I read today that 85% of Americans think “the country is heading in the wrong direction.” It was from a new Associated Press survey and reflects the country’s angst with inflation, interest rates, immigration, CV19 response, and other issues. 85% – I guess the country isn’t DIVIDED anymore! 🙂
For Independence Day weekend, however, I would rather focus on what has made us SUCCESSFUL as a nation and what is making other countries successful – our basic ECONOMIC FREEDOMS. The following map shows our standing across 5 combined dimensions of ‘economic freedom’, as assessed by the Heritage Foundation (LINK) …
The United States has long been a global leader in the areas of smaller government, legal/private property rights, sound money, free foreign trade, and streamlined government regulation. Those are the 5 areas that the study’s authors associate with economic freedom & success. They’ve studied the correlations between those dimensions and country-by-country standard of living for 28 years.
It may seem like these things have been increasingly imperiled by politicians recently, but the USA still compares very well against most nations – including many that have a fraction of our scale. Still, it is clear from the chart that many countries around the world are catching up with what made the USA so successful over our lifetimes.
As devotees of financial independence & retiring early (FIRE), we may understand the sources and blessings of economic freedoms more than many. Even without being evangelical, I think our success in simply sharing our own principles of FIRE will help get the country “heading in the right direction soon”!
HAPPY INDEPENDENCE DAY WEEKEND!