According to a recent Leger poll, only 38% of employed Canadians do not fear for their job loss in the next year. This concern comes in the context of growing economic headwinds. The survey is an early indicator that the trade war with the United States has become the top source of political stress for Canadians. This fear has eclipsed even the inflation worries that have dominated the public discourse for nearly two years now.
According to the new poll results released today, this jump in consumer price worries is historic. Astonishingly, 83% of those respondents have said that prices are rising in recent weeks, an eight-point increase from mid-March. Given these insights, inflation and affordability continue to be top of mind for Canadians as they contend with rising economic stressors.
Big regional and demographic differences are reflected in the results of the survey. Ontarians are most worried about losing their job, with 44% saying they are worried about this. In fact, younger Canadians between the ages of 18 and 34 feel the most anxiety at a shocking 47%. 37% of people 35 to 54 feel this way, and just 28% of those 55 and older are.
Alberta and Quebec are showing significant levels of concern, with 41% and 32% of respondents respectively worried about losing their job. In British Columbia, 31% are concerned about losing their jobs due to increased tension in trade relations.
Our survey finds that 15 percent of Americans who are concerned about losing their job identify as “very concerned.” At the same time, only 23% say they are “somewhat worried.” The continuing trade war and fears of a recessionary economy that could bring major cuts are adding to these jitters.
“Donald Trump replaced concerns about inflation and affordability, but they didn’t really disappear,” – Sébastien Dallaire
Dallaire’s remark highlights our uncomfortable political pivot from inflation to geopolitical conflict, though inflation is still front and center in our economic discussions. Even if not, at least with time political attention might turn back again to prices and affordability if outside political pressures were to let up.
“If people are starting to pay a bit less attention to Donald Trump, it’s quite likely that they will come back to a focus on prices and affordability.” – Sébastien Dallaire
Given the ongoing inflationary pressures and the priorities of taxpayers, it’s never been more important for policymakers to pursue economic stability and affordability. As political anxieties change, Canadians have still been forced to deal with a cost of living crisis further complicated by outside international trade conflicts.
