Plunging toward Third World Status
09/20/2012 Leave a comment
The Cato/Fraser Institute annual report on economic freedom in the world is just out, and it contains the unsurprising but still infuriating news that the United States has slipped from the ranks of the top ten freest economies in the world. Another achievement President Obama will no doubt celebrate. In the latest rankings, the U.S. dropped to 18th place, after ranking around third for most of the two decades between 1980 and 2000.
More details at Power Line HERE.
There are real consequences to this decline according to the Cato/Fraser Institute Report:
Our empirical work indicates that a one-point change in a country’s EFW rating is associated with a 1.0 to 1.5 percentage point change in the long-term annual growth rate, all else equal. It is worth noting that U.S. growth averaged 2.3 percent in the 1980s and 2.2 percent during the 1990s, but it fell to an annual rate of only 0.7 percent during 2000-2010. Without a reversal of undermining economic freedom, the future economic growth of the United States will be weak for many years to come.
If you want to continue this plunge to Third World Status, vote for Obama/Biden.
If you would like to reverse this trend, vote for Romney/Ryan