Finance committee  What this study is trying to show is that there are two recoveries—one of which is a real economic recovery that is very weak and trapped in stagnation. Everyone—be they business people or workers attached to that economy—sees their income stagnate. They have a rising amount of debt that is not sustainable.

Finance committee  There's maybe one small thing that's important. The decline in the unemployment insurance coverage rate is one of the factors that explains the growth in consumer credit. People aren't getting the unemployment cheques so they're using a credit card as their unemployment insurance.

Finance committee  Yes, exactly.

Finance committee  Thank you, Mr. Chair. Thank you, committee members. I will continue in French. I would like to quickly tell you about a study published in the spring by the Institut de recherche et d'informations socio-écononiques. The study was an attempt to understand the current economic recovery by comparing it to the country's past recoveries in the wake of the last three major recessions—in 1975, in 1980 and in 1990.

Finance committee  ... and that the credit is above. You see that, since the crisis, the income has been the floor, and the expenditures have been maintained thanks to an increase in consumer credit. That's not sustainable.