I’m ashamed to point out we’re no longer even considered in the top five economically free nations. We’ve reached the point where our economic freedom ranks at number eight, behind such nations as Singapore and Ireland. Here’s the top 10 list:

1. Hong Kong (Different rules than mainland China.)
2. Singapore
3. Australia
4. New Zealand
5. Ireland
6. Switzerland
7. Canada
8. United States
9. Denmark
10. Chile

We can’t even claim to be the freest economy in North America, as that title goes to Canada. Our rankings for business freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, and labor freedom all fell in 2009.

The United States’ economic freedom score is 78.0, making its economy the 8th freest in the 2010 Index. Its score is 2.7 points lower than last year, reflecting notable decreases in financial freedom, monetary freedom, and property rights. The United States has fallen to 2nd place out of three countries in the North America region.

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. Economic freedom has declined in seven of the 10 categories measured in the Index.

Uncertainties caused by ongoing regulatory changes and politically influenced stimulus spending have discouraged entrepreneurship and job creation, slowing recovery. Leadership in free trade has been undercut by “Buy American” provisions in stimulus legislation and failure to pursue previously agreed free trade agreements with Panama, Colombia, and South Korea. Tax rates are increasingly uncompetitive, and massive stimulus spending is creating unprecedented deficits. Bailouts of financial and automotive firms have generated concerns about property rights.

Why should the automotive bailouts cause concern regarding property rights? Senior creditors had their property rights stripped away when unions received benefits before said senior creditors, who risked more money in the company. The government also forced banks to accept TARP funds. Yes, forced. Property rights were basically thrown away.

Now we’re talking about raising the capital gains tax, a move which would decrease investment in the United States, in order to fund entitlement spending that is already uncontrollable without serious reform. Oh, and the Obama Administration and its allies implement more regulation on businesses by the day, depressing revenue and growth.

Is anyone outside of the White House and House Democratic leadership proud to chant, “We’re Number 8″? We’re supposed to be a shining beacon of freedom, both economic and political, for all the world to see. Instead, we’re being passed by an area controlled by Communist China and the chocolate-making Swiss. It’s a fucking embarrassment.