The source of America’s prosperity is no secret: our economy has historically been freer than those of almost all rivals. Unfortunately, that advantage–the essence of what America is all about–is being lost.

The Heritage Foundation has released its annual Index of Economic Freedom, and the United States has slipped to tenth place, trailing Hong Kong, Singapore, Australia, New Zealand, Switzerland, Canada, Chile, Mauritius and Ireland:

The United States’ economic freedom score of 76.3 drops it to 10th place in the 2012 Index. Its score is 1.5 points lower than last year, reflecting deteriorating scores for government spending, freedom from corruption, and investment freedom.

How far will the U.S. fall if Barack Obama wins a second term? Let’s hope we don’t have to find out.