That's a very good point. It's something that I find missing in the whole run-up to this crisis and now, as the crisis unfolds. We tend to focus—for example, as we did during the federal election and now, during this crisis—only on government debt, as if government debt is somehow isolated from all the other debt in our society. In fact, we had one of the highest levels of household debt in the OECD. We had the highest level of corporate debt. We had very high levels of provincial debt. It was only the federal government that had relatively low levels of debt entering this.
That's very important to note. Yes, we are shifting a lot of debt into the government sector, and quite appropriately, as they were the only sector, for a period there, that the financial markets were willing to lend to. It's appropriate that the government took on that load. Nevertheless, we will be servicing all of this debt—personal, corporate and government—out of the same income stream of GDP. That's something that we have to be aware of. We can't just look at government in isolation from all the other debt we have in our society.