No.
You're absolutely right that there's significant uncertainty both economically and fiscally, and this has to be taken into account when you consider various policy options.
In respect of the forecast, it's true that we are below the average private sector forecast, which puts the average growth for next year at 2.2%. The bank is showing 1.9% real. The IMF is around that number. The OECD is 1% and we're 1.5%.
When we look at the average private sector forecasts, it's considerably higher than what we're carrying. We're thinking growth in the United States will be about 1.5%. It's our judgment call, in the context of providing realistic projections to you.
We forecast this in the context of significant declines in net worth in the U.S., significant problems in the housing sector, significant indebtedness, as well as the need to address fiscal balances. That's going to constrain growth in the U.S., and if it constrains growth in the U.S., it will have an impact in Canada.