It’s already been eight years since the Great Recession, yet the U.S. economy has been just inching along, with its productivity flagging and millions being locked out of the labor market.
One critical underlying factor for this lack of economic dynamism has been the startling decline of America’s economic freedom, an unfortunate legacy of Barack Obama’s eight-year presidency.
The Heritage Foundation’s 2017 Index of Economic Freedom—an annual global study that compares countries’ entrepreneurial environments—highlights the urgent need for the U.S. to change course. For the ninth time since 2008, America has lost ground.
According to the 2017 index, the U.S. ranks 17th out of 180 rated economies, lagging behind other comparable advanced economies such as Switzerland (fourth), Australia (fifth), Canada (seventh), and the United Kingdom (12th).