Bitcoin News and Finance

United States Plunges in Economic Freedom Rankings Study Reveals

American television presenter and author, John Stossel, released a video on June 20, 2023, where he delved into the findings of a recent study on global economic freedom. Conducted by the Heritage Foundation and unveiled in late February, the research unveils a stark reality: the United States has experienced a substantial decline in economic freedom. From being ranked as the 20th freest nation in 2022, the United States has now slipped to the 25th position in 2023.

John Stossel’s Video and Heritage Foundation Study Expose Decline in U.S. Economic Freedom

John Stossel, the television show host and author known for his libertarian leanings, recently released a video discussing global economic freedom and the United States’ position among other nations. “Is America really the land of the free?” Stossel asked in a tweet. “Not anymore, according to a new ranking. The U.S. fell to 25th freest country on Earth,” the broadcaster explained. In the video, Stossel refers to the 2023 Index of Economic Freedom, which is published annually by the Heritage Foundation.

According to the study, the United States has reached an all-time low in economic freedom rankings, with Singapore emerging as the top country in this regard. “The United States continued its decline in economic freedom, recording a score of 70.6, a 1.5 decrease in freedom score from 2022 and its lowest score in the history of the Index,” the study’s summary declares. “The U.S. maintained its global ranking of 25th freest in the 2023 Index after falling from 20th to 25th in 2022.”

The Heritage Foundation’s summary adds:

The report points to the Biden administration’s ill-informed economic and entrepreneurial policies and unchecked deficit spending for leaving the U.S. economy in flux.

Singapore claims the title of the freest country this year, with Switzerland, Ireland, Taiwan, and New Zealand following closely in the rankings. Derrick Morgan of the Heritage Foundation, in his conversation with Stossel, emphasized the significance of preserving “data longevity” for study purposes. “Does economic freedom over time lead to freer, more prosperous, healthier, and cleaner environments?” Morgan inquired. “It does,” he affirmed. The Heritage Foundation’s data identifies North Korea, Cuba, Venezuela, Sudan, and Zimbabwe as the least economically free nations.

The United States scored 25 this year, coinciding with a period in which crypto asset firms grapple with regulators who employ enforcement rather than legislation. Such regulatory actions have the potential to drive crypto firms away from the United States and stifle innovation as a whole. Dr. Kevin Roberts, President of The Heritage Foundation, argues that numerous nations have forsaken essential economic principles.

“The world and America are at a crossroads,” Roberts stated. “Too many countries have renounced basic economic principles leaving communities to suffer the consequences.”

What do you think can be done to restore economic freedom in the United States? Share your thoughts and opinions about this subject in the comments section below.

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