U.S. Drops to Lowest Rank Ever in Economic Freedom
Thursday, September 20, 2012
The Fraser Institute’s annual Economic Freedom of the World: 2012 Report highlights the sharp decline of the American economy as it fell to 19th from the number 2 position it held just 12 years ago.
The report bluntly illustrates the seriousness of the findings:
The U.S. decline is even more startling, given that globally, the average economic freedom score rose slightly to 6.83 in 2010, the most recent year available. Global levels of economic freedom reached their lowest level in nearly three decades with a score of 6.79 in 2009.
As we look to what might have caused such a precipitous decline, we have to acknowledge 9/11, the subsequent War on Terror and a culture of corporate and banking corruption never before seen in the history of the world.