Strong patent protections provide the foundation for U.S. pharmaceutical innovation, which leads the…
CFIF on Twitter CFIF on YouTube
Biden Admin. Must Resist Pressure by Congressional Leftists and Global Chorus to Surrender U.S. Pharmaceutical Patent Protections

Strong patent protections provide the foundation for U.S. pharmaceutical innovation, which leads the world and accounts for an astounding two-thirds of all new drugs introduced worldwide.  In the words of former patent attorney Abraham Lincoln, patent rights also "added the fuel of interest to the fire of genius" explaining why America led the way in developing coronavirus vaccines with breathtaking speed.

Reconfirming the adage that no good deed goes unpunished, however, an array of internationalist voices like the World Trade Organization (WTO), India and South Africa now demand that the U.S. surrender those vital patent and other intellectual property (IP) protections for coronavirus vaccines, diagnostics and other treatments.  Worse, leftist politicians here in America like Congresswoman…[more]

February 22, 2021 • 01:33 PM

Liberty Update

CFIFs latest news, commentary and alerts delivered to your inbox.
Jester's CourtroomLegal tales stranger than stranger than fiction: Ridiculous and sometimes funny lawsuits plaguing our courts.
2019 Index of Economic Freedom: America Finally Regains Its Footing Print
By Timothy H. Lee
Thursday, January 31 2019
The Trump Administration commenced a deregulatory agenda and cut taxes, and GDP growth has already averaged that allegedly unachievable 3% during its six full quarters in power.

After a decade of decline, the United States is finally enjoying a renaissance in economic freedom. 

So says the just-released 2019 edition of the Heritage Foundation’s annual Index of Economic Freedom, which for twenty-five years has ranked the world’s nations in terms of property rights, rule of law, taxes, government spending, regulatory burden and market openness. 

For anyone still wondering why America’s economy has accelerated while economies like China’s, Europe’s and much of the globe’s continue to stall, look no further. 

As the Index demonstrates statistically and thoroughly, a nation’s prosperity correlates directly with its economic freedom.   It therefore comes as no surprise that wealthy Hong Kong, Singapore, New Zealand, Switzerland and Australia populate the Index’s top five, while impoverished Congo, Eritrea, Cuba, Venezuela and North Korea constitute its bottom five. 

And in that vein, America’s current economic acceleration is similarly no surprise.  According to the 2019 Index, our resurgence has been sudden, significant and fruitful: 

According to the Heritage Foundation’s 2019 Index of Economic Freedom, America’s economic freedom has seen a dramatic boost – from 18th place in the world to 12th place in the span of just one year.  America’s score ticked up by more than a full point from last year, reaching the highest level in eight years… 

The vibrant growth we’re feeling has been unleashed by several key policy changes over the past two years, the most important being the 2017 tax cuts and deregulation.  Real gross domestic product grew by upward of 3 percent over the last four quarters – unlike anything seen in the last 13 years. 

That constitutes a welcome reversal of what we experienced under Barack Obama, when the U.S. suffered eight consecutive years of decline and consequent malaise. 

When Obama entered the White House in 2009, the United States ranked 6th in the Heritage index.  But by the time he departed, we’d plummeted to 17th, and had fallen from its “Free” category to “Mostly Free.” 

In January 2017, here’s how Heritage summarized that deterioration: 

Having registered its lowest economic freedom score ever, the United States is no longer among the world's 15 freest economies…  The anemic recovery since the great recession has been characterized by a lack of labor market dynamism and depressed levels of investment.  The substantial expansion of government's size and scope, increased regulatory tax burdens, and the loss of confidence that has accompanied a growing perception of cronyism, elite privilege, and corruption have severely undermined America's global competitiveness.

The negative consequences of our deterioration under Obama were unambiguous. 

For example, consider that for the first time in U.S. history, we endured an entire decade without once achieving even 3% economic growth.  To put that in perspective, the U.S. has averaged 3.3% growth in gross domestic product (GDP) annually since World War II.  

And in terms of jobs, under Obama the U.S. endured its longest streak of consecutive months with unemployment exceeding 8% since recordkeeping began.  Keep in mind that at the beginning of his term while selling his wasteful trillion-dollar “stimulus” package, Obama and his economic team assured us that unemployment would exceed 8% at all.  

Obama, with the assistance of Nancy Pelosi and Chuck Schumer, increased taxes, accelerated wasteful spending, created more national debt than all previous presidents combined and increased regulation in every sector of the American economy. 

All it got us was record debt and the worst economic “recovery” in recorded U.S. history. 

By the end of Obama’s term, we were assured by leftist economists like Paul Krugman and Lawrence Lindsay that it was simply the “new normal.”   Economic growth of 3%, they proclaimed, was a thing of the past.  Donald Trump’s promises to the contrary during the 2016 campaign, they scoffed, were fantasy. 

But then a funny thing happened. 

The Trump Administration commenced a deregulatory agenda and cut taxes, and GDP growth has already averaged that allegedly unachievable 3% during its six full quarters in power. 

In terms of employment, the number of open jobs exceeds the number of unemployed Americans for the first time in history, which is astounding.  Weekly jobless claims have plummeted below 200,000 for the first time since the 1960s, when the U.S. workforce was less than half its current total. 

The takeaway is simple:  Over the past two years, economic freedom has increased in the U.S., and economic prosperity has accelerated along with it. 

That’s something Americans must remember with Nancy Pelosi regaining control of the House, and with leftist politicians openly embracing socialism.  Despite the wealth of obvious evidence, too many would still rather pursue the path of Venezuela than the path of Switzerland.  We mustn’t allow that regression to resume.

Question of the Week   
Which of the following is responsible for the planning and execution of the Inaugural Ceremonies of the President-elect and Vice President-elect of the United States?
More Questions
Quote of the Day   
 
"Senate Minority Leader Mitch McConnell on Thursday slammed House Democrats' sweeping election reform bill as 'exactly the wrong response' to what he called the 'distressing lack of faith in our elections,' saying Democrats want to use their 'temporary power' to 'try to ensure they'll never have to relinquish it.'All House Democrats on Monday signed onto the bill -- H.R. 1, the For the People Act…[more]
 
 
—Brooke Singman, FOX News
— Brooke Singman, FOX News
 
Liberty Poll   

California Governor Gavin Newsom and New York Governor Andrew Cuomo are entangled by multiple controversies, with serious calls for both to be removed from office. Which one is more likely to be removed?