You're an economist. You were the chief economic analyst for Statistics Canada. I want to ask you about the irony of the government's rhetoric. They use of a lot Keynesian rhetoric, which suggests that they want to engage in countercyclical fiscal policy. Spend more in the bad times, they claim, and then, according to Keynesianism, you're supposed to spend less in the good times.
We've seen how they've been spending over the last two years while the world economy has been going strong. They say their fiscal anchor is federal debt to GDP. If the GDP were to drop as a result of a financial crisis or some other unforeseen problem, and if they were actually going to stick with their so-called anchor under those circumstances, would they not be then in a circumstance where they would be forced, ironically, to cut the deepest during the worst recession?