The Buckeye Institute Releases Economic Freedom of North America 2016Dec 16, 2016
COLUMBUS, OHIO--On Friday, The Buckeye Institute in partnership with the Canadian Fraser Institute released its latest economic freedom report that ranks every state and province in North America. The report, Economic Freedom of North America 2016, ranks each jurisdiction based on economic freedom (as measured by government spending, taxation, and labor market restrictions) using data from 2014, the most recent year of available data.
According to the new 2016 report, Ohio ranks 38th among the 50 states in economic freedom. Although the state has experienced some improvement--it has moved up two spots from last year, thanks to some positive reforms of tax policy--it is held back by some of the highest government spending in the nation, especially on public employee pensions, workers' compensation, and social programs.
"Ohio's tax reforms over the last year have increased economic freedom in the state. However, Ohio remains well below the national average due to government spending and government subsidies," says Rea S. Hederman Jr., Executive Vice President of The Buckeye Institute. "The next Ohio budget needs to include provisions that protect prosperity and reduce government."
The Fraser Institute has measured economic freedom in every state and province in the United States, Canada, and Mexico for 12 years now, creating a comprehensive assessment of trends in economic freedom. The Buckeye Institute and its Economic Research Center are co-publishing this prestigious report for the second year in a row, along with offering additional in-depth analysis specifically about Ohio's economy.
The Buckeye Institute's Ohio Economic Freedom Fact Sheet summarizes where Ohio ranks in various economic freedom policies. The state's low overall ranking reinforces the need for substantial economic policy reforms.
The Fraser Institute and The Buckeye Institute are independent think tanks that research and advocate for free market economic policies. The Buckeye Institute's Economic Research Center specializes in data analysis of state-level economic policies.