1
00:00:03,240 --> 00:00:06,760
Speaker 1: This is Bloomberg Surveillance. You can think of cash as

2
00:00:06,880 --> 00:00:10,560
Speaker 1: effectively a very very short duration asset. The problem is,

3
00:00:10,640 --> 00:00:13,440
Speaker 1: right now it's not very attractive. What change does the

4
00:00:13,600 --> 00:00:17,040
Speaker 1: US need more than anything else economically? I would argue

5
00:00:17,079 --> 00:00:19,800
Speaker 1: tax me for a pretty poor way to judge the

6
00:00:19,920 --> 00:00:22,800
Speaker 1: strength or lack there of, of a once vibrant American

7
00:00:22,840 --> 00:00:25,680
Speaker 1: economy and say we're doing better than Japan or Europe,

8
00:00:25,680 --> 00:00:28,960
Speaker 1: which are not growing at all. Bloomberg Surveillance your link

9
00:00:29,000 --> 00:00:33,479
Speaker 1: to the world of economics, finance, and investment on Bloomberg Radio.

10
00:00:33,600 --> 00:00:36,159
Speaker 1: Good morning everyone, Michael McKee and Tom Keane in this

11
00:00:36,360 --> 00:00:41,239
Speaker 1: hour a conversation with a twenty three Prime Minister of Canada,

12
00:00:41,600 --> 00:00:44,720
Speaker 1: Justin Trudeau. Of course, with the heritage of the family

13
00:00:45,080 --> 00:00:49,120
Speaker 1: across all of Canada. Trudeau with degrees from McGill and

14
00:00:49,159 --> 00:00:53,080
Speaker 1: from the University of British Columbia, including working and studying

15
00:00:53,159 --> 00:00:57,200
Speaker 1: in engineering and environmental geography. UH, the Prime Minister has

16
00:00:57,240 --> 00:01:03,000
Speaker 1: made a significant splash across all of international politics and

17
00:01:03,200 --> 00:01:06,280
Speaker 1: economics as well. John Minichols Waite will have that interview

18
00:01:06,319 --> 00:01:11,600
Speaker 1: for us here in a moment Bloomberg Surveillance in a

19
00:01:11,680 --> 00:01:14,360
Speaker 1: four X brief that will be calmer than it would

20
00:01:14,360 --> 00:01:17,319
Speaker 1: have been an hour and a half ago. Um, the

21
00:01:17,360 --> 00:01:21,160
Speaker 1: four X brief has always brought you by interactive brokers

22
00:01:21,200 --> 00:01:24,560
Speaker 1: and we thank them for their support. Doll again one

23
00:01:24,600 --> 00:01:28,560
Speaker 1: eleven sixty nine. That's a stronger yet, but nothing like

24
00:01:28,640 --> 00:01:30,840
Speaker 1: it was an hour and a half ago, where it

25
00:01:30,880 --> 00:01:33,600
Speaker 1: was a solid one ten. We've come back to one

26
00:01:33,680 --> 00:01:38,880
Speaker 1: eleven year, one thirteen oh three in the emerging market currencies,

27
00:01:38,920 --> 00:01:41,679
Speaker 1: and clearly looney, which is not an emerging market, but

28
00:01:41,760 --> 00:01:45,119
Speaker 1: with the commodity challenges of Canada, Canada was a one

29
00:01:45,600 --> 00:01:49,520
Speaker 1: nine handle. That's remarkable coming down from one forty and

30
00:01:49,680 --> 00:01:53,640
Speaker 1: right now, excuse me, the looney Michael McKee one thirty

31
00:01:54,080 --> 00:01:59,000
Speaker 1: uh sixteen as well. So there is our foreign exchange

32
00:01:59,480 --> 00:02:04,480
Speaker 1: report the morning, yea, and the Lunei as it as.

33
00:02:04,680 --> 00:02:08,400
Speaker 1: As the morning goes on, it is all of a

34
00:02:08,440 --> 00:02:13,320
Speaker 1: sudden become very fashionable to talk about Canada, uh and

35
00:02:13,720 --> 00:02:17,720
Speaker 1: what's going on there. They suffered tremendously from the drop

36
00:02:18,000 --> 00:02:23,079
Speaker 1: in oil prices and the Lunei falling right along. Yeah,

37
00:02:23,160 --> 00:02:26,919
Speaker 1: I I think that in my I know for certain

38
00:02:27,000 --> 00:02:32,440
Speaker 1: that you and I are guilty of conflating culture and

39
00:02:32,600 --> 00:02:35,040
Speaker 1: nation across the border. Of course, as you all know,

40
00:02:35,160 --> 00:02:38,120
Speaker 1: this is the Hockey Network, and Mike and I have

41
00:02:38,200 --> 00:02:41,600
Speaker 1: a real predilection to hockey. But but it's not funny.

42
00:02:41,600 --> 00:02:45,519
Speaker 1: The provinces are more discreet and there's a unique politics.

