John Stossel, a libertarian television show host, released a video discussing the decline of economic freedom in the United States, referencing the 2023 Index of Economic Freedom by the Heritage Foundation. The study reveals that the US has reached an all-time low in economic freedom rankings, with Singapore being ranked as the freest country. The report attributes the decline to the Biden administration’s economic policies and unchecked deficit spending. Singapore, Switzerland, Ireland, Taiwan, and New Zealand rank highly in economic freedom. Derrick Morgan from the Heritage Foundation emphasizes the importance of preserving data longevity for studying economic freedom. North Korea, Cuba, Venezuela, Sudan, and Zimbabwe are identified as the least economically free nations. The United States’ score of 25 coincides with regulatory actions against crypto asset firms, potentially driving them away from the country and stifling innovation. Dr. Kevin Roberts of the Heritage Foundation argues that many countries have abandoned essential economic principles, leaving communities to suffer.
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