Canada’s Household Debt Crisis: Blame Capitalism

Canadian capitalism is in crisis, with household debt reaching a record high 166.9 per cent of disposable income and about 208 per cent of GDP, and wage stagnation is a primary cause. Richard Vague told the Globe and Mail “any country whose private-debt-to-GDP ratio goes beyond 150 per cent and that has a five-year growth rate of 18 per cent or greater in that ratio experiences a financial crisis at some point.”