Singh, though, somehow has failed to correct his original post.

The NDP leader’s earnings from Parliament now run at $271,700 a year. But under his strange “mythematics,” as applied to Cenovus, he presumably has no expenses and pays no taxes, so that $271,700 is all “profit.” Nice…

Pity that the average Canadian, whose gross income in 2023 was $64,850, has to pay out living expenses such as accommodation, food, and taxes to assorted governments. That’s realistic mathematics, not mythematics.

And that average Canadian does not have Parliament to pick up such expenses as Singh racked up from April 1 to June 30: travel, $28,304; hospitality, $3,319; and contract, $38,053.

In his support for the Trudeau Liberal government, we see Singh’s “mythematics” at work again. As the small-c conservative Fraser Institute points out: the Trudeau government’s recent fiscal record includes unprecedented levels of spending and debt.

“The Trudeau government has consistently spent at record-high levels before, during, and after COVID. In fact, Prime Minister Trudeau is on track to record the seven-highest years of per-person spending in Canadian history between 2018 and 2024. Inflation-adjusted spending (excluding debt interest costs) is expected to reach $11,856 per person this year—10.2% higher than during the 2008-09 financial crisis and 28.7% higher than during the peak of the Second World War.

“Consequently, the Trudeau government has posted 10 consecutive deficits since taking office. The projected deficit in 2024/25 is a whopping $39.8 billion. This string of deficits has spurred a dramatic increase in federal debt. From 2014/15 (Prime Minister Harper’s last full year), total federal debt is expected to have nearly doubled to $2.1 trillion. To make matters worse, the government plans to run more deficits until at least 2028/29, and total debt could rise by an additional $400.1 billion by March 2029.

“Indeed, due to reckless decisions, the Trudeau government is on track to record the five-highest years of per-person debt (inflation-adjusted) in Canadian history between 2020 and 2024. As of 2024, Ottawa’s debt equals $51,467 per Canadian—12.3% more than in 1995 when Canada reached a near-debt crisis.”

The New Democrats back the Liberals on confidence and budgetary votes in Parliament, in exchange for concessions on key political priorities. When it came to the current budget, the government included things Singh’s NDP supports, such as funding for pharmacare and a national school lunch program.

But Singh withheld support for the budget for two weeks, saying it didn’t provide adequate funding for a new disability benefit or for Indigenous communities. In the end, he did vote for the budget, and thus those fiscal issues raised by the Fraser Institute. Singh did not disclose if he has been offered Liberal solutions down the road to his concerns.

All a question of “mythematics,” we assume.

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Business

Biden announces massive new climate goals in final weeks, despite looming Trump takeover

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From LifeSiteNews

By Calvin Freiburger

Outgoing President Joe Biden announced a new climate target of reducing American carbon emissions from 61-66% over the next decade, even though President Trump would be able to undo it as soon as next month.

Outgoing President Joe Biden announced December 19 a new climate target of reducing American carbon emissions of more than 60% over the next decade, even though returning President Donald Trump would be able to undo it as soon as next month.

“Today, as the United States continues to accelerate the transition to a clean energy economy, President Biden is announcing a new climate target for the United States: a 61-66 percent reduction in 2035 from 2005 levels in economy-wide net greenhouse gas emissions,” the White House announced, the Washington Free Beacon reports. The new target will be formally submitted to the United Nations Climate Change secretariat.

“President Biden’s new 2035 climate goal is both a reflection of what we’ve already accomplished,” Biden climate adviser John Podesta added, “and what we believe the United States can and should achieve in the future.”

The announcement may be little more than a symbolic gesture in the end, however, as Trump is widely expected to withdraw the United States from the Paris Climate Agreement upon resuming office in January, in the process voiding related climate obligations.

Trump formally pulled out of the Paris accords in August 2017, the first year of his first term, with then-U.S. Ambassador to the United Nations Nikki Haley stating that the administration would be “open to re-engaging in the Paris Agreement if the United States can identify terms that are more favorable to it, its business, its workers, its people, and its taxpayers.”

Such terms were never reached, however, leaving America out until Biden re-committed the nation to the Paris Agreement on the first day of his presidency, obligating U.S. policy to new economic regulations to cut carbon emissions.

