What's actually going on in the Canadian economy? — MEGA POD!

Apr 10, 2026

Guest

Heather Schofield

Guest

Kevin Carmichael, economics columnist and editor at The Logic, offers a macro view of interest rates, investment and fiscal strength. Randall Bartlett, deputy chief economist at Desjardins, breaks down tariffs, trade shocks and provincial strains. Heather Exner-Pirot, MLI energy director, covers resources, export routes and project timelines. Tim Murphy, AECON EVP, explains infrastructure delivery and financing. Heather Schofield, CEO of the Canadian Tax Observatory, outlines the K-shaped inequality and asset gaps.

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INSIGHT

West Coast Pipeline Would Be Most Strategic

A Northwest Coast oil export pipeline would be the most strategic route to diversify markets toward Asia, but political, tanker-ban and consent hurdles made it the hardest to build.
Exner-Pirot laments Canada doubling down on US dependence instead of opening Asian markets.

INSIGHT

Four Infrastructure Categories Require Different Finance

Infrastructure investments fall into quality‑of‑life, social productivity, economic productivity, and sovereignty categories, each needing different funding and approval models.
Tim Murphy emphasizes recognizing these categories to match financing and timelines correctly.

ADVICE

Streamline Regulation And Guarantee Predictable Timelines

To build faster, cut regulatory duplication and reduce time from decision to construction; major project offices should drive approvals down toward two years.
Tim Murphy says investors need predictable timelines, clear revenue models, and political commitment to proceed.

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The Herle Burly was created by Air Quotes Media with support from our presenting sponsor TELUS, as well as CN Rail, and Fidelity Investments Canada.

Alright, you curiouser and curiouser Herle Burly-ites! We’ve got a special show lined up for you today. A little different in format. Much longer in running time. But a subject matter that merits both of those adjustments.

This is our “What’s actually going on in the Canadian Economy?” mega pod.

As you know, there is so much change afoot and so many stresses: revenue generation, tariffs, shifting trade alliances, provincial deficits, growing inequality, unprecedented high tech innovation, nation-building projects, and my goal here is to do a show that tries to wrap its arms around all of it and make some sense.

But this isn’t a panel show. I want to interrogate their perspectives 1 on 1, each according to their specific area of expertise.

To level set and give us a macro view of it all, we’ll start with Kevin Carmichael. Economics columnist and Editor at Large at The Logic.

Then we’ll go sector by sector:

Tariffs and trade with Randall Bartlett. Deputy Chief Economist with Desjardins, specializing in federal and provincial economies, government budgets and fiscal policy.

Energy and Natural Resources with Heather Exner-Pirot. Senior fellow and director of energy, natural resources and environment at the Macdonald-Laurier Institute.

Capital Infrastructure financing and Canada’s balance sheet with Tim Murphy. EVP and Chief Strategic Affairs Officer at AECON. (And esteemed member of our Chiefs Panel.)

And The Inequality of the K-shaped Economy with Heather Scoffield. CEO of the Canadian Tax Observatory and former Ottawa Bureau Chief at The Toronto Star and The Canadian Press.

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