Under the Obama administration, the economic freedom factor shows that the United States continues the downward spiral in terms of economic freedom, employment, and that more Americans have entered into the lower middle class category as some have entered the poverty level, continues the fear of lower standards of living for most Americans, WND reported on Saturday. WND cited the Heritage Foundation who has analyzed various aspects of government policies and legislation since 1973, has analyzed the recent economic status in comparison from the year 2000 to present viewing a dismal outlook for the foreseeable future.
With the United States becoming more and more of a nation of the highly taxed and heavily regulated, it is losing its position as the world leader in entrepreneurial free enterprise and job creation. At such an alarming rate, limitation on economic freedom created by burdensome intervention of the government in the economic affairs of the nation, which hampers economic growth, diminishes prosperity, and reducing the nation’s standard of living.
In the Heritage report, the United States’ economic freedom score is 76.2, making its economy the 12th freest in the 2015 Index. 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. The authors of the report stated, “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 deterioration’s in key policy areas, particularly those related to upholding the rule of law and limited government. Continuing to trail such comparable economies as Australia, New Zealand, Switzerland, and Canada, America has been ranked “mostly free” since 2010.”
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“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,” the Heritage Foundation authors said. “Increased tax and regulatory burdens, aggravated by favoritism toward entrenched interests, have undercut America’s historically dynamic entrepreneurial growth.”