“A Generational Budget”: Carney sets the bar high for upcoming fiscal plan

October 20, 2025

Shameel

Prime Minister Mark Carney visited REDFM studio on last Friday, and we had a chance to talk about some of the big issues facing Canada. It’s hard to fully judge a leader’s vision from a short conversation, but here’s how I understood his approach and priorities on crime, economy and foreign policy:

  • Immigration will be scaled back, with stricter rules.
  • Laws will get tougher to tackle crime.
  • Police and enforcement agencies will get more resources to do their job better.

When it comes to governance, economic growth, and foreign policy, his thinking seems clear:

  • Cut government spending.
  • Use those savings to invest in housing, energy projects, ports, and trade corridors — things that can boost economic growth and create jobs.

On foreign policy, especially after the challenges that came from Trump, Carney wants to diversify Canada’s trade ties. He hopes to build stronger partnerships with more countries, including growing economies like China and India. He also wants to keep close ties with the U.S., but without depending on it entirely. In his view, Canada can hold its own in the world only if its economy is strong at home.

Carney says the first real glimpse of his plan will come in his government’s upcoming budget — what he calls a “generation budget.” In his words, it’s the kind of budget that only comes once in a long time and can set the stage for major change.

Whether he can actually deliver on that vision remains to be seen. But it’s clear he has a plan — and it sounds practical and ambitious.

Carney’s idea of a “generation budget” reminds me of Dr. Manmohan Singh’s landmark 1991–92 budget in India, which opened the door to a new era of economic growth. Will Mark Carney be able to do something similar for Canada? We can certainly hope so — but that will depend not just on his economic vision, but also on his political skills and the broader mood of the country.