Right. It's about the flow of GDP income. There's one GDP, and it has to support the debt of households, of governments and of business. We cannot assume that the Government of Canada has a full right to 100% of that GDP in order to service its debts.
I want to also talk about the income inequality that high levels of government debt engender.
Dr. Mintz, that was an excellent presentation, as always. A lot of people often argue that we need big deficits to reduce poverty. What they don't mention is that big debts mean big interest payments. Those interest payments go disproportionately to wealthy people who are bondholders. We know that they are wealthy, because if they weren't, they wouldn't have been able to lend money to governments in the first place. Debt interest is inherently a transfer of wealth from the working-class taxpayer to the wealthy lender.
Do you have any comments on the distributional impact that large governmental debts have on the equality or inequality of the population?