Which country is the most economically free? No, not the United States. (It's Hong Kong.)
According to the 2011 Index of Economic Freedom, the U.S. barely finishes in the top 10. In fact, it slid over the last year from 8th place to 9th.
Figuring out why, and outlining what can be done to fix it, is the subject of an article to be published tomorrow (Friday 21st January) by the Heritage Foundation's President Ed Feulner. Article Title is: 'Restoring Economic Freedom'
The main culprits? Taxes and spending. "Taxes are at burdensome levels, and the corporate rate here is one of the highest among developed nations," writes Mr. Feulner. "But it's the spending that's really dragging down the U.S. score. Government outlays are soaring-increasing by more than $1 trillion in 2009 alone."
"This is simply unsustainable. And thanks to big-government programs such as Obamacare, it's on pace to get worse-much worse."
The need to cut taxes and spending, and by a substantial margin, is obvious.