Earlier this week, the Charles Koch Charitable Foundation (CKCF) released a video about economic freedom that explains the nations slip into dénouement in terms of eroding economic freedom.
The video explains how economic freedom fosters higher average income across all earning levels, longer average lifespan, higher happiness indices, lower inflation, and a just a general high standard of living.
The countries with the freest economies score higher marks across the board from infant mortality and child labor to corruption. Less restriction allows for more breathing room in the free market which fosters greater efficiency and smoother market operation. In order to ensure that the United States does not progress further in our relative economic and social decline, CKCF reminds us of some of the key factors necessary for us to maintain our economic freedom. We often take for granted our private property protections which need to be stronger. Free trade is essential, which his why ATR and Senator Orin Hatch decried President Obama for stalling on pending free trade agreements. To foster economic freedom, we need to reform our tax system, or, at the very least, prevent tax increases.
Over the past 10 years, our economic freedom index has fallen (see page 7 for 2008 ranking). Many believe it will keep falling. Do you agree with the video that our quality of life will fall as our ranking in the Economic Freedom Index declines?