Open Thread: Economic Freedom in America Today

Economic Freedom, the group behind this successful video on the relationship between economy and quality of life, has come out with a second video on economic freedom in the world today, placing America behind nine other countries that are more economically free than us. As they explain, "for years the United States has been a world leader in economic freedom. But runaway government spending and burdensome regulations have caused a decline in economic freedom in the United States."

Do you think with the widespread media approval of continued government spending and endless regulations will contribute to further decline in American economic freedom? Check out the video after the break, and let us know your thoughts in the comments.

As the video points out, "the U.S.'s gains in economic freedoms made over twenty years have been completely erased in just nine. Still dropping, America ranks lower than Canada for the first time ever. Driving this decline is a growing government burden of overspending and unnecessary government regulations."

With current total government commitments reaching over 1052% of the private sector economy, the private sector economy has slowed down, resulting in the highest streak of unemployment since the Great Depression.

Do you think the media approval of massive spending programs, including bailouts and stimulus packages, will continue to drive this economic decline?

Economy Open Thread