America Declines in Property Rights, Rule of Law
The World Economic Forum says that property rights are deteriorating in the United States, to the point where America ranks behind third-world countries like Gambia and Jordan. The U.S. ranks 40th in the world; last year, it ranked 30th.
Contract and property rights have taken a beating from the Obama administration. For example, it ripped off bondholders in the government takeovers and bailouts of General Motors and Chrysler, harming pension funds, non-union retirees and others.
Capitol Hill employees have run up record amounts of overdue and unpaid taxes — a 37 percent increase over 2007. That’s true even as the Congress they work for has passed a multitude of new tax increases on investors, patients, manufacturers, and others. And Treasury Secretary Geithner cheated on his taxes.
Meanwhile, a Virginia congressman admits, “If you don’t tie our hands, we’ll keep stealing.”