I don't know that tax policy is the way out of this. Throughout the industrial world, in Europe, North America, and Japan, we're stuck in chronic slow growth. That is the million-dollar question. How do we get out of this mess?
There's an increasing consensus that the traditional tools of monetary and fiscal policy, including tax cuts, may not be the way out of this. We need something that's going to boost productivity—more supply-side issues. This may be tax changes that will keep older people in the labour force and keep them working longer. It may be changes to the pension plan, changes that reduce the incentives for people to retire and leave the labour force, things like that.