Understandably so. It was only two years ago that the federal government tried to hammer your members with new taxes, particularly with penalties for small businesses saving within their companies. That looks extremely short-sighted, now that businesses that saved within the company are the ones that are best positioned to weather this storm. We should encourage rather than punish entrepreneurs for that kind of responsible behaviour, but that was what the federal government attempted to do.
Some of the witnesses have commented on how the federal government has an easier ability to borrow on international lending markets, and that is somewhat true, although Bloomberg News reported yesterday that Canada's AAA rating is at risk precisely because the federal government is seen by lenders as vulnerable because of the implied guarantees it has to give provinces and municipalities, and if we do lose our AAA rating at a federal level, we will have to pay higher interest rates on our massive and growing debt, which means less money left over for valued and treasured services.
Do you worry, Mr. Ellis, about the extra burden that a credit downgrade for the federal government might place on the taxpayers that your industry group represents?