Mr. Speaker, I have a serious economics question for the member. A lot of us in this place talk about economics. The member for Markham—Unionville is one of those who is actually qualified to speak to it, having achieved a Ph.D., having taught at four universities, and having been the former chief economist at the Royal Bank.
I am curious about his views. We keep hearing the mantra that cutting corporate tax rates, so that Canada now has the lowest corporate tax rate in the OECD, is helping the job creators. However, we are also seeing that our job creation rate is very low. Youth unemployment is 14%.
Current RBC staff are telling us, as Mark Carney from the Bank of Canada pointed out, that low corporate tax rates are resulting in a large accumulated pile of what Carney called “dead money”. It is not going into the economy. It is not stimulating jobs. A current RBC economist says that it is now $600 billion. I believe that is 32% of our current GDP. I wonder if my friend from Markham—Unionville has any comments on this.