This doesn't seem like a logical argument for today.

Unemployment is either a too many workers or too few jobs issue.

Of course both can happen at the same time and that is to a degree what's happening here.

The most significant shock to the Canadian economy in the past year is the trade war with the United States. This would be the primary reason in 2025 and 2026.

The immigration from years ago exacerbates the issue but Carney's government has scaled back significantly in the past year.

Youth unemployment is up to 14.1% because cost of living has caused people to delay retirement and automation tends to snap up entry level jobs first.

I would look at this information and blame US trade policy primarily. Then maybe Trudeau for poor planning though doubt he could have anticipated the Canada US relationship turning sour.

Without immigration, Canada's population is in a state of involution which is considered fairly incompatible with the idea of a growing economy. Canada and many Western countries are extra fucked because of the population skewing towards elderly.

Carney is slowing immigration likely because he's anticipating Canada's economy to stagnate or shrink in the short term. He's not a miracle worker, the best he can likely do is limit the pain from the US' betrayal but it's going to be fairly improbable to create a win from the situation.

Housing is a factor. It's a bit asinine to invite people over when your housing market is a hot mess but Trudeau did it anyways.

Canada is going to need to bolster its housing situation, healthcare system and other social institutions for the betterment of its people but also to be an attractive destination for immigration or risk losing its standing as a middle power (especially with the US no longer in its corner).