Thank you very much.
Madam Koutrakis talked about the deficits that ran in the World War II period, but your report points out that in the years following, the government actually ran a 5% of GDP annual surplus. Those would be, in today's terms, $115-billion surpluses. If we were running huge deficits before this crisis even began, which the government was, it's hard to imagine that it's going to be returning Canada to a $115-billion surplus in the next fiscal year or even the one after that, or ever, for that matter.
I want to ask you, though, about the 1990s. You pointed out that in the mid-nineties, we basically went bankrupt and governments brought in massive spending cuts. The Liberal government in Ottawa cut spending by 10% in absolute terms; governments across the country did likewise. In the aftermath of that, the economy experienced massive economic growth. Unemployment fell, basically by a third.
Do you find that interesting, given that we're told now that the only way to precipitate growth is through more and more deficit spending?