The 2016 Economic Freedom Index was released this week. The Index measures nations on ten key criteria: (1) property rights, (2) freedom from corruption, (3) fiscal freedom,
(4) government spending, (5) business freedom, (6), labor freedom, (7) monetary freedom, (8) trade freedom,
(9) investment freedom, and (10) financial freedom. I found it very interesting that the Index was “released on the same day the national debt topped $19 trillion for the first time in the nation’s history.”
The United States of America did not make the top ten countries with the most economic freedom. According to this index the top ten economically free countries are: (1) Hong Kong, (2) Singapore, (3) New Zealand, (4) Switzerland, (5) Australia, (6) Canada, (7) Chile, (8) Ireland, (9) Estonia, and (10) United Kingdom. The USA is in 11th place out of approximately 200 nations.
How could that happen in so few years? The USA was in 6th place when Barack Obama took office. How can any sane person claim we are better off today than we were seven years ago?
According to Representative Dave Brat (R-Va) one of the reasons that the United States ended the year at #11 is “because of slower than normal economic growth, citing trillions of dollars’ worth of unfunded liabilities and an annual federal budget deficit projected to reach $544 billion by the end of Fiscal Year 2016…. You cannot have economic growth without economic freedom.”