The US Has the Worst Rating Since 1995 on the Latest Index of Economic Freedom
Rainer Zitelmann
Feb 27, 2024
According to the latest Index of Economic Freedom, which has just been published, the level of economic freedom in the United States is at its lowest point since the index was first compiled. The Heritage Foundation has been analyzing the development of economic freedom around the world every year since 1995; the current ranking covers 176 countries and is based on assessments of 12 specific criteria.
Only four countries (Singapore, Switzerland, Ireland, and Taiwan) are deemed “free” in the fullest sense of the word, while 22 countries are considered “mostly free.” The United States only just scrapes into this group with a score of 70.1 out of 100 possible points; losing another 0.2 points would see the U.S. lose its “mostly free” status. “Big-government policies have eroded limits on government,” the Heritage Foundation reports. “Public spending continues to rise, and the regulatory burden on business has increased. Restoring the U.S. economy to ‘free’ status will require significant changes to reduce the size and scope of government. Over the years, unchecked deficit spending and government debt have accelerated, and inflation has undercut economic livelihood. Uncertainty and poor policy choices have left the U.S. economic outlook in flux.”
There are now as many as 15 European countries that are more economically free than the U.S. The ranking refutes the lopsided view that the United States is the country of “pure capitalism” and that a system resembling “democratic socialism” prevails in Europe, especially in the Scandinavian countries. Norway, Sweden, and Denmark are among the 10 most capitalist countries in the world. And while the U.S. has lost almost seven points since 1995, Sweden has gained 16 points in the same period and is now in ninth place; Denmark even makes it as high as seventh.
https://townhall.com/columnists/rainerzitelmann/2024/02/27/the-us-has-the-worst-rating-since-1995-on-the-latest-index-of-economic-freedom-n2635786