Florida, once again, has been ranked the number-one state in the United States in terms of economic freedom by the CATO Institute.
“Florida’s fiscal decentralization does not offer a great deal of choice to homeowners, however, because the state has only about half an effective competing jurisdiction per 100 square miles. Government consumption and debt are lower than average."
Florida also bagged the first spot for fiscal policy, which includes categories like taxes, government employment, debt, spending, and fiscal decentralization. In terms of overall freedom ranking, a combination of personal and economic freedoms, Florida took the second spot. The top spot in terms of overall freedom was taken by New Hampshire.
Florida has retained its high rankings despite the COVID-19 pandemic, rising inflation, and soaring gas prices. In July, the state’s unemployment rate had hit 2.7 percent, the lowest since the COVID-19 pandemic began in February 2020, and 0.8 percent lower than the national unemployment rate.
The new ranking follows Florida’s Republican Governor Ron DeSantis recently warning about the IRS hiring 87,000 new agents after the Democrat-passed Inflation Reduction Act, which he claims will be used to target middle-class American citizens.
Business OpeningsFlorida also ranks at the top in terms of newly opened small businesses in 2021, a key contributor to the state’s economic performance.
While New York and California had implemented lockdowns and restrictive policies amidst the COVID-19 pandemic, Florida had mostly shunned such measures.