We would see lower levels of investment, lower economic growth, and as a result, lower wage gains.

The only way to eliminate the deficit in the long run is through growth.

If you look at the housing market and say, are housing prices going up where job growth is high, where wage growth is high, where demographic movement brings people into the housing market? All of those things seem to be true.

We are moving into that phase where we expect that wage growth will catch up and take productivity over.

It would be a significant problem and it would move in exactly the wrong direction.

If we were to see an abrupt change in exchange rates, we might expect there might be some change in that. But again, I don't think anybody's predicting any kind of abrupt change.