Finance committee  Yes. I put a rebuttal in the Financial Post that Armine was using data that wasn't seasonally adjusted. If you use seasonally adjusted data, the loss is 50:50 between men and women. If you use unadjusted data, it's 85:15, which is what she used. What she basically used—

Finance committee  Why ask me questions if you won't let me answer?

Finance committee  All Armine showed is that men and women have different seasonal patterns to their employment. Men lose their jobs in winter because they tend to work more outdoors, so they recovered more over the summer. That's all her data demonstrated.

Finance committee  Thank you. I hope I've unmuted myself successfully. I would like to start by recognizing Paul Rochon’s admirable service as deputy minister of finance for six years in the most trying of circumstances. The fall economic statement suffers from cognitive dissonance, or what Georg

Finance committee  I think I calculated the drop in GDP, using the PBO's estimate, in current dollars. We're looking at a loss of something like 16%, which is a little over $400 billion. I also calculated that the loss to the national balance sheet in wealth is in the order of a couple of trillion

Finance committee  I can give a brief start. I don't know if Ian wants to jump in here at some point. I don't think it's obvious to me that countries that advocated austerity did worse. I know Germany and Canada, for example, had the smallest increases in deficits on the order of 5% during the cri

Finance committee  I'll start, because I'm sure Jack will.... I'll give a very quick answer and Jack will give the right answer. I certainly agree with the growth. That's something I emphasized came after World World II. The lesson there was that by far the easiest way to deal with these problems

Finance committee  I think it's entirely.... We're going to learn a lot from the CERB program about how Canadians interact with a government program of such generosity. I think we should wait and see how that affects behaviour, how that affects participation rates and how many people took advantage

Finance committee  I will just add something quickly and then cede the rest of the time to Jack. I don't think we even have to wait for interest rates for this to be a problem. I am quite concerned about what will happen six months from now. For the moment a lot of household mortgages have been de

Finance committee  That's a very good point. It's something that I find missing in the whole run-up to this crisis and now, as the crisis unfolds. We tend to focus—for example, as we did during the federal election and now, during this crisis—only on government debt, as if government debt is someho

Finance committee  Yes, I was here with Professor Mintz when you had the last public meeting. Let history record, by the way, if it's true that we'll never be shaking hands again, that the last human being I shook hands with was Mr. Julian, after that meeting. I'd like to take this time to address

Finance committee  In five minutes? Okay, that's a challenge.

Finance committee  One example I would bring out that should make people hesitate before advancing too far down the road of endless stimulus is to recall what happened to the economy in the 1970s. We suffered a major shock from the OPEC oil price increase. Even as the supply side was being dampened

Finance committee  Very much so. That's why I think it's very important coming out of this that we focus not on short-term stimulus to demand, but on increasing the production capacity of our economy in the long run. For example, there should be less regulation, less restrictions in interprovincial

Finance committee  No, I'm not going to extend my analysis to countries that I don't fully understand.