The economic freedom in the United States has fallen once again, says a new report from the Heritage Foundation. For the ninth time in the last 10 years, America’s standing in economic freedom has dwindled, a revelation that shows the 44th president not leaving behind much of a legacy.
According to a new study by the conservative think tank, the U.S. comes in 17th place in the world when it comes to economic freedom. This means that the Land of the Free is “mostly free.” The U.S. is ahead of Denmark, Sweden and Latvia, while sitting behind Lithuania, The Netherlands and Luxembourg.
Researchers looked at a wide array of factors, such as property rights, tax burden, monetary freedom, trade freedom, fiscal health and much more.
“These commitments have powerful effects: Countries achieving higher levels of economic freedom consistently and measurably outperform others in economic growth, long-term prosperity, and social progress. Those losing freedom, on the other hand, risk economic stagnation, high unemployment, and deteriorating social conditions,” the report stated.
“America’s standing in the index had dwindled steadily during the Obama years. This largely owed to increased government spending, regulations, and a failed stimulus program that enriched the well-connected while leaving average Americans behind. Registering its lowest economic freedom score ever, America continued its string of discouraging trends in the 2017 index. Obama’s Washington-first, government-centric approach to policymaking has inflicted long-term damage to U.S. economic growth.”
What countries topped the ranking system? Hong Kong, Singapore, New Zealand, Switzerland and Australia. All of these nations made gains, especially New Zealand.
So what exactly will be former U.S. President Barack Obama’s legacy? Less economic freedom.