Economic Freedom in the U.S.

I like this YouTube video produced by the Charles G. Koch Charitable Foundation (yes, he’s one of the Koch brothers that liberals have been treating as boogeymen):

According to Caleb Brown at the Cato Institute, this video draws on the Economic Freedom of the World: 2010 Annual Report from Canada’s Fraser Institute. The Heritage Foundation conducts research on economic freedom, too, and arrives at the same conclusion as the video: economic freedom in the U.S. has been on a steep decline since the 2008 financial market meltdown and the laws and policies that were enacted in its aftermath—TARP, the un-stimulating stimulus, the GM and Chrysler bail-outs, the Frank-Dodd bill, etc. Piling on the regulatory burdens and costs associated with Obamacare didn’t help.

We in the private sector can’t regain our economic freedom (and the quality of life and other freedoms derived from it) until the federal government relaxes its regulatory grip and reduces spending to a meaningful degree. Barack Obama and Harry Reid show no signs of taking action here—in fact, according to Chuck Schumer, the administration is exploring how to justify ignoring the debt limit (they’re even studying the Constitution!). It’s crucial that the Congressional Republicans stand tall on the debt limit issue—it’s the only lever they have that can force reductions in federal spending before the 2012 election.