September 4, 2026 -- The Carney Debt Express
Prime Minister Carney announced today that “for the first time in four decades, VIA Rail passenger cars will be built in Canada.” On the surface, this is hard to hate. Who wouldn’t want Canadian plants making things for Canadians?
Then the rest of the release arrived.
"The federal government is investing more than $4.7 billion for VIA Rail… the largest investment in VIA Rail’s history.”
“…combined with the federal government’s recent $1.95 billion investment in 45 new passenger rail locomotives and a new assembly and maintenance facility in Montréal, brings the federal government’s investment in renewing VIA Rail’s… fleet to more than $6.6 billion.”
“Cars once made in the United States, now made here at home.” -- PM.ca
And with that, the innocence went flying off the tracks.
First, throwing money at VIA Rail is not really an “investment.” The Crown corporation runs as a subsidized service and has lost money every year since it was created in 1977. This is a transfer of taxpayer dollars — or, in Canada’s case, more borrowed money. Calling it an investment is dishonest unless you add the missing clause: this outlay has no realistic hope of a positive financial return. That part was left out while Carney and the leftover Trudeau chorus — MacKinnon, Hajdu, and LeBlanc — took their turns chiming in.
Second, the claim that Canada is repatriating passenger-car production from the United States is only partially true. Carney’s “first time in four decades” and “cars once made in the United States” are there to feed the trade-war script. The last major U.S. order was in 2018: a $989 million contract with Siemens Canada, with the trainsets built in Sacramento. One American passenger-car order in forty years. One.
As for locomotives, in July Ottawa confirmed $1.6 billion for 45 units from Stadler, a Swiss manufacturer building them in Spain, plus $357 million for a Montréal assembly and maintenance plant. Because that deal was signed before the latest trade-war spike, nobody bothered to frame it as dumping American locomotives. The last U.S. locomotive purchase for VIA was in 2001. Today, obviously, is a different day.
I agree that not everything has to turn a profit, especially if Canadians decide a service is essential. The problem is Carney — and most politicians — announcing borrow-and-spend as if it were a miracle. Last week it was $11.3 billion for Quebec icebreakers. This week it is $4.7 billion for VIA Rail cars that will not enter service until 2031. Next week it will be something else. Some spending gets a lectern. Some does not.
When Carney throws billions at consultants, there is no press conference. Those jobs do not film well.
“In the face of strong headwinds, a confident Canada is choosing to build… That’s how we build Canada strong.” — Mark Carney
No, Prime Minister. The real choice you are making is to borrow, then watch the money leave the station like a runaway train that never has to turn a profit.