43
00:02:45,919 --> 00:02:49,040
Speaker 1: And as I mentioned this morning the Dutch disease, there

44
00:02:49,120 --> 00:02:54,080
Speaker 1: is an economic rigidity that they have with hydrocarbons in

45
00:02:54,080 --> 00:02:57,160
Speaker 1: the West and the industrial East, and what Vancouver's doing

46
00:02:57,600 --> 00:03:02,480
Speaker 1: that is very, very different, very different. They try to, um,

47
00:03:02,639 --> 00:03:06,520
Speaker 1: they're trying to overcome that, but it's true of of

48
00:03:07,760 --> 00:03:12,160
Speaker 1: hydrocarbon and natural resource countries in general that those tend

49
00:03:12,280 --> 00:03:16,040
Speaker 1: to dominate. They're getting ready for the interview. Um, it

50
00:03:16,040 --> 00:03:19,520
Speaker 1: looks like they're not quite ready yet for for Justin Trudeau.

51
00:03:19,560 --> 00:03:22,240
Speaker 1: But he's here and we will be uh talking with him.

52
00:03:22,480 --> 00:03:25,079
Speaker 1: John Mickelpoint will be talking with him shortly. And I'm

53
00:03:25,120 --> 00:03:27,520
Speaker 1: sure that John, you mentioned the Hockey Network, would not

54
00:03:27,639 --> 00:03:29,799
Speaker 1: be so rude as to point out that no Canadian

55
00:03:29,840 --> 00:03:32,600
Speaker 1: teams are in line to make the playoffs right now,

56
00:03:32,840 --> 00:03:36,560
Speaker 1: you know, the Toronto the Toronto maple Leafs are I

57
00:03:36,560 --> 00:03:40,040
Speaker 1: would suggest a ten year building plan which perhaps after

58
00:03:40,080 --> 00:03:43,760
Speaker 1: he serves as Prime minister, he could take the head

59
00:03:43,760 --> 00:03:47,880
Speaker 1: coach job of his choice across the NHL. That would

60
00:03:47,920 --> 00:03:51,040
Speaker 1: help out as well. To review the currency, folks. And

61
00:03:51,080 --> 00:03:53,600
Speaker 1: I've done this chart uh many times. We'll put this

62
00:03:53,640 --> 00:03:56,400
Speaker 1: out on Bloomberg Radio plus here, I'll run it on

63
00:03:56,480 --> 00:04:02,640
Speaker 1: television tomorrow. Is well, the basic idea of dollar Canada

64
00:04:03,280 --> 00:04:08,640
Speaker 1: is a weaker Canada uh years ago towards his father's

65
00:04:08,640 --> 00:04:12,040
Speaker 1: tenure than his father left office. I'm gonna eyeball it

66
00:04:12,120 --> 00:04:15,560
Speaker 1: in the the early eighties. And then the dollar, the

67
00:04:15,560 --> 00:04:19,720
Speaker 1: Canadian dollar got even weaker, uh right now. And then

68
00:04:19,760 --> 00:04:24,000
Speaker 1: we had the huge dollar Canada boom off commodities and China,

69
00:04:24,120 --> 00:04:26,760
Speaker 1: and they've given up a good portion of that in

70
00:04:26,839 --> 00:04:30,080
Speaker 1: the recent oh eighteen months or so. Right now, we

71
00:04:30,160 --> 00:04:33,120
Speaker 1: need to synthesize quickly here what we see in foreign

72
00:04:33,160 --> 00:04:36,960
Speaker 1: exchange today and in central bank news into our equity

73
00:04:37,000 --> 00:04:40,560
Speaker 1: markets here quickly is David Wilson, Good morning, Good morning

74
00:04:40,600 --> 00:04:44,120
Speaker 1: Tom up. Oh absolutely, I mean Caterpillar was definitely a

75
00:04:44,160 --> 00:04:46,720
Speaker 1: stock to watch in early trading, Dan about two and

76
00:04:46,760 --> 00:04:50,159
Speaker 1: a half percent, the biggest maker of construction and mining machinery,

77
00:04:50,520 --> 00:04:53,720
Speaker 1: said first quarter earnings and sales will trail analyst estimates.

78
00:04:53,920 --> 00:04:57,040
Speaker 1: Commodity producers are cutting capital spending by billions of dollars

79
00:04:57,320 --> 00:05:01,800
Speaker 1: because of lower prices for their products. Mondoliese International also

80
00:05:01,920 --> 00:05:05,560
Speaker 1: down two and a half percent. Billionaire investor Bill Ackman's headspun.

