The important difference between Canada and America is that Canada is already back to the level of activity our economy had before the recession. America will not get back to that level until early next year. That's the first point. And there's the much bigger difference, as you well know, in the performance of the labour market.
The second thing to recognize is that the potential growth of the American economy--the sum of productivity and labour input--is faster, in our estimation, than the potential growth of the Canadian economy.