Mark Carney: Words Without Action, Bureaucracy Without Business Sense
When Canada’s new Prime Minister speaks, his tone may sound reassuring—especially to those of us hoping for a return to fiscal responsibility. But so far, these have been just words, not actions. On paper, Mark Carney remains one of the most authoritarian and fiscally aggressive leaders in recent Canadian history. His plans signal not only massive increases in government spending and national debt, but also rising operational costs for businesses.
To make matters worse, Carney has delayed the federal budget until the fall, effectively signaling that his cabinet will be idle during a critical economic period. It appears he’s attempting to “Europeanize” Canada, but this direction is troubling. Many European Union member states have become zombie economies—overregulated and dependent on protectionist trade policies. If this is Carney’s blueprint, Canada’s small and medium-sized businesses will suffer, as they won’t find much benefit trading with similarly stagnant partners.
Canada Has a lot of Trade Barriers
As for Asia, trade barriers remain high. Tariffs and non-tariff barriers are common throughout Asian markets. While many Canadians are quick to dismiss Donald Trump, it’s worth noting that Trump was not just a politician or banker—he was a real estate developer. Developers confront tariffs, building regulations, and material sourcing issues daily. Trump understood trade from the ground up, which is why he used tariffs as a negotiation tool, not just a revenue mechanism.
In contrast, prior to Trump, America maintained some of the lowest tariffs in the world, while Canada, like much of Europe, remains a highly protectionist nation. Our Supply Management system, particularly in poultry and dairy, has made Canada a difficult and often uncompetitive trading partner. Ironically, many well-paying Canadian jobs depend on these very protections, creating a paradox between economic growth and protectionist stability.
On paper Mark Carney spends and regulates
Meanwhile, Carney has shown no meaningful effort to reduce government spending. In fact, his stated goals suggest the opposite—an expansion of government programs and bureaucracy. It’s important to understand: cutting spending is not the same as austerity. You could fire public workers and still drive up costs if you leave existing regulations untouched. High regulatory burdens discourage small and mid-sized businesses from operating or expanding in Canada, contributing to inflation and long-term stagnation.
This highlights the core issue: bankers and bureaucrats operate in a different reality than entrepreneurs and business builders. A banker evaluates what’s best for the balance sheet—not what’s best for the people or companies they serve. A bank may raise interest rates or fees for profit, even if it pushes customers deeper into debt. And if thousands go bankrupt? For the bank, it’s a numbers game—new borrowers will come along to replace them.
That’s what worries me most about Mark Carney. Yes, he’s a globalist. But more than that, he’s a technocrat—comfortable with bureaucracy, detached from the realities of business, and seemingly indifferent to the struggles of the average Canadian entrepreneur.
His willingness to repeat misleading statements makes him difficult to trust. You cannot take his words at face value. You must judge him by his actions—and so far, his actions speak volumes. And they say: expect more spending, more regulation, and more empty promises.