81
00:05:05,640 --> 00:05:09,200
Speaker 1: Pershing Square Capital reduced its steak in the food maker

82
00:05:09,279 --> 00:05:12,080
Speaker 1: through an eight hundred and twenty four million dollar share

83
00:05:12,120 --> 00:05:17,359
Speaker 1: sale Pershing Sentence. Mondoleese Holding became an outside position after

84
00:05:17,400 --> 00:05:20,919
Speaker 1: a plunge in shares of Valiant Pharmaceuticals UH, and the

85
00:05:20,960 --> 00:05:24,560
Speaker 1: fund's net asset value is down twenty six point four

86
00:05:24,720 --> 00:05:28,480
Speaker 1: percent this year. On the other hand, you've got FedEx

87
00:05:28,520 --> 00:05:31,880
Speaker 1: shares higher. The package delivery company's profit and remedy for

88
00:05:31,880 --> 00:05:36,159
Speaker 1: the fiscal third quarterbeat estimates. FedEx raised its full year

89
00:05:36,200 --> 00:05:40,120
Speaker 1: earnings forecasts, and the company expects to cut costs by

90
00:05:40,160 --> 00:05:43,520
Speaker 1: more than one point six billion dollars after completing a

91
00:05:43,640 --> 00:05:47,440
Speaker 1: takeover of Europe's t n T. FedEx at the moment

92
00:05:47,600 --> 00:05:52,560
Speaker 1: up almost six percent in early trading. Office Depot also higher.

93
00:05:53,000 --> 00:05:56,680
Speaker 1: Amazon dot Com is earning the office supply chains corporate businesses,

94
00:05:56,720 --> 00:05:59,800
Speaker 1: according to The New York Post, citing a person from

95
00:05:59,839 --> 00:06:03,119
Speaker 1: the of an unnamed activist investor who bought a stake

96
00:06:03,160 --> 00:06:06,200
Speaker 1: in Office Depot because that company a takeover target for

97
00:06:06,440 --> 00:06:10,200
Speaker 1: Staples and UH at the moment office depot up about

98
00:06:10,279 --> 00:06:15,120
Speaker 1: seven percent. Some other stock moves Jable Circuits higher and

99
00:06:15,400 --> 00:06:18,480
Speaker 1: UH that's a result of fiscal second quarter results that

100
00:06:18,520 --> 00:06:22,200
Speaker 1: beat estimates. Also their forecasts exceeding projections. Company is a

101
00:06:22,240 --> 00:06:26,480
Speaker 1: contract manufacturer of electronics. Williams Sonoma is also up. I

102
00:06:26,520 --> 00:06:31,080
Speaker 1: should say down. Actually the House Squares retailer with fiscal

103
00:06:31,120 --> 00:06:33,320
Speaker 1: fourth quarter earins in remnue that we're lower than estimates.

104
00:06:33,480 --> 00:06:37,200
Speaker 1: The powermaker Gas is lower with an unexpected loss with

105
00:06:37,279 --> 00:06:40,560
Speaker 1: the fiscal first quarter. That's their forecast anyway. On the

106
00:06:40,680 --> 00:06:44,520
Speaker 1: other hand, the arts and crafts retailer Michaels is higher. UH.

107
00:06:44,520 --> 00:06:48,000
Speaker 1: Their fiscal fourth quarter profit in sales exceeded estimates, and

108
00:06:48,160 --> 00:06:51,560
Speaker 1: International Game Technology I D i g T also up.

109
00:06:51,839 --> 00:06:54,320
Speaker 1: Fourth quarter earnings and sales at the maker of casino

110
00:06:54,440 --> 00:06:58,720
Speaker 1: and lot of re equipment beat projections. The Caterpillar one

111
00:06:58,880 --> 00:07:01,160
Speaker 1: really caught my eye this morning because obviously it had

112
00:07:01,200 --> 00:07:03,840
Speaker 1: a big market impact when the headlines hit that they

113
00:07:03,839 --> 00:07:08,360
Speaker 1: were cutting their first quarter earnings, but they are reaffirming

114
00:07:08,400 --> 00:07:12,200
Speaker 1: their full year earnings. UH forty two billion and three

115
00:07:12,240 --> 00:07:15,160
Speaker 1: fifty to four dollars in earnings per share, which suggests

116
00:07:15,160 --> 00:07:16,840
Speaker 1: to me that they're seeing a bad first quarter, but

117
00:07:16,880 --> 00:07:18,400
Speaker 1: they don't think the year is gonna be that bad.

118
00:07:18,440 --> 00:07:21,120
Speaker 1: Things may get better as time goes on. It's a

119
00:07:21,120 --> 00:07:24,120
Speaker 1: matter of anticipating a turnaround. And you actually see that

120
00:07:24,200 --> 00:07:27,520
Speaker 1: more broadly, Michael, in the numbers for the Standard and

121
00:07:27,600 --> 00:07:31,480
Speaker 1: Poor's five hundred people looking for a first quarter decline

122
00:07:31,480 --> 00:07:33,960
Speaker 1: in earnings, little change to the second quarter, and then

123
00:07:34,080 --> 00:07:38,160
Speaker 1: rebound in the third. David Wilson, thank you so much.

124
00:07:38,360 --> 00:07:40,920
Speaker 1: So we're gonna have a conversation with John michaels Waite

125
00:07:41,000 --> 00:07:44,080
Speaker 1: or under in Chief, with the Prime Minister of Canada.

