That's what I thought. Very good. We'll have to be very careful when we refer to you, since the difference between your last name and the minister's is only one letter. We'll have to be mindful of that.
Mr. Moreau, I'd like to start by touching on two issues.
In relation to the debt, you listed a slew of figures that may come as a surprise to some, but not to us. The debt is beyond the billions, if you take into account all the elements.
What kind of strain does an amount like that put on public finances? Keep in mind that, for years, we have repeatedly been hearing that things are going well and that interest rates are low, with the caveat that those rates could eventually rise. What is the risk and danger of having over a trillion dollars in debt? As an aside, I would just point out that the French term for “trillion” is not the same as in English. The right term in French is actually billion. The English term “billion”and the French term billion are often used incorrectly. Be that as it may, for the purposes of our conversation, let's use the word trillion in French.
The debt currently exceeds $1 trillion. According to a Department of Finance study that was sent to the minister on October 10 but not made public until a few hours before Christmas, if the situation remains unchanged, by 2050, Canada's debt will sit at $1.5 trillion, and that doesn't include crown corporation debt.
I'd like you to discuss the risks that such a debt poses to public finances.