Thank you, Mr. Chair.
Mr. Macdonald, you referenced the federal debt as a percentage of GDP. We're often being compared with unitary states, as opposed to our country, which has significant provincial debt loads as well. When you calculate some of the provincial debt loads and their portion of the federal debt, some provinces are carrying debt-to-GDP levels that are close to where Greece and Portugal and Italy and Spain were prior to the downturn. If we consider those obligations, I'd just caution that in terms of the fiscal situation in Canada, it may appear a little rosier than it actually is.
You're quite right to identify the household debt risk in Canada. It's at record highs today. Have you considered the degree to which that is being driven...? Two recent bank economist reports are telling us it's being driven by the direct subsidization by parents and grandparents of Canadian youth who are having difficulty finding work. Has your organization looked at that challenge faced by young Canadians, the fact that there are 224,000 fewer jobs for young Canadians today than before the downturn?