Mr. Speaker, the hon. member makes an excellent point. I am sure he will not be surprised to hear me say that.
I was very encouraged by the words of the Governor of the Bank of Canada, because Mr. Carney is a very thoughtful individual, an exceptional public servant of Canada. He has had a chance to see the impact that this issue is having, not only in our country but in the United States and every industrialized country.
I do not think we can possibly explain the declining rates of participation in elections, the sense of cynicism and the sense of frustration that many citizens are expressing about our democratic life, precisely because they feel they are working harder, they are getting less for it, they are doing a little less well than they would like to be able to do, and they are very concerned about what will happen to them and what will happen to their families as they see their debt levels growing. They have this preoccupation now with how they are going to do and how they are going to survive in this very difficult situation.
Yes, it has a corrosive impact on our democratic life. I do not think there is any question about that.