Obama Legacy: US Economic Freedom at Historic Lows

economy

One of the most depressing facts about Barack Obama’s eight years in office was revealed today by the Heritage Foundation’s 2017 Index of Economic Freedom.

According to their stats, the United States has undergone a massive slide in terms of economic freedom, sliding to 17th most economically free country in the world.

Obama’s trigger-happy administration issued more than six hundred major regulations which were estimated to have costed the US economy dearly, i.e. massive job loss and hundreds of millions of dollars. The six hundred regulations were placed on top of George Bush’s eight years as POTUS, which amounted to another 426 regulations.

Barack Obama left the White House looking confident with regard to his legacy, which was described (by himself) as being a positive attribute to the economy. However, just like that old saying, the proof is in the pudding and facts are presenting a reality which contradicts flagrantly the former president’s optimism.

The land of the free is not actually that free anymore. The Heritage Foundation’s figures show that for the ninth time in the last ten years, the US has lost its economic freedom on a YoY basis.

As per the 2017 figures, the United States ranks #17 out of 180 rated countries in terms of economic freedom, lagging behind Chile (!) which is #10, the UK (#12) or Switzerland (#4).

The US economy was placed into a second tier economic freedom category, the “mostly free” respectively, where it has dropped since 2010.

It’s interesting to observe that the US ranked 11th in 2016 in terms of economic freedom, registering a sharp drop of 6 places in the last year alone, thus marking a new historic low in the respective index.

Considering that the US Treasury collected a record number of tax revenue in the first 4 months of fiscal 2017, it becomes pretty clear that the United States has become an over regulated/over taxed country which is suffocated by a huge government who created a veritable black hole of debt (20 trillion).