Mr. Speaker, the member does a good job on the finance committee.
There is certainly growing concern in the United States about the possibility of a double-dip recession. It has been discussed recently. There is $1.3 trillion in commercial loans that will be coming due soon. There is a freeze on credit for a lot of small businesses. Banks are classifying commercial loans as risky, so they are being very conservative in their lending practices. Manufacturers cannot get lines of credit.
In fact, in 2008 the 400 largest U.S. contractors were doing 80% private sector work, and now the 400 largest U.S. contractors are doing 80% public sector work which will run out at the end of the stimulus package at the end of this year. Unemployment will then rise.
Does the member agree with that assessment of a potential double-dip recession? What will be the spillover effects to Canada and when?