One of the biggest frauds perpetrated against the American people is the idea that the U.S. is a “free country.” According to the right leaning Heritage Foundation, the United States is not even on the top 10 of the 2015 List of Economic Freedom. The U.S. is #12 behind countries like Canada, Ireland and Denmark. It’s not uncommon for advocates of big government to cite these nations as successful examples of a nanny state. What these same folks never admit though is that the U.S. is even less economically free than these welfare states. To get a better idea of just how far America’s star has fallen, let’s take a look at the most competitive countries in the world:
Honk Kong is #1 on the list of economic freedom, and it’s no surprise given the country’s loyalty to property rights, low regulations and adherence to the rule of law. According to the index report, “As the economic and financial gateway to China, and with an efficient regulatory framework, low and simple taxation, and sophisticated capital markets, the territory continues to offer the most convenient platform for international companies doing business on the mainland.”
Singapore comes in at #2 on the Heritage list, and that’s why I’m investing there. One of the reasons that Singapore ranks at the top is due to its world class legal system. Unlike the U.S., “Singaporean society has a low tolerance for corruption, and the effective rule of law strongly undergirds all aspects of economic development.”
Coming in at #3 is a small but economically mighty country. Although an island nation, New Zealand is a beacon of economic hope to the rest of the world. Heritage reports, “Reforms in the 1980s opened the economy to imports, reduced the size of government, and lowered the tax burden.” New Zealand is proof that the socialist plan for the U.S. economy is precisely the wrong prescription.
Although Australia fell by a small margin from its prior year ranking, this continent is still the fourth best economy in the world. “Regulatory efficiency remains firmly institutionalized, and well-established open-market policies sustain flexibility, competitiveness, and large flows of trade and investment. In 2014, Australia became the first developed country to repeal a carbon-emissions tax.”
World renowned for its financial security and independence, Switzerland comes up at #5 of the world’s freest economies. Heritage reports, “With an economy that benefits from sound fundamentals that include monetary stability, low public debt, and a vibrant employment market, the Swiss economy has weathered the global economic uncertainty well.”
I would be remiss to not include information about this former bastion of economic freedom. American products and way of life used to be the envy of the world, but these are becoming distant memories in our country’s rear view mirror. Like a bickering married couple that is lost from bad directions, Americans are not sure when they will find their way again. Heritage reports, “The anemic post-recession recovery has been characterized by slow growth, high unemployment, a decrease in the number of Americans seeking work, and great uncertainty that has held back investment. Increased tax and regulatory burdens, aggravated by favoritism toward entrenched interests, have undercut America’s historically dynamic entrepreneurial growth.”
I couldn’t have written it better myself. For those of you who disagree with all my positions but have somehow made it this far into this blog post, I will make a concession. There are few places I would rather live than the U.S, but it is undeniable that we are on the wrong track. And with the future generation that we have coming from college campuses, I’m pessimistic that we will get back on the right path anytime soon.