126
00:07:44,160 --> 00:07:47,320
Speaker 1: And right now we're looking for introductions here from our

127
00:07:47,440 --> 00:07:50,560
Speaker 1: Jason Kelly at our New York head corners. Uh. This

128
00:07:50,640 --> 00:07:53,920
Speaker 1: is the twenty third Sime Minister of Canada with John

129
00:07:54,080 --> 00:07:58,720
Speaker 1: michaels wag. Um, justin to thank you for talking to

130
00:07:58,760 --> 00:08:03,680
Speaker 1: Bloomberg where live on Bloomberg Radio and television around the world. Um,

131
00:08:03,800 --> 00:08:07,560
Speaker 1: let's start with the economy. Canada has never done very

132
00:08:07,560 --> 00:08:10,720
Speaker 1: well when commodities are doing badly. Camody is doing badly. Now,

133
00:08:11,520 --> 00:08:14,640
Speaker 1: where do you hope growth is going to come from? Well,

134
00:08:14,840 --> 00:08:19,240
Speaker 1: there's no question that the oil prices were very good

135
00:08:19,240 --> 00:08:23,320
Speaker 1: on water as well, not soil. Um. The oil prices

136
00:08:23,360 --> 00:08:26,680
Speaker 1: are are certainly impacting on a number of regions in

137
00:08:26,720 --> 00:08:30,360
Speaker 1: our country that have seen tremendous growth and contribute contributed

138
00:08:30,400 --> 00:08:35,280
Speaker 1: significantly to Canada's overall economic growth in in meaningful ways

139
00:08:35,320 --> 00:08:38,880
Speaker 1: over the past ten years. Now with the prices falling,

140
00:08:39,360 --> 00:08:42,520
Speaker 1: those areas are going through difficulty. But as as we

141
00:08:42,600 --> 00:08:46,640
Speaker 1: have to understand the pivot that climate change is going

142
00:08:46,679 --> 00:08:50,440
Speaker 1: to require of us, we need to be diversifying, investing

143
00:08:50,440 --> 00:08:57,600
Speaker 1: in the opportunities that that that highlight the the climate

144
00:08:57,640 --> 00:08:59,920
Speaker 1: change isn't just a challenge, it's it's an opportunity. So

145
00:09:00,840 --> 00:09:04,240
Speaker 1: right now we're looking at a frame in which UH,

146
00:09:05,160 --> 00:09:09,760
Speaker 1: with interest rate slow, with our debt to GDP ratio

147
00:09:09,840 --> 00:09:13,440
Speaker 1: being down around thirty one UM, and a need for

148
00:09:13,520 --> 00:09:17,880
Speaker 1: investment in our economy, there's there's an opportunity to get

149
00:09:17,880 --> 00:09:21,360
Speaker 1: those out of work, uh you know, construction jobs in

150
00:09:21,400 --> 00:09:24,120
Speaker 1: the in the oil industry for example, to work at

151
00:09:24,160 --> 00:09:26,840
Speaker 1: building municipal infrastruys or a country. I just thinking, is

152
00:09:26,840 --> 00:09:29,079
Speaker 1: there a country you would like to replicate or is

153
00:09:29,120 --> 00:09:31,680
Speaker 1: there an error in Canada's history you'd like to take

154
00:09:32,000 --> 00:09:35,880
Speaker 1: take Canada back to we'll see his inspiration. I think

155
00:09:36,200 --> 00:09:39,400
Speaker 1: you know, everyone is in in Western economies is thinking

156
00:09:39,440 --> 00:09:42,600
Speaker 1: about the client of the middle class. The challenges you know,

157
00:09:42,679 --> 00:09:46,640
Speaker 1: the post war boom years where the middle class was

158
00:09:46,679 --> 00:09:49,160
Speaker 1: doing well and therefore the economy was doing well. Uh,

159
00:09:49,240 --> 00:09:51,400
Speaker 1: seem a long way away in that question, how do

160
00:09:51,480 --> 00:09:54,040
Speaker 1: we create an economy in which the largest number of

161
00:09:54,040 --> 00:09:58,200
Speaker 1: people have the best possible jobs, understanding that income inequality

162
00:09:58,240 --> 00:10:01,480
Speaker 1: can be a drag not just on success for the

163
00:10:01,520 --> 00:10:06,440
Speaker 1: middle class, but on the overall growth profile of the economy. Uh.

164
00:10:06,520 --> 00:10:08,760
Speaker 1: You know, that question and how to solve it is

165
00:10:08,800 --> 00:10:11,280
Speaker 1: one that is being challenged around the world now. A

166
00:10:11,280 --> 00:10:14,520
Speaker 1: lot of people are on the austerity side, thinking that,

167
00:10:14,600 --> 00:10:17,160
Speaker 1: you know, we have to control a government spending UM.

