It’s official – the US has lost its spot among the ten freest economies in the world, according to the newly released Index of Economic Freedom (published jointly by The Heritage Foundation and The Wall Street Journal).
When President Obama took office, the country ranked 6th in economic freedom. This year, we fell to 12th. And adding to that: the US is the only country to have lost economic freedom in each of the past seven years.
To no one’s surprise, the biggest problem for the US: government spending. According to the report, “Substantial expansion in the size and scope of government , including through new and costly regulations…has contributed significantly to the erosion of US economic freedom”.