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Business & Economic Development

Job Growth Needs Economic Freedom

Feb 05, 2010
Business & Economic Development
Press

Today, the U.S. Department of Labor released its newest unemployment figures, showing that 20,000 more Americans lost their jobs last month, bringing the total number of unemployed Americans to 14.8 million. What’s also disturbing is a pair of statistics that my friend, Rep. Tom Price of Georgia, shared with me this week.  From January-December 2009, total employment in the private sector fell by 3.4 million.  But over the same period, federal employment rose by 37,000.  Amazing.  Is it any wonder that the Heritage Foundation recently dropped the United States below Canada in its 2010 Index of Economic Freedom? 
 
According to the Heritage report, “The U.S. government’s interventionist responses to the financial and economic crisis that began in 2008 have significantly undermined economic freedom and long-term prospects for economic growth.”  And while the U.S. still ranks Number 8 in the world for economic freedom, among the countries in the Top 10, we suffered the largest drop in economic freedom over the past year. 
 
The conclusion is clear: If we want America’s economy to grow again, we need to grow our economic freedom first.

REUTERS: U.S. jobs report flatters to deceive

Heritage Foundation Blog: U.S. Can’t Lead on Economic Freedom When It’s Retreating

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