The Economic Freedom Chart

** don't miss the funny pic below **
I am just going to say here that I think it is embarrassing that we are not #1. We used to be the greatest country in the world and now we are #6. What got us to #6 you might ask? My answer is big government and I am pretty sure if we have any intent to move up from #6 then more government is not the answer.

I give you the link to my stats…
The 2009 Index of Economic Freedom
http://www.heritage.org/Index/Ranking.aspx
Looks to me like lower taxes and the government getting out of the way might actually work….what a CRAZY idea.

Here are some highlights from the report...as always you might want to read it yourself it is really interesting.

Hong Kong #1
Background
Hong Kong boasts one of the world's most prosperous economies, thanks to its small government, low taxes, and light regulation. Major industries include financial services, shipping, and services, but manufacturing has migrated largely to mainland China.
Government Size
Total government expenditures, including consumption and transfer payments, are fairly low. In the most recent year, government spending equaled 15.2 percent of GDP. The government has made efforts to maintain a balanced budget.
Fiscal Freedom
Hong Kong's tax rates are among the lowest in the world, and both the top corporate tax rate and top income tax rate were reduced by one percentage point as of July 2008. Individuals are taxed either progressively, between 2 percent and 17 percent on income adjusted for deductions and allowances, or at a flat rate of 15 percent on gross income, depending on which liability is lower. The top corporate income tax rate is 16.5 percent. In the most recent year, overall tax revenue as a percentage of GDP was 12.8 percent.
Financial Freedom
Credit is allocated on market terms. There are no restrictions on foreign banks, which are treated the same as domestic institutions.

USA #6
Background
The U.S. economy is the world's largest. Services account for more than 70 percent of economic activity, but the U.S. is also the world's largest producer of manufactured goods and fourth-largest producer of agricultural products. Economic growth slowed somewhat in 2007'2008, though unemployment remained low by historical standards. Presidential and congressional elections in 2008 raised serious questions about the overall direction of future economic policies, particularly with respect to trade liberalization, regulation of greenhouse gas emissions, taxes, and the role of government.
Government Size
Total government expenditures, including consumption and transfer payments, are high. Government spending has been rising and in the most recent year equaled 36.7 percent of GDP. Stimulus measures passed in the second half of 2008 promised to push government spending significantly higher.
Fiscal Freedom
U.S. tax rates are burdensome. Both the top income tax rate and the top corporate tax rate are 35 percent. Other taxes include a property tax, an estate tax, and excise taxes, and additional income and sales taxes are assessed at the state and local levels. In the most recent year, overall tax revenue as a percentage of GDP was 28.2 percent.
Financial Freedom
The U.S. has one of the world's most dynamic and developed financial markets. Regulations are generally straightforward and consistent with international standards, although concerns have been raised about the intrusive nature and cost of the 2002 Sarbanes'Oxley Act. Foreign financial institutions and domestic banks are subject to the same restrictions. Foreign participation in equities and insurance is substantial. Government interventions in financial markets in the second half of 2008, including purchase of assets and measures affecting the allocation of credit, if not rapidly undone, indicate a serious loss of financial freedom that will lower future U.S. economic freedom scores.