Let's pick up on the conversation about a structural deficit. There is no doubt the federal government has a structural deficit, but it is not entirely of the Trudeau government's making. I think we need to recognize that what's driving the deficit is the growth in old age security, which was absolutely predictable. We knew that the baby boomer population would get older, and we needed to prepare a revenue system for it. We did not. As a result, OAS over the last decade is up $40 billion. It's going to go up another $20 billion. That is effectively the scale of the deficit we're dealing with.
That has huge implications for investing in younger people, which is why I am suggesting we need to trim back the OAS subsidies we deliver to those who have six-figure household incomes in retirement, so that we can dramatically scale up money for housing, for post-secondary, for child care or for youth employment. There is a direct trade-off right now with the subsidies that are $17 billion in total soon for those who are retired and have six-figure household incomes, and then we have very little left over to invest in younger generations.