168
00:10:17,320 --> 00:10:20,319
Speaker 1: Canada's positioning itself on the investment side of that. This,

169
00:10:20,320 --> 00:10:24,520
Speaker 1: this idea that confident, optimistic countries will invest in their

170
00:10:24,520 --> 00:10:27,760
Speaker 1: future is really very much what we're we're focused on. So,

171
00:10:27,760 --> 00:10:31,640
Speaker 1: whether it's investing in innovation around clean tech, around renewable energies,

172
00:10:31,679 --> 00:10:35,880
Speaker 1: around startups and and the knowledge economy, whether it's investing

173
00:10:35,920 --> 00:10:39,560
Speaker 1: in roads and bridges and hospitals and and the kind

174
00:10:39,559 --> 00:10:41,680
Speaker 1: of infrastructure that's going to lead to both quality of

175
00:10:41,720 --> 00:10:46,000
Speaker 1: life and better productivity in the coming years. We think

176
00:10:46,040 --> 00:10:48,640
Speaker 1: that this is a great opportunity to be to be

177
00:10:48,720 --> 00:10:51,920
Speaker 1: building for the coming coming decades. You've talked my investment

178
00:10:52,000 --> 00:10:53,960
Speaker 1: or lot and you've just talked about it again then.

179
00:10:54,160 --> 00:10:56,719
Speaker 1: But a lot of people look at Canada's economy. You've

180
00:10:56,720 --> 00:11:00,200
Speaker 1: got a budget next week. They see economy. It it's

181
00:11:00,240 --> 00:11:01,880
Speaker 1: only growing by one and a half percent a year,

182
00:11:02,000 --> 00:11:04,800
Speaker 1: and they think that needs stimulus, not long term spending

183
00:11:04,880 --> 00:11:09,280
Speaker 1: light infrastructure. Your government seems unable to mention the word stimulus. Well,

184
00:11:09,320 --> 00:11:13,160
Speaker 1: I mean a stimulus. We had a massive stimulus package

185
00:11:13,160 --> 00:11:15,040
Speaker 1: and I'll say stimulus as many times as you like.

186
00:11:15,679 --> 00:11:19,360
Speaker 1: Uh in uh a following following the recession at the

187
00:11:19,400 --> 00:11:21,800
Speaker 1: way that the two thousand and eight thousand nine recession,

188
00:11:21,840 --> 00:11:25,720
Speaker 1: and you know, we're talking at eighty billion dollars. There's

189
00:11:25,760 --> 00:11:29,880
Speaker 1: such an in debt uh that we had kicked off

190
00:11:29,960 --> 00:11:34,840
Speaker 1: with um. This is much more modest, much more responsible.

191
00:11:34,880 --> 00:11:37,160
Speaker 1: What we're what we're looking at is not so much

192
00:11:37,720 --> 00:11:40,720
Speaker 1: trying to jolt the economy into life as try to

193
00:11:40,800 --> 00:11:44,720
Speaker 1: lay the found work, the groundwork and the foundation for

194
00:11:45,120 --> 00:11:48,760
Speaker 1: better growth, better productivity over the long term, and not

195
00:11:48,880 --> 00:11:52,600
Speaker 1: just an instant influx of the need for an instant

196
00:11:53,360 --> 00:11:55,600
Speaker 1: I think, I think the challenge when you're trying to

197
00:11:55,679 --> 00:11:57,920
Speaker 1: you know, shovel money out the doors, it doesn't always

198
00:11:57,960 --> 00:12:00,680
Speaker 1: get spent on the right things. For example, what we've

199
00:12:00,720 --> 00:12:02,960
Speaker 1: decided on our on our infrastructure spend, which is going

200
00:12:03,000 --> 00:12:06,320
Speaker 1: to be a massive expenditures investments in infrastructure over the

201
00:12:06,360 --> 00:12:09,199
Speaker 1: next ten years. The first two years, we're going to

202
00:12:09,320 --> 00:12:13,520
Speaker 1: do the unsexy things that governments you hate to announce,

203
00:12:13,559 --> 00:12:19,600
Speaker 1: recapitalization of infrastructure, um, you know, maintenance upgrades, the things

204
00:12:19,640 --> 00:12:22,400
Speaker 1: you don't get the class needed, and not sending it

205
00:12:22,440 --> 00:12:25,480
Speaker 1: to wealthy families like mine. And that's that's very clear.

206
00:12:25,840 --> 00:12:29,559
Speaker 1: On old aged security. UM. Actually, there's a there's a

207
00:12:29,640 --> 00:12:33,920
Speaker 1: nice parallel here. Uh. My predecessor went to Davos and

208
00:12:33,920 --> 00:12:37,640
Speaker 1: announced in a Bloomberg interview that he was going to

209
00:12:37,720 --> 00:12:42,319
Speaker 1: be raising very wisely. Uh there's a reviews are mixed

210
00:12:42,320 --> 00:12:45,559
Speaker 1: in Canada on how wise this was of announced he

211
00:12:45,640 --> 00:12:48,600
Speaker 1: was going to raise the age at which you reached

212
00:12:48,640 --> 00:12:52,200
Speaker 1: old aged security uh at to sixty seven from sixty five.

213
00:12:52,520 --> 00:12:55,120
Speaker 1: And we think that was a mistake and I certainly

214
00:12:55,160 --> 00:12:58,760
Speaker 1: campaigned against it, but I'm happy to confirm here in

215
00:12:58,840 --> 00:13:02,280
Speaker 1: New York in a blue Berg interview that next week's

216
00:13:02,280 --> 00:13:06,000
Speaker 1: budget will feature that we will confirm that we are

217
00:13:06,080 --> 00:13:10,079
Speaker 1: keeping the old retirement age at sixty five because how

218
00:13:10,160 --> 00:13:13,480
Speaker 1: we uh not raising into sixty seven? Because how we

219
00:13:13,559 --> 00:13:16,480
Speaker 1: care for our most vulnerable in society? It is really important.

