The 2011 edition of Economic Freedom of the World, published by Canada’s Fraser Institute (with help from groups like Cato), has been released.
Covering data through 2009, the new report provides damning evidence of the negative impact of the Bush-Obama policies of bigger government and more intervention.
Here’s a relevant passage from the Executive Summary.
The world’s largest economy, the United States, has suffered one of the largest declines in economic freedom over the last 10 years, pushing it into tenth place. Much of this decline is a result of higher government spending and borrowing and lower scores for the legal structure and property rights components. Over the longer term, the summary chain-linked ratings of Venezuela, Zimbabwe, United States, and Malaysia fell by eight-tenths of a point or more between 1990 and 2009, causing their rankings to slip.
This chart, taken directly from the book, shows how the United States has been of the world’s five-worst performers over the past decade, putting America in a very unfortunate category.
The previous chart shows the decline in America’s absolute ranking. And here’s a chart I created showing how the United States has declined relative to other nations. Simply stated, America is on the verge of falling out of the top 10, after being the 3rd-freest economy in the world at the end of the Clinton Administration.
Thanks George and Barack.
By the way, Hong Kong and Singapore are the top two nations, where they’ve ranked for quite some time. Here is the full top-10 list.
1. Hong Kong
3. New Zealand
8. United Kingdom
10. United States