During law school at Washburn Law School in Kansas, many other students and I took advantage of what the school called “Lunch and Learns.” Lunch and Learns were hour-long lectures given by different types of people on a variety of topics. Naturally, they were all relevant to legal education, and many of the conferences I attended were interesting. However, if I am honest, the conferences were very well attended because lunch was always offered. There is no better way to incentivize a group of poor law students than the prospect of a free lunch. However, one of the lectures that has always caught my attention was given by a gentleman from the Cato Institute. For those who have never heard of it, the Cato Institute is a public policy research organization, or in other words, a “think tank.” The Cato Institute focuses on the principles of individual freedoms, limited government, free markets, and peace.

The reason I remember that particular day was that the speaker asked us how “financially free” we all were. I remember thinking to myself, “I have no idea what this idiot is talking about, I’m going to sit here and eat my Jimmy Johns for free.” But the presentation from him that followed really got me thinking and I learned some valuable information that afternoon.

This morning I came across an article that brought me back to that conference a couple of years ago, the title said US Slips to 12th in Economic Freedom. Essentially, economic freedom is a measure of how free citizens of the various countries of the world are to engage in business, commerce, and how well their property and legal rights are protected by the rule of law. The test is made up of 5 factors: 1. Size of government; 2. Legal structure and security of property rights; 3. Access to money; 4. Freedom of international trade and; 5. Regulation of Credit, Labor and Business. According to these five factors, we can determine which countries perform better economically and which ones can create and generate more wealth.

What was even more interesting in the article for me was the reason for the decline of the United States, which has to do with the legal structure of the country. This is especially troubling because I’ve always been taught that our legal system and adhering to the rule of law is one of the things that sets the US apart from other places, it was one of the things that made it so great. Now, the United States ranks 36th in this category. The report states that “in one grand act, the United States has experienced a significant move away from the rule of law toward a highly regulated, politicized, and heavily policed ​​state.”

A couple of weeks ago I wrote an article titled Effects of the Great Recession, many Americans still feel the pressure on their pockets daily, less and less confident in this country’s ability to deliver the “Dream” it has long promised. Well, maybe things like how “financially free” we are have a big impact on you and me. Perhaps we should be a little more attentive and involved in what is happening in our country. In the words of Mike Flynn, author of the article, “A balanced federal budget is meaningless and meaningless if the rule of law has been subverted. No election or administration alone can repair the damage. That is a task that must be tackled by a generation. .” I guess that means you and I have to start right away.

If you want to learn more about the annual index that measures how financially free we are, click here.