220
00:13:17,040 --> 00:13:18,920
Speaker 1: But don't you worry about that? In a sense most

221
00:13:19,000 --> 00:13:21,400
Speaker 1: you look around the world, most people are gradually pushing

222
00:13:21,440 --> 00:13:25,120
Speaker 1: out um the age at which people can take pensions.

223
00:13:25,520 --> 00:13:27,679
Speaker 1: With the age at which people would take these benefits

224
00:13:27,720 --> 00:13:31,120
Speaker 1: you're running against most economists would push forward. Well, I

225
00:13:31,120 --> 00:13:34,840
Speaker 1: think the sense is that just you know, tweaking the

226
00:13:34,840 --> 00:13:39,840
Speaker 1: age like that is a very simplistic solution that won't

227
00:13:39,880 --> 00:13:44,080
Speaker 1: work to a very complex problem. How do we encourage

228
00:13:44,160 --> 00:13:47,760
Speaker 1: people to stay active as members of the workforce for longer.

229
00:13:48,240 --> 00:13:50,240
Speaker 1: How do we make sure that we're you know, creating

230
00:13:50,240 --> 00:13:53,880
Speaker 1: the opportunity to stay healthy longer. How are we encouraging

231
00:13:54,280 --> 00:13:58,240
Speaker 1: a link and mentorship between our older citizens and the

232
00:13:58,320 --> 00:14:01,000
Speaker 1: younger citizens who need to have all the capacities they

233
00:14:01,000 --> 00:14:03,960
Speaker 1: can if they're gonna you know, be created the success

234
00:14:04,000 --> 00:14:07,080
Speaker 1: needed to support our aging demographics. All those things together

235
00:14:07,679 --> 00:14:09,720
Speaker 1: means there's a lot of discussions to have. We're gonna

236
00:14:09,760 --> 00:14:14,240
Speaker 1: be working on increasing the Canada pension Plan. So there's

237
00:14:14,280 --> 00:14:17,560
Speaker 1: a bundle of things to look at. But the place

238
00:14:17,640 --> 00:14:21,240
Speaker 1: that we are, uh, you know, returning to because it

239
00:14:21,280 --> 00:14:23,120
Speaker 1: was a mistake to bounce it up to sixty seven,

240
00:14:23,280 --> 00:14:25,560
Speaker 1: is we're starting from sixty five. But that's in general.

241
00:14:25,600 --> 00:14:28,000
Speaker 1: I'm just thinking whilst you were talking, you look at Europe.

242
00:14:28,040 --> 00:14:30,880
Speaker 1: The sort of things that places like France get criticized

243
00:14:30,920 --> 00:14:34,320
Speaker 1: for is keeping the pension age really low. And in general,

244
00:14:34,360 --> 00:14:38,120
Speaker 1: your generation, my generation, your on more than mine, we're

245
00:14:38,120 --> 00:14:41,000
Speaker 1: all likely to live much longer. Surely the whole pressure

246
00:14:41,000 --> 00:14:43,360
Speaker 1: on pensions is to push out these benefits longer. Well,

247
00:14:43,360 --> 00:14:45,360
Speaker 1: I think that there needs to be a little bit

248
00:14:45,400 --> 00:14:47,760
Speaker 1: of sophistication in the way we look at it. Obviously,

249
00:14:47,920 --> 00:14:51,520
Speaker 1: someone who has worked as a as an investment banker,

250
00:14:51,640 --> 00:14:54,240
Speaker 1: as a lawyer all their life, sixty five is not

251
00:14:54,360 --> 00:14:57,960
Speaker 1: necessarily an age where they need to retire. Someone who's

252
00:14:57,960 --> 00:15:01,240
Speaker 1: still getting recently strong, indeed, even my but someone who

253
00:15:01,280 --> 00:15:05,840
Speaker 1: has yeah, but he's nowhere near sixty. Uh. Anyone who

254
00:15:05,920 --> 00:15:08,200
Speaker 1: who has worked with their hands as a as a

255
00:15:08,320 --> 00:15:10,480
Speaker 1: laborer or as an assembly line worker, or work in

256
00:15:10,520 --> 00:15:13,400
Speaker 1: the resource industries. Uh, and has been in a much

257
00:15:13,440 --> 00:15:16,720
Speaker 1: more physical job once you start reaching sixty five. Regardless

258
00:15:16,720 --> 00:15:19,840
Speaker 1: of all the advances in Canada's extraordinary medical system. UH,

259
00:15:20,000 --> 00:15:22,720
Speaker 1: the the you know, there are real challenges around how

260
00:15:22,800 --> 00:15:25,200
Speaker 1: much longer someone can keep working in certain jobs. So

261
00:15:25,600 --> 00:15:30,440
Speaker 1: I think, UH, a nuanced and responsible discussion around that

