Right. I think it's a risky position. On the surface it looks like the debt-to-GDP ratio.... The federal government's debt-to-GDP ratio is at 40% or 50%. A lot of people look at that and think we're in a good position, but if you look at the overall indebtedness of government in this country it's much closer to the U.S. and the EU, as I was alluding to in my opening statement. Just focusing on the federal government's finances ignores that we have the most decentralized federation amongst the major industrial nations. You cannot look at federal debt in isolation from provincial for reasons I mentioned in my introduction.
On November 6th, 2018. See this statement in context.