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How Does Financial Literacy in the U.S. Compare Globally?

How Does Financial Literacy in the U.S. Compare Globally?
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Money Makes the World Go 'Round: An International Comparison of Economic Health

Money Makes the World Go ‘Round: An International Comparison of Economic Health
GOBankingRates
1 day ago
© redmal / Getty Images/iStockphoto
Glass globe on variety of banknote.
For more than a century, the United States reigned supreme as the largest economy on Planet Earth. According to the CIA World Fact Book, however, in 2014, after decades of tripling the U.S. growth rate annually, China took the reign at #1 in terms of GDP based on purchasing power parity.
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These two countries alone dominate the global economy, with a combined 34.5% of global GDP. Still, there wasn’t an economy on Earth that didn’t suffer mightily during the recession created by the coronavirus pandemic of 2020-21. Although things are slowly turning around, even the U.S. still posted a 6.0% unemployment rate as of Mar. 2021, according to the Bureau of Labor Statistics. This is well above the pre-pandemic rate of just 3.5%. ....

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U.S. Plummets to Lowest Ranking Ever in Annual Index of Economic Freedom

Thursday, March 11 2021
One need only compare the five freest nations (Singapore, New Zealand, Australia, Switzerland and Ireland) to the five most repressed nations (Zimbabwe, Sudan, Cuba, Venezuela and North Korea) to understand the obvious correlation between freedom and prosperity.
The United States’ economic freedom score is 74.8, making its economy the 20th freest in the 2021 Index. Its overall score has decreased by 1.8 points, primarily because of a decline in fiscal health. The United States is ranked 3rd among 32 countries in the Americas region, and its overall score is above the regional and world averages. The United States received its lowest score and lowest ranking ever in the Index, although it remains “mostly free.” The major obstacles to greater economic freedom in the United States continue to be excessive government spending, unsustainable levels of debt, and intrusive regulation of the health care and financial sectors. ....

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