Sure. Coming out of the last recession, 2008-09, the deficit level was very high back then—or so we thought—at $55 billion. However, with efforts, the economy started growing again, and the fiscal situation of the country improved relatively quickly. It seemed long at the time. All that to say, there is hope, as long as governments intervene to support people in need and also withdraw these supports when they are no longer necessary.
The experience of 2008-09 suggests that governments, at all levels, have a role to play during a crisis. They also have a role to not play when the crisis is over, by withdrawing the support that becomes unnecessary. As we saw in 2008-09, credit that was made available through financial institutions and various actors was temporary in nature and was allowed to expire. Businesses returned to normal, with economic growth that was there to support Canadians.