A source at the Heritage Foundation e-mails:
…tomorrow The Heritage Foundation will publish its 17th annual Index of Economic Freedom and the news, I’m afraid, is not good. The U.S. has slid for the second year in a row, falling to 9th place in the global standings.
This erosion of our economic freedom means that, also for the second consecutive year, we’re in the category of “mostly free”—so economically at least we cannot call ourselves “the Land of the Free” until things change. Canada is ahead of us.
Much of this loss of freedom is attributable to huge increases in government spending and bailouts, which has led to nearly $14 trillion in total debt and to more regulation. If the President’s health law isn’t repealed, this will certainly lead to further declines for the U.S.
The law, for example, calls for massive new spending and vastly expanded regulatory powers for the federal government. This and other government interventions in the economy have sapped investor confidence, run up public debt, and dissuaded businesses from making the kinds of investments that lead to recovery. The new financial “reform” regulations created by the Dodd-Frank bill haven’t helped either.
How can the U.S. return to rankings of the world’s most economically free countries? Simple: Cut spending and roll back laws and economic policies that hinder economic growth. And above all, Congress should repeal the new health care law and cut the nearly $340 billion in wasteful spending Heritage identified in its Solutions for America plan…
The index will go live tonight at 10 pm EST at this link.