Maybe a little different note on the question of demographics. We are assuming, and it's an honest assumption, that labour force participation rates will remain the same. By that I mean that 65-year-olds will behave the same way in 2015 as 65-year-olds did in 1960, meaning they will be glad to retire, to leave the labour force and go fishing or something.
I think that maybe these days that is not a prudent assumption. I think a lot of people over 60 would like to remain in the labour force. If that's the case, then perhaps the shock that Glen alluded to won't be as severe. For all the people to stay in the labour force we need some institutional changes to allow for that in terms of retirement, retirement age, retirement benefits. For some people it might not pay to stay in the labour force if by doing so they'll miss out on some pension payments, but we should not simply assume that a 65-year-old will behave the same way his grandfather did.