Let me make two points.
I think what you say is absolutely true, but it's not just in Canada. The IMF has said that globally that's what is necessary. There's been a significant decline in public infrastructure globally. The G-20 finance ministers met in Australia and have made a recommendation to the heads of state that new infrastructure and structural reforms should be implemented among the G-20 to raise GDP by 1.9% after five years.
In Canada I think we do. It seems that when interest rates are as low as they are, where you can borrow 10-year bonds at, what, 2%; and 30-year bonds at 3%; and when even the federal government is now issuing 50-year bonds to refinance, it's almost criminal not to borrow. Not all deficits are bad and not all debt is bad. It depends when you borrow and what you borrow for. I think the circumstances now are such that we have an opportunity to finance a new national infrastructure program through borrowing. This is exactly what the IMF says, that you should finance it through borrowing, not through raising taxes, and not through cutting spending, because in most cases the efficient infrastructure pays for itself.