Previous witnesses have suggested that, on the monetary front, the most useful thing to do is to encourage the Bank of Canada to lower interest rates. If in fact you lower interest rates, in an environment where we already have full employment, or low unemployment, if you will, generally that would act as a stimulus in the economy. If it acts as a stimulus in the economy, that's going to, in turn, put upward pressure on wages, which in turn presumably makes us somewhat less competitive in the very industries that you represent. Does that analysis resonate with you? Does it make sense?
Secondly, in terms of the fiscal responsibility on the government side, wasn't the latest GST cut essentially a waste of the stimulus space that's available? If you put in an interest cut and the GST cut, you have two stimulating effects on what is essentially a full-employment economy, and that in turn might exaggerate the inflationary impacts on the economy.
I'd be interested in comments from all three of you on that. Thank you.