Last year, I reported that the United States fell from sixth to eighth place -- behind Canada -- in the Heritage Foundation/Wall Street Journal's 2010 Index of Economic Freedom. Now, we've fallen further. In the just-released 2011 Index, the United States is in ninth place. That's behind Hong Kong, Singapore, Australia, New Zealand, Switzerland, Canada, Ireland and Denmark.
The biggest reason for the continued slide? Spending as a percentage of gross domestic product. (State and local spending is not counted.)
The debt picture is dismal, too. We are heading into Greece's territory.
Are we doomed? Not necessarily. Economist David R. Henderson points out that our neighbors to the north faced a similar crisis. In 1994, the debt that Canada owed to investors was 67 percent of GDP. Today, it's less than 30 percent.
What did Canada do? It cut spending from 17.5 percent of GDP to 11.3 percent.
GO HERE to read more.
3 comments:
Yes we are doomed , we are a nation of followers , the age group from 18 to 35 doesn't understand what's happening and won't realize till we crash.
Their response is " like what are you talking about" " my government wouldn't let that crap happen."
"We can print all the money we need"
3:50, you talk trash, but it seems the 45+ crew are the ones that got us to our current state
I agree with 3:50
No country's government has ever held the power to create fiat money out of thin air the way the Federal Reserve can. The Fed owns and runs our country. They are a secretive group of bankers who work for profit. It is an abomination to the idea of a Constitutional Republic.
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