Absolutely. One thing we've been watching closely is the fact that the U.S. economy is in a 100-month bull market right now. This is a historically long bull market. Inevitably, a recession will occur. You never know what will trigger it. Perhaps it could be rising interest rates. But the fact is we are a very indebted nation, and so when that's triggered the impact could be significant. Putting your fiscal record on the debt-to-GDP ratio is very dangerous when suddenly GDP falls through the floor. We'd like to see a more concrete fiscal anchor such as a return to balance by a particular date.
On May 9th, 2018. See this statement in context.