Government debt to GDP has grown dramatically since the Great Recession. Debt held by the public of the U.S. government is now about 75 percent of GDP and the present value of unfunded entitlements is now approximately $49 trillion. When we enter the next recession, which will happen eventually, we won’t have as much capacity for fiscal policy as we have had in the past. The second issue is it’s our view at the Dallas Fed that this growing level of government debt to GDP is not likely to be sustainable and there may be a point in the future that the government needs to take steps to moderate our debt growth. When you’re leveraging up, when you’re increasing debt to GDP, that’s stimulative. When you’re moderating debt growth, that might actually create a headwind for future GDP.