Thank you very much for the question.
There's a very simple concept in economics 101. I'm not sure if it's taught any more; it's called the fiscal multiplier. As the Canadian budget recognized and as the Congressional Budget Office reports recognize, the multipliers are, for the short term, much larger on the spending side than on the tax side.
Ironically, as you get inflation coming down and as interest rates come closer and closer to zero, the spending multipliers increase. In other words, fiscal policy becomes more powerful. We're discussing a paper that points out that tax cuts, when you're in a zero interest rate environment, can actually lower inflationary expectations, raise real interest rates, and actually can be counterproductive.
We think the evidence is overwhelming that in order to jolt the economy—we believe the economic situation is quite grave, and I think I speak for my colleague as well—that the effort should be concentrated on getting spending out as quickly as possible on the high multiplier areas, and the highest multiplier areas are in the infrastructure area.
I hope that answers your question.