Index of Economic Freedom: 2010

“The 2010 Index of Economic Freedom lowers the ranking of the United States to eighth out of 179 nations — behind Canada! A year ago, it ranked sixth, ahead of Canada. Don’t say it’s Barack Obama’s fault. Half the data used in the index is from George W. Bush’s final six months in office. This is a bipartisan problem. For the past 16 years, the index has ranked the world’s countries on the basis of their economic freedom — or lack thereof. Ten criteria are used: freedoms related to business, trade, fiscal matters, monetary matters, investment, finance, labor, government spending, property rights and freedom from corruption. The top 10 countries are: Hong Kong, Singapore, Australia, New Zealand, Ireland, Switzerland, Canada, the United States, Denmark and Chile. The bottom 10: Republic of Congo, Solomon Islands, Turkmenistan, Democratic Republic of Congo, Libya, Venezuela, Burma, Eritrea, Cuba, Zimbabwe and North Korea. The index demonstrates what we libertarians have long said: Economic freedom leads to prosperity. Also, the best places to live and fastest-growing economies are among the freest, and vice versa. A society will be materially well off to the extent its people have the liberty to acquire property, start businesses, and trade in a secure legal and political environment. … Why is the United States falling behind? ‘Our spending has been excessive’ [says Bill Beach, director of the Heritage Foundation’s Center for Data Analysis]. … ‘We have the highest corporate tax rate in the world. (Government) takeovers of industries, subsidizing industries … these are the kinds of moves that happen in Third World countries.’ … If we want to reverse America’s decline, we’d better get to work. There’s a lot of government to cut.” –columnist John Stossel


Tags: , , , , , ,

%d bloggers like this: