The United States does not rank among the Top 10 countries in the world for economic freedom, according to the Heritage Foundation’s 2015 Index of Economic Freedom.
Instead, the U..S. ranked only 12th–after Hong Kong, Singapore, New Zealand, Australia, Switzerland, Canada, Chile, Estonia, Ireland, Mauritius, and Denmark.
Estonia was formerly a part of the Soviet Union.
The Index rates economic freedom for countries on 10 quantitative and qualitative factors that are based on four pillars of freedom: rule of law, limited government, regulatory efficiency and open markets.
“Each of the ten economic freedoms within these categories is graded on a scale of 0 to 100. A country’s overall score is derived by averaging these ten economic freedoms, with equal weight being given to each,” according to the Index.
While the United States’ ranking in the Index has remained unchanged over the year, its score has improved slightly.
“The United States’ economic freedom score is 76.2, making its economy the 12th freest in the 2015 Index,” states the report. “Its score is 0.7 point higher than last year, with modest gains in six of the 10 economic freedoms, including control of government spending, outweighing a slight decline in business freedom.”
“Although the precipitous downward spiral in U.S. economic freedom since 2008 has come to a halt in the 2015 Index, a 1.6-point decline in overall economic freedom over the past five years reflects broad-based deteriorations in key policy areas, particularly those related to upholding the rule of law and limited government,” states the report.
When President Obama took office in 2009, the United States ranked sixth for economic freedom. Now in 2015, the United States has fallen by six to 12th place….
By Ali Meyer – CNS News –