After eight years of the regulation-happy Obama administration, the United States has undergone a huge slide into the 17th most economically free country in the world, according to the Heritage Foundation’s 2017 Index of Economic Freedom. Under president Obama, the federal government issued over 600 major regulations, costing the U.S. economy hundreds of millions of dollars. Those regulations were placed on top of the 426 regulations introduced under eight years of George W. Bush. Although Obama left the Oval Office confident in his legacy as a positive attribute to the U.S. economy, the proof which lies in the pudding couldn’t be anymore contradicting. For the 9th time in past ten years, the United States has become less economically free. According to the Heritage Foundation’s 2017 index, the U.S. ranks 17th out of 180 rated economies, trailing behind economies such as Switzerland (4th), Australia (5th), Chile (10th), and the United Kingdom (12th). The “land of the free” was placed into the “mostly free” category, the second-tier economic freedom status into which it dropped in 2010. In 2016, the U.S. ranked 11th in economic freedom.
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After eight years of the regulation-happy Obama administration, the United States has undergone a huge slide into the 17th most economically free country in the world, according to the Heritage Foundation’s 2017 Index of Economic Freedom.
Under president Obama, the federal government issued over 600 major regulations, costing the U.S. economy hundreds of millions of dollars. Those regulations were placed on top of the 426 regulations introduced under eight years of George W. Bush. Although Obama left the Oval Office confident in his legacy as a positive attribute to the U.S. economy, the proof which lies in the pudding couldn’t be anymore contradicting. For the 9th time in past ten years, the United States has become less economically free. According to the Heritage Foundation’s 2017 index, the U.S. ranks 17th out of 180 rated economies, trailing behind economies such as Switzerland (4th), Australia (5th), Chile (10th), and the United Kingdom (12th). The “land of the free” was placed into the “mostly free” category, the second-tier economic freedom status into which it dropped in 2010. In 2016, the U.S. ranked 11th in economic freedom. For over two decades the index has measured a nation’s commitment to limited government and free enterprise on a scale of 0 to 100 by evaluating four critical policy pillars, including rule of law and regulatory efficiency. Anthony Kim of the Daily Signal writes of the Unites States’ new historic low in the index:
It should also be mentioned that the federal government just collected a record number of taxes in the first quarter of the new fiscal year. As PFW News reported at the start of the week:
The amount of taxes collected so far this fiscal year is equaled to about $7,133 per worker. It is clear that the U.S. is an entirely over taxed and over regulate country. It is being suffocated by an enormous government which has become a black hole of debt and must take more and more from its population in order to keep the bubble full of air. |
Ranking the World by Economic Freedom |
Other freedom indexes have also shown that the U.S. is falling in more than just economic liberty.
In 2016, the Human Freedom Index by the CATO and Fraser Institutes, which measures nations based on their level of personal, civil, and economic freedom, ranked the U.S. 23rd out of 159 countries. |
Tags: Australia,Barack Obama,Business,Cronyism,Economic policy of Barack Obama,Economy of the United States,Featured,federal government,Heritage Foundation,Human Freedom,KIM,National Debt,newslettersent,Obama Administration,Political debates about the United States federal budget,President Obama,Switzerland,U.S. Treasury,United Kingdom,United States,United States federal budget