Mr. Speaker, to my hon. colleague and friend from Haliburton—Kawartha Lakes—Brock, let me add my congratulations on his recent ascension within his party ranks.
I will pick up on something the member for Carleton said, which the member referenced in his speech. He was using statistics of deficit-to-GDP ratio. It is certainly much more common to use statistics, as I am sure the member will agree, of debt-to-GDP ratio, deficits being more temporary. As the parliamentary budget office has reported, when we look at World War II figures, the economy recovered quite quickly.
Let us look at debt-to-GDP ratio. We went into this pandemic at about 30% debt-to-GDP ratio, much better than any other country in the G7. It is predicted that we will be at about 38% by the end of this. In 1995, we had 66% debt-to-GDP ratio.
I do not want to scare Canadians into a kind of sticker shock, thinking that our kids are going to pay for this. That is not true. I think we need to actually look at the world. All the major economies in the world have their central banks doing the same thing.
I am going to stop there and ask my hon. colleague for a comment on whether we could reference history more precisely so as not to alarm people.