A recent poll conducted by Leger suggests that approximately 50 percent of Canadians and Americans believe that their countries are currently in an economic recession, despite the fact that neither country is experiencing this at the moment. The survey polled 1,550 Canadians and 1,000 Americans between February 14 and February 17, indicating a growing concern about the state of the economy among citizens. The poll also revealed that 39 percent of employed Canadians fear losing their jobs within the next 12 months, a three-point increase from the previous month. Sébastien Dallaire, Leger’s executive vice-president for Eastern Canada, has expressed that these results suggest a series of challenging moments for both nations.
The Canadian Chamber of Commerce has warned that the threatened 25 percent tariffs by President Donald Trump would have a significant impact on both Canada and the United States. The Chamber estimates that Canada’s economy could shrink by $78 billion and potentially enter a recession by next summer if these tariffs are implemented. Similarly, the U.S. economy could suffer a loss of US$467 billion. This looming threat of tariffs has added to the existing economic concerns among citizens, as reflected in the poll results. Despite the current economic stability in both countries, the potential repercussions of such tariffs are causing uncertainty and fear among the population.
In terms of personal finances, the poll found that approximately 54 percent of Canadians consider their household finances to be in good shape. However, 46 percent reported living from paycheque to paycheque, indicating a precarious financial situation for almost half of the respondents. Similarly, 59 percent of American participants also stated that they are living in a similar manner, suggesting financial constraints on a significant portion of the population. Dallaire noted that while the United States may have more economic clout than Canada, income inequality is more pronounced there due to a less robust social safety net. This disparity highlights the impact of social policies on citizens’ financial well-being.
The existing economic anxiety and uncertainty among Canadians and Americans could be attributed to various factors, including political tensions, trade disputes, and global economic challenges. The ongoing threats of tariffs from the U.S. have added to the unease, with concerns about job security and financial stability becoming more prevalent. The disparity in social safety nets between the two countries also plays a role in shaping citizens’ perceptions of economic security and resilience. The poll results reflect a sense of vulnerability and apprehension among the population, as they navigate through a complex economic landscape.
While the unemployment rate in Canada stood at 6.6 percent in January 2025, the poll results indicate a broader concern about job security and economic stability among Canadians. Additionally, the impact of potential tariffs on the economy could exacerbate these fears and lead to further challenges for both countries. The lack of a concrete margin of error for online surveys, as noted by the Canadian Research Insights Council, underscores the limitations of such polls in accurately capturing the views and concerns of the entire population. As both countries grapple with economic uncertainties and external threats, policymakers and stakeholders must address these issues to ensure the well-being and prosperity of their citizens. By acknowledging and responding to these challenges, Canada and the United States can work towards building a more resilient and stable economic future for all.
