Truth Zone: Obama Economy lowers Standard of Living

Truth Zone:

Obama Economy lowers Standard of Living

America’s REAL economy … Can you handle the truth?

It’s no longer a secret that the Obama administration has been cooking the books on the nation’s jobless figures.

But those aren’t the only numbers that should concern you.

These closely watched major indices are the best measure of something precious lost since 2000 and perhaps the best predictor of your financial future.

U.S. losing living standard as economic freedom erodes

Land of the heavily taxed, home of the highly regulated no longer world leader

Jerome R. Corsi

economic-freedom-low-scoreEditor’s [World Net Daily] Note: This is the fourth story in a series about the unprecedented dependence Americans have on their federal government. The first story shows how the food-stamp program has doubled under President Obama, as it did under President George W. Bush. The second story reports the strain on the welfare system caused by record numbers of Americans retiring amid a declining workforce. The third story shows how the government obscures the figures that indicate the real unemployment situation in the U.S.

NEW YORK – With the United States sinking on several major indices of economic freedom as it celebrates its Independence Day, free-market advocates have reason to ask, “What ever happened to the land of the free and the home of the brave?”

A review of several credibly researched global indices makes clear economic freedom in the United States has dropped in an alarming fashion since the year 2000, with no reversal in the trend yet evident from the Obama administration’s highly touted “economic recovery.”

With the United States rapidly becoming the land of the highly taxed and the home of the heavily regulated, it is losing its position as the world leader in entrepreneurial free enterprise.

The economic theory underpinning global indices of economic freedom stems back to Adam Smith’s classic book, “The Wealth of Nations,” in which he stated in Book IV, Chapter 9, “Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men.”

The basic concept is that greater economic freedom will encourage the type of enterprise that will build general prosperity for the nation as a whole. Limitation on economic freedom created by burdensome intervention of the government in the economic affairs of the nation, meanwhile, will hamper economic growth, thereby diminishing prosperity and reducing the nation’s standard of living.



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