The latest “Index of Economic Freedom” has come out, and the news for the United States isn’t good. The study, a joint effort of the Heritage Foundation and the Wall Street Journal, concludes that economic freedom in the United States has declined again. This is the seventh year in a row this has happened.
For more than 200 years, the United States led the world in economic freedom. For many of those years, we were also the most prosperous Nation in the world, as we demonstrated that economic abundance was one of the happy consequences of economic freedom. Now, many other nations are confirming the same thing.
But we aren’t. Now, we’re not even in the top 10 of the 178 countries the study measured. Thanks a lot, Barack Obama! And Congress. And, yes, even the U.S. Supreme Court. All have been complicit in the unrelenting assaults on free enterprise in this country.
In an opinion piece in the Journal, Terry Miller, one of the study’s directors, had this to say: “It’s not hard to see why the U.S. is losing ground. Even marginal tax rates exceeding 43% cannot finance runaway government spending, which has caused the national debt to skyrocket.”
But out-of-control government spending is just one of the areas where the United States is in decline. As Miller wrote: “The Obama administration continues to shackle entire sectors of the economy with regulation, including health care, finance and energy. The intervention impedes both personal freedom and national prosperity.”
So if the U.S. is losing economic freedom, how is the rest of the world doing? Believe it or not, economic freedom is actually improving in most of the world. According to the study, 114 countries of the 178 in the study enjoyed an increase in economic freedom in the past year. And some 43 countries scored their highest ranking ever in the index’s 20-year history.
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