According to a recent report that analyzes the economic freedoms of countries worldwide, the United States rates a paltry eighth place.
Hong Kong, Singapore, Australia, New Zealand, Ireland, Switzerland, and Canada all earned the distinction “Free” and placed higher than the United States, who rated “Mostly Free.” The U.S. finished in eighth place, dropping significantly from last year’s fifth place. In fact, only three of the scores for the top 100 countries fell more than ours – The Bahamas, Barbados, and Mongolia.
Why is the U.S. no longer ‘Free?’
“The U.S. government’s policy responses to the crisis and economic slowdown have been far-reaching and implemented at the cost of curtailing economic freedom,” the Heritage Foundation stated in a press release.
In contrast, the editors wrote, “Canada’s high level of economic freedom, coupled with its sound and prudent banking sector, has enabled its economy to emerge from the global downturn relatively unscathed.”
Indeed, the Canadian dollar, which for years has lagged behind its American counterpart, is on pace to become more valuable than the U.S. dollar.
The report uses ten categories to determine each country’s score: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom. The U.S. declined sharply from 2009 scores in most categories.
With the Democratic leadership seeking to socialize the healthcare industry, which is estimated to be approximately 17 percent of our economy, a government takeover would considerably decrease our freedom rating.
As economist Adam Smith wrote more than 200 years ago, “When institutions protect the liberty of individuals, greater prosperity results for all.” Perhaps the media should question Democrats—President Barack Obama, Rep. Nancy Pelosi (Calif.), and Sen. Harry Reid (Nev.) as to why their policies are making the U.S. less free.
In: Economics · Tagged with: Canada, Democrats, Index of Economic Freedom
The Heritage Foundation/Wall Street Journal’s 2010 Index of Economic Freedom is out, and things are looking bad for the U.S..
Maybe if we had a free media, they could ask the president why we aren’t taking steps to move our nation towards #1. But that’s definitely not going to happen as they are far more concerned with Obama’s “legacy” than they are with freedom.
Hong Kong and Singapore have consistently placed #1 and #2 respectively since the index began in 1995. At that time, the U.S. was the world’s fourth-most free economy – our all-time highest ranking. Today we are a dismal eighth, one spot below Canada.
How is it that we are less free than Canada? Perhaps we should send them our Statue of Liberty as apparently Canada is a better place to for the tired, the poor, and huddled masses to “breathe free.” By the way, the Canadian dollar is about to become more valuable than the American dollar.
How far the mighty have fallen.