Thank you all for coming here.
Mr. Johal, thank you for your presentation. I loved the graphs.
In figure 1, I was intrigued to see the rapid decline in public investment. I was sitting here thinking, how in the world did that ever happen? Correct me if I'm wrong, but I think I have the answer. At that time, governments began to invest heavily in social projects—am I right to say that?—possibly not in terms of CPP, because CPP is self-paid, but in public pensions, in health. Thinking of Ontario, it will soon be 60% of their budget, but we do transfers, so the feds are now transferring enormous amounts of money in those areas.
Just going through where, in my mind, most of our spending has taken place, I'm wondering if you would agree on what happened. I'm looking at that figure; it started about 1967 and then it dropped off in about 1978. It popped up a little bit and then it just kind of stayed there. Then we had that spike, which I'll get to in just a second. Is it a fair assessment that we as a society decided that we were going to put our eggs in another basket?