The Americans have a big longer-run problem. They have a short-run problem that I won't really comment on, which they haven't dealt with very well, but they have a huge long-run problem.
First, there's their social security system. We basically dealt with ours in 1996 with the reform of the CPP, and we have a structure of.... The RRSP system is interesting, because of course by providing the deduction up front, we also get the revenues in the 2020s, when we're going to need them. So that side we have dealt with rather well. The Americans have a big problem and have to come to grips with it.
Their problem on the health side is even more severe. They spend roughly the same fraction of GDP publicly on health as we do, but most of it is for the medicare system for the elderly. Of course, the elderly are a very rapidly growing part of the system. While we face a problem in clubs, they face it in no trump on that front.
So they have a long-term structural problem that is very severe, and the longer they wait to deal with it, the more difficult it's going to be. Of course, that poses worries for us, because it could mean a period of rather slow growth in U.S. domestic demand as they come to deal with this in the future.