The Heritage Foundation just gave the U.S. its worst Index of Economic Freedom rating since the index was first published in 1995. According to the latest report, as many as 16 European countries are now considered more economically free than the U.S. So, what has gone wrong in the U.S. in recent…
, and we talked about this issue. Forbes mentioned two factors that have caused the diminution of economic freedom in the U.S. “One is the rise of modern socialism,” he said. “Rather than the old idea of government ownership of companies and industries, modern socialists achieve control through expanding the regulatory state. Regulators more and more tell you what you can and cannot do.”
The second factor that has caused the diminution of economic freedom in the U.S., according to Forbes, is one absolutely ignored by policymakers and pundits: the devaluation of the dollar. The Bush administration in the early 2000s had a deliberate but unstated policy of weakening the dollar. Commodity prices soared, and so did housing prices. The result was the crisis of 2008, which, of course, was blamed on free markets rather than government errors.
Another problem is government debt, which in the U.S. is growing more and more each decade — and which is one reason for the Heritage Foundation’s poor rating. “The only realistic way to deal with the government’s growing financial crisis is to create conditions for a booming economy: tax rate cuts, spending restraint, deregulation, and a stable dollar,” says Forbes.
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