Donald Trump swept into office last month behind a groundswell of support from Americans captivated by his promises to “take America back” and “make America great again.” Whatever the chances are that he can deliver -- economists are skeptical of Trump’s economic plans -- it certainly has been several years since the United States was “great” in Forbes’ annual list of the Best Countries for Business.
This year is no different as the U.S. falls one spot to 23rd place, continuing a decade-long slide from its No. 1 ranking in 2006. Falling scores on trade and monetary freedom, along with rising levels of red tape and bureaucracy are behind the decline for the world's largest economy. The Heritage Foundation cites more than 180 new federal regulations imposed on businesses since 2009 with annual costs of $80 billion following the bailouts of the auto and financial industries amid the Great Recession, along with increased government intervention in the housing and health insurance markets.
One country headed in the opposite direction is Sweden, which moves up four spots to the top of the charts for the first time (Sweden ranked No. 17 in 2006). Over the past two decades the country has undergone a transformation built on deregulation and budget self-restraint with cuts to Sweden’s welfare state.
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