Excellent. Thank you very much.
My next question relates to the debt as a share of GDP. We've had numerous economists, you included, make the case that debt is benign, that the government's debt as a share of GDP is 30%, and therefore we ought not to be worried about it. But the people who make this argument forget that the debt that the economy of Canada has to support is not just of one level of government. If you take all levels of government, our-debt to GDP ratio, according to the IMF, is now 89%. On top of that, we have corporate and household debt, the combined total of which is 356% of GDP, which is the second-highest in the G7—the only one bigger is Japan—and near an all-time record. The record was in 2016.
Do you believe, Dr. Milligan, it is sustainable for us to continue to add to our total debt as a nation when it was already 3.5 times the size of our economy in 2018, before the coronavirus struck?