I see that more as a short-term improvement because of the pressure that population aging will put on provincial finances, mostly. As I've explained a few times before in other fora, population aging will have differential impacts at the provincial and federal levels.
At the provincial level, the main driver of expenditures caused by population aging will be health care. Anybody who looks at the profile of health expenditure by age cohort will see that the moment somebody turns 65 or 70, annual average expenditures for persons in that age group rise dramatically. They skyrocket when someone reaches 85 or 90, which is not unusual. It's very high in the first year of life for anybody and very high in the last years of life.
Whereas at the federal level, population aging will put pressure on old age security and the guaranteed income supplement, these costs are indexed to the CPI—to inflation—so the growth is constrained to a large extent and much more so than health care expenditures. The other big chunks of expenses at the federal level, which are transfers to provinces and territories, are constrained by GDP growth, by and large.
Structurally, expenditures at the federal level are constrained. Expenditures at the provincial level are skyrocketing because of health care costs. That's how one can explain the differences in sustainability at the federal and provincial levels.