262
00:15:30,640 --> 00:15:32,680
Speaker 1: is is what we're waiting for. So to go back

263
00:15:32,680 --> 00:15:34,560
Speaker 1: to the very rich, you know you target to them

264
00:15:34,560 --> 00:15:37,920
Speaker 1: a bit in the marginal tax rate. Um, what about

265
00:15:38,040 --> 00:15:40,400
Speaker 1: what other things might you look at it, especially in

266
00:15:40,400 --> 00:15:42,320
Speaker 1: this budget. Would you look at capable gains? Would you

267
00:15:42,320 --> 00:15:44,800
Speaker 1: look at stock options? These are things that you talked

268
00:15:44,800 --> 00:15:47,440
Speaker 1: about on the campaign trail. Well, we'll we'll certainly see

269
00:15:48,080 --> 00:15:51,320
Speaker 1: next Tuesday afternoon what what actually is in the budget.

270
00:15:51,360 --> 00:15:53,520
Speaker 1: But I mean the phrase that we the frame that

271
00:15:53,560 --> 00:15:57,000
Speaker 1: we've always taken on this is, uh, we certainly have

272
00:15:57,360 --> 00:15:59,640
Speaker 1: nothing against success. Indeed, we want more people to be

273
00:15:59,640 --> 00:16:05,000
Speaker 1: success full in Canada and in I have very um

274
00:16:05,360 --> 00:16:09,280
Speaker 1: few worries that if we put more money in the

275
00:16:09,320 --> 00:16:12,560
Speaker 1: pockets of average consumers in our country, if we make

276
00:16:12,600 --> 00:16:14,840
Speaker 1: the middle class more confident not just about their own

277
00:16:14,880 --> 00:16:19,239
Speaker 1: future but about their kids future, Uh, the general economic

278
00:16:19,320 --> 00:16:22,600
Speaker 1: climate will be such that our big businesses will find

279
00:16:22,600 --> 00:16:26,680
Speaker 1: plenty of opportunities to make already already seeing tech companies shopify.

280
00:16:26,760 --> 00:16:28,960
Speaker 1: These sort of people coming out against this again. I

281
00:16:29,000 --> 00:16:31,320
Speaker 1: go back to France when Alone came in. He came

282
00:16:31,400 --> 00:16:34,160
Speaker 1: up with all these different ideas. Somebody got quote at

283
00:16:34,160 --> 00:16:37,120
Speaker 1: the times would be like Cuba without the sunshine. Um,

284
00:16:37,720 --> 00:16:39,960
Speaker 1: do you do you worry that you might be driving

285
00:16:39,960 --> 00:16:43,280
Speaker 1: a why entrepreneurs? Well, I mean, I'm I'm going to

286
00:16:43,560 --> 00:16:46,440
Speaker 1: answer those questions more clearly once we put forward the

287
00:16:46,480 --> 00:16:50,040
Speaker 1: budget in a few days. But I will underline the

288
00:16:50,080 --> 00:16:53,200
Speaker 1: fact that I got to be in the position I

289
00:16:53,240 --> 00:16:56,360
Speaker 1: am by listening to people, by listening to experts, by

290
00:16:56,440 --> 00:17:02,600
Speaker 1: understanding what economists and business owners and ordinary Canadians had

291
00:17:02,640 --> 00:17:04,520
Speaker 1: to say about where they wanted the economy to go,

292
00:17:04,680 --> 00:17:06,280
Speaker 1: what was going to help them, what was not going

293
00:17:06,320 --> 00:17:09,000
Speaker 1: to help them. Uh. And we've made our decisions very

294
00:17:09,080 --> 00:17:12,760
Speaker 1: much based on evidence based research and policies. So you

295
00:17:12,760 --> 00:17:15,720
Speaker 1: don't worry about a brain drain if people are talent

296
00:17:15,800 --> 00:17:18,880
Speaker 1: drains the south of the border, if you too hard,

297
00:17:18,920 --> 00:17:21,959
Speaker 1: I don't worry about hypotheticals. I worry about what really

298
00:17:22,040 --> 00:17:25,120
Speaker 1: going to happen. Uh. And and The decisions that we're

299
00:17:25,160 --> 00:17:30,639
Speaker 1: taking are ones designed to encourage entrepreneurship, to reward businesses

300
00:17:30,640 --> 00:17:34,560
Speaker 1: that are growing, UH, and to encourage Canadians to feel

301
00:17:34,560 --> 00:17:36,920
Speaker 1: optimistic and confident, not just about their own future, but

302
00:17:36,960 --> 00:17:39,199
Speaker 1: about their their their children's future. You just talk You

303
00:17:39,240 --> 00:17:42,119
Speaker 1: just talked about entrepreneurship and businesses that are growing. You

304
00:17:42,160 --> 00:17:46,400
Speaker 1: take the Planemaker Bombardier. It's stock I just looked. Used

305
00:17:46,440 --> 00:17:49,720
Speaker 1: to trade seven dollars. Now it's barely a dollar. It

306
00:17:49,800 --> 00:17:53,119
Speaker 1: wants to take it wants a billion dollars from you.

