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Historic Loss of Economic Freedom in U.S. Damages Opportunities for All Americans to Move Forward

Contact: Kristin Hansen, 703-962-7818; Gregory Ayers, 703-962-7885; both with The Institute for Faith, Work, & Economics, media@tifwe.org

MCLEAN, Va., Sept. 18, 2012 /Christian Newswire/ --  The Institute for Faith, Work, & Economics (IFWE), a biblical advocacy think tank, issued a statement Tuesday responding to the historic loss of economic freedom in the United States, as reported by the latest Economic Freedom of the World Report.  IFWE analysts said the loss hurts the opportunity and income mobility of all Americans, especially those living in poverty.

According to the Fraser Institute's Economic Freedom of the World: 2012 Annual Report, the United States dropped to 18th in the world -- a historic low.

Dr. Jay W. Richards, a visiting scholar at IFWE, and Dr. Anne Bradley, IFWE's Vice President of Economic Initiatives, said that the U.S.'s loss of economic freedom limits the ability of all Americans to flourish in their work.

"Economic freedom should matter to us all," Richards said. “The more free a country's economy is, the greater its economic growth, the higher its per capita income, and the higher the income of the poorest 10 percent of its population."

"Our loss of economic freedom has implications for how we are to live, work, and raise a family. It also has direct implications for the plight of the poor," Bradley said. "If we want to live in a country where everyone has the chance to flourish, we must care about economic freedom."

According to IFWE, the downward trend of America's economic freedom is of concern because:

  1. Economic freedom creates an opportunity society where people can best use their unique gifts and talents. This is how wealth is created and how the poor are empowered to escape the chains of poverty.
     
  2. Economic freedom is positively correlated with income mobility, one of our best benchmarks for understanding prosperity.

FOR MORE INFORMATION OR INTERVIEWS, CONTACT THE IFWE PRESS OFFICE AT
(703) 962-7818 OR MEDIA@TIFWE.ORG