Thank you, Mr. Chair.
Thank you for being here today, Mr. Macklem and Ms. Rogers. Welcome to the committee.
As I listen to your comments, I'm really glad to see how sympathetic you are to what Canadians are going through. You want to keep this period as short as possible, you are taking measures and you are commending Canadians for the patience and resilience they have shown. That really struck me, so thank you very much.
I pay a lot of attention to the net debt-to-GDP ratio and how we rank against other countries. Canada has to make massive investments in order to be competitive in the global economy. I'd like you to talk about the U.S. Inflation Reduction Act. The Americans are in the process of making choices to best position their economy for the 21st century.
When a government like the U.S. government makes massive investments to ensure its sectors are well-positioned to compete in the economy of tomorrow, what impact does it have on inflation?
That spending won't drive consumer demand up immediately or directly.
What are your thoughts on that?