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How Estonia’s economy beats the US
Rick Newman finance.yahoo.com
In case you haven’t heard, America is going down the drain. There’s even data to prove it.
Several surveys that measure prosperity and business conditions have shown the United States slipping during the past few years. The latest is the Heritage Foundation’s “index of economic freedom” in 186 countries, which is grim reading for anybody who believes the old slogan and still thinks We’re No. 1!
We’re actually No. 12, if you believe the Heritage rankings, which define economic freedom as “the fundamental right of every human to control his or her own labor and property” —in plain English, the ability of ordinary people to get ahead. Hong Kong, Singapore and Australia top the list of economically free nations, followed by Switzerland, New Zealand and Canada. Those nations often rank near the top on economic surveys, largely because they’re successful capitalist democracies not weighed down by costly militaries, regional conflict or complicated politics.
At No. 12, the United States ranks behind those countries and also Chile, Mauritius, Ireland, Denmark and Estonia. That’s down from 10th place last year. The best U.S. showing came in 2007 and 2008, when it ranked 5th.
Areas of underperformance
According to the Heritage methodology, the United States has underperformed in five areas during the past few years: fiscal freedom, government spending, monetary freedom, financial freedom and property freedom. In general, that reflects a government that spends too much, overregulates businesses and consumers, and gets too involved in the private-sector economy (in the opinion of Heritage analysts).
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