The US measures unemployment differently, you're right. Which one is a more accurate measure however is up for debate. Given the higher US poverty rate, lesser

The US measures unemployment differently, you're right. Which one is a more accurate measure however is up for debate. Given the higher US poverty rate, lesser social services and lower minimum wage, I don't think underemployment in Canada and underemployment in the USA carry the same weight. I should add current Canadian unemployment (as of March) is under 1% higher than the 2006 level as reported by StatsCan. I think you can attribute the high level of Canadian household debt to the insane cost of real estate in urban Canada. Real estate prices have inflated dramatically. You're right, I didn't use the word recession correctly. But I don't think anyone can reasonably argue Canada or the US are currently in boom time. US GDP per capita may be higher than Canadian GDP per capita, sure, but US external debt is 114% of your GDP, versus 92% of Canada's. I'm not an economist.