Read the following paragraph and determine if the hypothesis is true:

As the C.D. Howe Institute notes, the tendency to employ this kind of one-time initiative to lower the reported surplus has the effect of biasing initiatives against tax cuts and into program spending and, in particular, into program spending of the type that can be delivered through some sort of foundation or fund.

Hypothesis: The C. D. Howe Institute had not been created yet in 1964.