“He would see a conduit through which flows 70 percent of all foreign investment in China. And he would no doubt be dumbstruck to see all this dynamic economic energy being generated on an island with a population smaller than that of Chicago.”
By contrast, nations such as the United Kingdom and United States, once admired throughout the world for their commitment to economic freedom, have seen a sharp decline in the Index ratings.
“The record of increasing economic freedom elsewhere makes it inexcusable that a country like the U.S. continues to pursue policies antithetical to its own growth, while wielding its influence to encourage other countries to chart the same disastrous course,” writes Index editor Terry Miller in a recent op-ed for The Wall Street Journal. (The entire list can be found at heritage.org/index.)
The need for U.S. lawmakers to get serious about cutting government down to size, overhauling our tax system, and transforming costly entitlement programs should be obvious. Yet for many of them, passing a pork-packed omnibus spending bill is the order of the day.
What’s needed instead is greater economic freedom. That means greater economic prosperity. And greater economic prosperity means a better life for all the people.
The Index findings reinforce the eloquent words with which Attorney General Meese concluded his Heritage lecture: “To attain freedom is mankind’s highest aspiration. To use freedom wisely is mankind’s urgent responsibility. To preserve freedom is mankind’s continuing challenge. May we all be equal to that task.”