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Margareta Dovgal: Unsurprising that central banker Carney thinks debt is 'sovereign wealth' 

Since the 2008 financial crisis, our economy been driven by low interest rates and household debt spending

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It’s neither sovereign, nor wealth, so it’s a mystery why Prime Minister Mark Carney has chosen this frame for his new $25 billion special project, the “Canada Strong Fund.” 

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One would typically expect a country announcing such a thing to have actually gone to the trouble of clearing debt and generating true sovereign wealth. The federal Liberals are conveniently skipping a few such steps.  

Margareta Dovgal: Unsurprising that central banker Carney thinks debt is 'sovereign wealth'  Back to video

The macro context in which Carney is announcing this is not flattering. Nearly 12 months since his election, Canada has managed only modest net job gains while shedding over 100,000 full-time jobs in the downturn of early 2026. The sharpest monthly drop in more than four years, 84,000 jobs lost in February 2026 alone, was concentrated in private-sector industries like manufacturing, retail, and resources. Canada also became the only G7 economy to contract in the most recent quarter, underpinned by continued weakness in business investment and productivity, and one of the highest unemployment rates in the group. 

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