I would like to thank you for that question, but it puts me in a very difficult position here. I will tell you what I can in terms of the comparisons. Certainly, the debt-to-GDP ratio by 1995 was higher than what we're seeing now. It was approaching 70%: 67% or 68%. On a federal level, interest rates were much higher, so the debt was pushing out. I remember that, between 1994 and 1995, $6 billion of spending moved from what you would call good, purposeful spending to paying for debt, most of it outside the country to foreigners: $3 billion because of rising interest rates and $3 billion because the stock of debt had gone up about $40 billion.
I think that, in that way, we were working off a base that was much more damaged than we are so far in this situation, even with the PBO projections, which say that the debt-to-GDP ratio will go into the 40s. However, the deficit numbers are remarkable. They can be compared in any way only to the Second World War, to 1945. I think one very interesting anomaly that people might want to keep an eye on—I don't think it will be exactly the same—is that in 1945 we had the largest deficit-to-GDP in the history of Canada, and in 1947 we had the largest surplus. In a situation that may be a one-time affair, there was a capacity to turn it off fairly quickly. I expect this will be harder to unwind, as we're seeing a lot of need out there and a lot of damage that's going to go on for a while.