For sure. One of the things that I think about goes back to the words of Don Drummond, one of our fellows at the C.D. Howe and a former official in the government. A common reaction to the 2022 federal budget is that it's “not as bad as expected”, but what kind of an evaluation is that? We have the fear stoked by the government's own statements leading into it. You get credit for setting a low bar and then hopping over it.
When it comes to the fiscal situation, we're coming from a very bad situation where the deficits we had as our baseline were eye-popping. They're still quite large. We have to deal with these deficits now, but not just at the federal level. We have to recognize where the provincial level is going. We have provincial budgets, for example in Ontario.... This is a non-partisan comment, given the government there, but you have a government there with assumptions on health expenditures that are fanciful. We have long-term health expenses in the provinces that are going to eat Canadian taxpayers alive. We have to be thinking of this at both levels of government.