Well, sir, as a legislative budget office, we look at fiscal balances and we project forward. In terms of reducing taxes, I don't think you're going to find any economist who wouldn't want to see lower taxes, including lower taxes for corporations. I think the question then becomes this, in the context, again, as a legislative budget officer: what does this mean for our fiscal framework now and going forward? Again, the reason we started and made reference to the other study with respect to the IMF is that we're seeing that there is a structural deficit right now, so even when the economy gets back to its potential, we're still going to be running these deficits.
What we're saying, and I think others have said it, is that our biggest problem, really, is just the longer term. It's not that long a term. It's like the second half of this decade and the decade after when we're going to have to deal with major issues with respect to aging demographics, which will slow our budgetary revenue track down.
So our fiscal gap is a significant issue. The question is whether we should be cutting taxes now. Well, from a legislative budget officer's point of view, we are generating structural deficits and we do not have a sustainable fiscal framework. That's kind of a legislative budget officer's perspective.
Could lowering corporate taxes increase capital investment? Do we want to see it? Absolutely, we all want to see it, but I think we want to see it in the context of sustainable fiscal balances.