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The effects of increased spending and regulation, ObamaCare and the failed stimulus keep America out of the top 10 world-wide.
The 2016 Index of Economic Freedom, released Monday by the Heritage Foundation and The Wall Street Journal, highlights the urgent need for the U.S. to change course. For the eighth time in the past 10 years, America has lost ground—its score of 75.4 points out of a possible 100 ties the country’s previous low in 1998. Today, the U.S. ranks 11th out of 178 rated economies, behind developed countries including Switzerland (fourth), Australia (fifth) and Canada (sixth).
Countries in the Index are graded on 10 factors of economic freedom, including the size of government, regulations, corruption, taxes, and the openness of markets. The factor scores are averaged together and countries are ranked regionally and world-wide.
The U.S. score declined repeatedly during the Obama years thanks to dramatically increased government spending and regulations, a failed stimulus program that enriched the well-connected but left average Americans behind, and laws such as the Affordable Care Act, which denied the right of individuals to keep the health plans they already had, and as the president had promised.
Meanwhile, 32 countries—as diverse as Germany, Vietnam, Angola and Israel—now enjoy higher levels of economic freedom than ever. Of the 186 countries in the index, 97 improved their position relative to 2015.Read the rest of the story HERE.
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