The rule of law is absolutely crucial to an advanced economy. As somebody who has written their fair share of PO’s for expensive items and VERY expensive items, I need to be able to trust that the system will allow redress if things go wrong. Without that trust, business does not happen.
What’s the worst development in economic policy of the Obama years?
- The faux stimulus scheme?
- The Obamacare boondoggle?
- The fiscal cliff tax hike?
- The Dodd-Frank bailout bill?
Those are all good answers, but if you look at the data from Economic Freedom of the World, a major reason for the decline in America’s score is that the rule of law has eroded.
In other words, the United States is becoming a place where clear and neutral rules are being replaced by arbitrary and capricious government power. And this is not a trivial matter. Issues related to the rule of law account for 20 percent of a nation’s grade – the same level of importance as fiscal policy.
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