In June, the Trump campaign confirmed Trump’s intentions to withdraw from Paris again. At the time, Trump’s team was reportedly mulling a number of non-finalized drafts of executive orders to do so.

Left-wing consternation on the matter is based on certitude in “anthropogenic global warming” (AGW) or “climate change,” the thesis that human activity, rather than natural phenomena, is primarily responsible for Earth’s changing climate and that such trends pose a danger to the planet in the form of rising sea levels and weather instability.

Activists have long claimed there is a “97 percent scientific consensus” in favor of AGW, but that number comes from a distortion of an overview of 11,944 papers from peer-reviewed journals, 66.4 percent of which expressed no opinion on the question; in fact, many of the authors identified with the AGW “consensus” later spoke out to say their positions had been misrepresented.

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Daily Caller

LNG Farce Sums Up Four Years Of Ridiculous Biden Energy Policy

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From the Daily Caller News Foundation

By David Blackmon

That is what happens when “science” isn’t science at all and energy reality is ignored in favor of the prevailing narratives of the political left.

As Congress struggled with yet another chaotic episode of negotiations over another catastrophic continuing resolution, all I could think was how wonderful it would be for everyone if they just shut the government down and brought an end to the Biden administration and its incredibly braindead and destructive energy-policy farce a month early.

What a blessing it would be for the country if President Joe Biden’s Environmental Protection Agency (EPA) were forced to stop “throwing gold bars off the Titanic” 30 days ahead of schedule. What a merry Christmas we could have if we never had to hear silly talking points based on pseudoscience from the likes of Biden’s climate policy adviser John Podesta or Energy Secretary Jennifer Granholm or Biden himself (read, as always, from his ever-present TelePrompTer) again!

What a shame it has been that the rest of us have been forced to take such unserious people seriously for the last four years solely because they had assumed power over the rest of us. As Jerry Garcia and the Grateful Dead spent decades singing: “What a long, strange trip it’s been.”

Speaking of Granholm, she put the perfect coda to this administration’s seemingly endless series of policy scams this week by playing cynical political games with what was advertised as a serious study. It was ostensibly a study so vitally important that it mandated the suspension of permitting for one of the country’s great growth industries while we breathlessly awaited its publication for most of a year.

That, of course, was the Department of Energy’s (DOE) study related to the economic and environmental impacts of continued growth of the U.S. liquified natural gas (LNG) export industry. We were told in January by both Granholm and Biden that the need to conduct this study was so urgent, that it was entirely necessary to suspend permitting for new LNG export infrastructure until it was completed.

The grand plan was transparent: implement the “pause” based on a highly suspect LNG emissions draft study by researchers at Cornell University, and then publish an impactful DOE study that could be used by a President Kamala Harris to implement a permanent ban on new export facilities. It no doubt seemed foolproof at the Biden White House, but schemes like this never turn out to be anywhere near that.

First, the scientific basis for implementing the pause to begin with fell apart when the authors of the draft Cornell study were forced to radically lower their emissions estimates in the final product published in September.

And then, the DOE study findings turned out to be a mixed bag proving no real danger in allowing the industry to resume its growth path.

Faced with a completed study whose findings essentially amount to a big bag of nothing, Granholm decided she could not simply publish it and let it stand on its own merits. Instead, someone at DOE decided it would be a great idea to leak a three-page letter to the New York Times 24 hours before publication of the study in an obvious attempt to punch up the findings.

The problem with Granholm’s letter was, as the Wall Street Journal’s editorial board put it Thursday, “the study’s facts are at war with her conclusions.” After ticking off a list of ways in which Granholm’s letter exaggerates and misleads about the study’s actual findings, the Journal’s editorial added, “Our sources say the Biden National Security Council and career officials at Energy’s National Laboratories disagree with Ms. Granholm’s conclusions.”

There can be little doubt that this reality would have held little sway in a Kamala Harris presidency. Granholm’s and Podesta’s talking points would have almost certainly resulted in making the permitting “pause” a permanent feature of U.S. energy policy. That is what happens when “science” isn’t science at all and energy reality is ignored in favor of the prevailing narratives of the political left.

What a blessing it would have been to put an end to this form of policy madness a month ahead of time. January 20 surely cannot come soon enough.

David Blackmon is an energy writer and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.

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