Thank you, Mr. Chair.
Professor Lee, I'm in the unfortunate position of having had my colleague, Mr. Kelly, ask every excellent question I would have ever asked. I'm going to retread some of that ground with you, but maybe from a slightly different angle.
I want to go back to the comments of the senior deputy governor of the Bank of Canada, which were made on March 26 of this year.
In her speech, she said:
Productivity is a way to inoculate the economy against inflation. An economy with low productivity can grow only so quickly before inflation sets in. But an economy with strong productivity can have faster growth, more jobs and higher wages with less risk of inflation. ...You've seen those signs that say, “In emergency, break glass.” Well, it's time to break the glass.
Those are very serious comments from a high-ranking official at the Bank of Canada.
On April 16, the government tabled budget 2024. That was only 20 days later. In that budget, they increased the capital gains inclusion rate from 50% to 66 and two-thirds per cent. You commented earlier that, based on the peer review reading you've done, that won't help the situation.
I can't understand why a government would take a policy measure that would have the exact opposite effect of the advice received from a very high-ranking official at the Bank of Canada. Can you square that circle for me?