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'Business-Unfriendly' Rules Drop US Ranking of Economic Competitiveness

© Flickr / 401(K) 2012IMF Cuts Forecast for US Economy
IMF Cuts Forecast for US Economy - Sputnik International
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The US loss of its No. 1 ranking for economic competitiveness in a new survey reflects a trend toward stricter regulations being imposed on businesses in the United States, the Competitive Enterprise Institute’s Vice President for Strategy Iain Murray told Sputnik.

WASHINGTON (Sputnik) — Murray was referring to a report by the International Institute for Management and Development that dropped the United States to third place after three years in the top slot, with the US economy trailing Hong Kong and Switzerland.

"This finding mirrors other international indices that have seen the US tumble from its position at the top of the rankings for economic freedom," Murray stated on Tuesday.

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"The US has enacted many more business-unfriendly regulations in the past few years, even as other countries are trying to do things like free up their labor markets. We can expect the US to continue to fall in these rankings unless this trend towards stricter regulations is reversed."

The White House Office of Management and Budget recently published a list of more than 3,000 rules in the regulatory pipeline.

The website Freedom Works cites a number of examples of seemingly arcane rules that make it nearly impossible for small businesses keep up. For example, it is illegal for restaurants to sell onion rings made with diced onions, or for wine makers to promote their products as intoxicating.

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