The 2017 Index of Economic Freedom has been released and it contains some bad news for Americans. The U.S. dropped 6 positions in the ranking of economic freedom around the world to #17, its lowest level since these studies have been published. While most nations of the world increased their economic freedom, the U.S. saw a significant decline, rated now not “free” but only “mostly free.”
The main contributor was a new category in the study called “fiscal health.” This shows that a shocking 38 percent of our gross domestic product now goes to government and also emphasizes our growing national debt and deficit.
Milton Friedman, the greatest economist of the 20th century, said that the country that puts equality ahead of freedom will end up with neither, but the nation that puts freedom ahead of equality will end up with a great measure of both.
Clearly we need more economic growth, less government spending and less debt. In other words, more freedom.