Yes. That was comparing what we're seeing right now, with the impact of constant borrowing from households over the past 30 years, to the situation we saw in the seventies and the eighties, when successive governments, whether at the federal or provincial level, were running extremely high deficits. This led to a crowding out similar to what we see right now.
Business investment started to underperform significantly in the seventies and the eighties because of the excessive borrowing from government. We are not in that situation right now because government borrowing is much lower than it was during that period.