I agree wholeheartedly, and I underscore the point that it's not just monetary policy that we're starting to run out of bullets with; it's also fiscal policy, because of the accumulated debt.
At some point, you can't just look at one sector's debt-to-GDP ratio in isolation. I think that's where a lot of the debate got off the rails.
We tend to look at just the federal government or provincial governments. Nobody looks at the overall debt burden. At the end of the day, it's that overall debt burden that is being serviced by one income stream—GDP. I think that partly how we got ourselves into this mess is by focusing on individual sectors and not the big picture of all of this.