Increasing number of Canadians pessimistic over economy: study
MONTREAL: Canadians have grown increasingly pessimistic about the economy, according to an amalgam of surveys dating back to 2002 that highlighted a gap in earnings between generations.
The proportion of Canadians who rated themselves as belonging to the middle class fell dramatically in those years from 70 percent to 47 percent, said the study released by the University Of Calgary School Of Public Policy on Thursday.
Nearly half felt they earned less in 2015 than their father had at their age (25-44), while one-third said they had fallen behind economically in recent years.
A similar trend has been reported in the United States where many believe “the idea of a better life, what is known to the south as the American Dream, has been slipping away,” the study said.
Economic worries helped Canadian Prime Minister Justin Trudeau’s Liberals win last October’s legislative elections and end 10 years of Tory rule.
The economy exited a mild recession in the third quarter, but continues to be weighed down by low oil prices.