Well, what we saw in the 1970s.... I don't want to get into who caused it, because I don't think that's fruitful. I don't believe Canada caused the inflation of the 1970s, but I and many others believe that we exacerbated it. I don't believe that Canada caused it this time either, by the way. We know it was global supply chains being disrupted by the pandemic, but governments can contribute to inflation by pouring in huge amounts of monetary stimulus and fiscal stimulus.
Milton Friedman—I know some people don't like him—was an extraordinarily distinguished professor at the University of Chicago. He won a Nobel prize for this very issue, showing that inflation is hugely influenced by monetary and fiscal policy. Throughout the 1970s, we were pumping billions of deficit financing into the economy while the economy was growing. I understand the argument. I'm very Keynesian. When the economy collapses, goes over the cliff, you spend money, sure, but we were spending money throughout the seventies, when the economy was growing at six per cent, seven per cent and eight per cent. Just like right now, we have the economy growing stronger than before COVID, and we're pumping billions of dollars in, and we've recovered all the jobs. That's why the PBO said there's no economic reason remaining now to do the stimulus.
I'm just looking at the evidence, based on the data and the numbers that we can see and measure.