MP Hallan terms New Sovereign Wealth Fund a “scandal in making”, calls economic update "debt trap for Canadian"
Parteek Singh Mahal
Conservative MP Jasraj Singh Hallan on Wednesday criticized the Liberal government’s inaugural Spring Economic Update and characterized the newly proposed $25 billion Sovereign Wealth Fund as a "scandal in the making".
Speaking in an exclusive interview with Red FM, Hallan dismissed the fund as a mechanism designed to benefit Liberal-connected "insiders" rather than the broader Canadian public. He explicitly labeled the initiative a "duplicate" of previous ethics scandals, comparing it to the controversial "Green Slash Fund" and warning that it serves as a vehicle for party loyalists rather than national prosperity.
A central pillar of Hallan’s argument is the fundamental difference in how this fund is financed compared to successful international models. "When you look at successful sovereign wealth funds, like Norway’s, they are built on surpluses and royalties. What Mark Carney and the Liberals are doing is the opposite—they are borrowing money from taxpayers to fund it. It’s not a wealth fund; it’s a debt fund," Hallan stated.
He further alleged that the fund is a "duplicate" of past Liberal ethics scandals, specifically referencing the controversial "Green Slash Fund." Hallan warned that without strict transparency, this new capital would be funneled to "Liberal-connected insiders" rather than projects that benefit the average citizen.
"It’s just another pot of money for their friends, while the anti-development laws they’ve passed continue to kill the very industries—like oil, gas, and pipelines—that should be creating real wealth for Canada," he said.
Hallan labeling Spring Economic Update as a "Credit Card Budget" said it masks deep fiscal instability with hollow promises. Hallan stated that while the deficit was approximately $31 billion when Justin Trudeau departed, it has now surged to $65 billion under Carney.
“Outside of the COVID-19 pandemic, this represents the highest deficit in Canadian history,” Hallan said arguing that new net spending of $37 billion has pushed interest costs so high that the average Canadian household is now effectively paying $3,400 just to service the debt.
Hallan also took aim at the government’s move to reduce Canada Pension Plan (CPP) contribution rates from 9.9% to 9.5%. While the Liberals framed this as a cost-of-living win, Hallan dismissed the move as a correction of a previous policy failure rather than a genuine gift to the public.
"The announcement on CPP makes it clear, they were overcharging Canadians this whole time. Now they want to take credit for fixing their own mistake. But even with this change, a tiny saving on your paycheque doesn't cover the massive bill they're handing you through the back door," he added.
Addressing the government’s multi-billion dollar pledge to train more skilled workers, Hallan argued that the administration is solving the wrong problem. He contended that the issue isn't a lack of trained youth, but a lack of domestic investment.
"We don't have a problem getting students into trades; we have a problem with students graduating and having no jobs because the investment has fled to America. High taxes, high inflation, and red tape are pushing businesses out of Canada. Our youth can't afford homes or even a down payment because under the Liberals, we have the highest housing costs and the second-highest unemployment rate in the G7," he said.
On the topic of privatizing Canadian airports, Hallan expressed deep skepticism regarding the government's ability to manage such a transition without hurting passengers.
He warned that privatization under the Liberals often leads to more expensive and lower-quality services.
While acknowledging that Conservatives would research the financial viability of such moves, he stressed that any plan must not increase the already high cost of flying for Canadians.
Hallan struck an alarmist tone regarding the Liberals' current majority status in the House of Commons. He described the government as "undemocratic" and "opportunistic," alleging that they are using their majority to shield themselves from accountability.
"A Liberal majority is dangerous for this country. We are already seeing them move ethics and health committee meetings 'in-camera' (behind closed doors) to hide their scandals from the public. They don't want transparency because they don't want you to see the corruption."
Hallan concluded by vowing that the Conservative Party would continue to fight for a "safe and affordable" Canada.