The following numbers are taken from a credit market summary data table released today by Statistics Canada:
The total debt outstanding in Canada at the end of June 2013 (bottom line of the data table) was $5.408 Trillion. From the end of June 2012 to the end of June 2013 the total debt outstanding in Canada increased by $306 Billion. For that 365 day period the total debt outstanding in Canada increased at a rate of $838 Million per day.
With a total credit market debt of $5.408 Trillion and an annual gross domestic product of $1.86 Trillion, Canadian total credit market debt is approximately 2.91 times greater than its annual gross domestic product.
The United States has a total credit market debt of $57.562 Trillion and an annual gross domestic product of $16.661 Trillion.
The United States total credit market debt is approximately 3.45 times greater than its annual gdp.
The following chart on the St. Louis Fed web site plots the United States total credit market debt and its annual gdp over the last 60 years.
I could not find a similar chart with the Canadian total credit market debt and annual gdp but the only difference between the Canadian chart and the United States chart would be that in our chart the divergence of the two lines would be approximately 16% smaller.
It looks to me like the foundation that is supporting the entire system, standard of living, and whole way of life in both Canada and the United States is quite shaky.