307
00:17:53,119 --> 00:17:56,159
Speaker 1: You seem inclined to give it to them. You know,

308
00:17:56,240 --> 00:17:59,400
Speaker 1: why should the government be helping businesses like that? Well,

309
00:17:59,640 --> 00:18:02,040
Speaker 1: first of all, UH, you start with the place that

310
00:18:02,080 --> 00:18:05,320
Speaker 1: the new C series aircraft that Bombardi has put forward

311
00:18:05,359 --> 00:18:09,320
Speaker 1: has been allowed it as an extraordinary airplane. It really

312
00:18:09,400 --> 00:18:13,520
Speaker 1: it is uh more efficient, more uh more fabulous in

313
00:18:13,600 --> 00:18:16,119
Speaker 1: all ways than than than just about any other plane

314
00:18:16,119 --> 00:18:19,000
Speaker 1: on the market. So there is an understanding the Canadian

315
00:18:19,640 --> 00:18:25,000
Speaker 1: aerospace UH and Bombardi itself has a bright future product

316
00:18:26,040 --> 00:18:29,880
Speaker 1: of course, but we also know that from Boeing to Airbus,

317
00:18:29,960 --> 00:18:34,080
Speaker 1: to to Embryo, to all the big aerospace companies around

318
00:18:34,080 --> 00:18:38,040
Speaker 1: the world, they've always needed significant government support. And what

319
00:18:38,160 --> 00:18:41,000
Speaker 1: we look at is how do we ensure that there

320
00:18:41,040 --> 00:18:44,000
Speaker 1: is a strong aerospace industry in Canada, Uh, not just

321
00:18:44,160 --> 00:18:46,240
Speaker 1: right now, but in five years and ten years and

322
00:18:46,280 --> 00:18:48,240
Speaker 1: thirty years. How do we continue to make sure that

323
00:18:48,280 --> 00:18:52,120
Speaker 1: the high quality jobs and the innovative solutions put forward

324
00:18:52,160 --> 00:18:55,280
Speaker 1: by our aerospace industry are there for the long haul.

325
00:18:55,359 --> 00:18:58,080
Speaker 1: So we are very much looking at this as you know,

326
00:18:58,119 --> 00:19:01,639
Speaker 1: what is the right investment and is smart investment for

327
00:19:01,880 --> 00:19:05,399
Speaker 1: Canadian jobs, for the Canadian economy and for the global market.

328
00:19:05,440 --> 00:19:09,800
Speaker 1: And that's that's the lens we're taking on that decision,

329
00:19:09,800 --> 00:19:11,440
Speaker 1: and that's why we're taking our time. You would feel

330
00:19:11,440 --> 00:19:14,000
Speaker 1: happy to get saying to people at the hospital you

331
00:19:14,040 --> 00:19:17,520
Speaker 1: can't build, say I'm happy about putting this money behind Bombody.

332
00:19:17,680 --> 00:19:20,840
Speaker 1: Then something that I think your government is about choices

333
00:19:20,880 --> 00:19:25,359
Speaker 1: and when you make the right choices to create opportunities

334
00:19:25,400 --> 00:19:27,240
Speaker 1: to grow the economy to make sure that there are

335
00:19:27,240 --> 00:19:30,040
Speaker 1: good jobs. In many cases, it doesn't have to be

336
00:19:30,119 --> 00:19:32,800
Speaker 1: in either or it can be knowing that you're growing

337
00:19:32,840 --> 00:19:35,800
Speaker 1: the economy in meaningful ways which will allow you to

338
00:19:35,880 --> 00:19:38,280
Speaker 1: continue to invest in things that matter. And do you

339
00:19:38,320 --> 00:19:40,480
Speaker 1: have an idea when we could expect and answer to

340
00:19:40,640 --> 00:19:43,200
Speaker 1: the question of you know, when this is when when

341
00:19:43,240 --> 00:19:46,360
Speaker 1: you're going to answer bombody is questions this this will

342
00:19:46,640 --> 00:19:50,000
Speaker 1: be answered when we have the right answer to give

343
00:19:50,280 --> 00:19:53,160
Speaker 1: and and we're taking our time. We're taking our time

344
00:19:53,520 --> 00:19:55,720
Speaker 1: in a deliberate and thoughtful way to make sure that

345
00:19:56,359 --> 00:19:59,200
Speaker 1: we're doing the right thing in the interests of both

346
00:19:59,280 --> 00:20:02,359
Speaker 1: the Canadian industry and you know, high quality jobs, but

347
00:20:02,400 --> 00:20:07,119
Speaker 1: also our responsibilities towards taxpayers to to get the opportunity

348
00:20:07,160 --> 00:20:09,760
Speaker 1: costs right. What's your biggest worry on the economy when

349
00:20:09,800 --> 00:20:14,560
Speaker 1: you when you, um, I just you know, a lot

350
00:20:14,760 --> 00:20:19,359
Speaker 1: of what I worry about is that uh, ordinary folks

351
00:20:19,359 --> 00:20:20,200
Speaker 1: are going to withdraw