We still sing about the "land of the free and the home of the brave." But according to a new report, economically speaking we're not as free as we used to be. In fact, if awards for freedom were handed out in an Olympic-style ceremony, the United States would not even be on the podium.

Gold would go to Hong Kong and Singapore would receive silver. Australia would get the bronze medal.

The next three spots would go to New Zealand, Ireland and Switzerland.

Canada ranks seventh with the United States coming in eighth. Rounding out the top 10 are Denmark and Chile.

The index is published jointly by the Wall Street Journal and the Heritage Foundation.

According to Liberator Online, a publication of the Advocates for Self-Government, the index focuses on 10 fundamental economic freedoms: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom.

Losing to Canada in Olympic hockey was a crushing blow. But losing out to Canada and seven other nations in economic freedom is worse. Indeed, the United States should lead the world in this category.

"The U.S. government's interventionist responses to the financial and economic crisis that began in 2008 have significantly undermined economic freedom and long-term prospects for economic growth," say the editors of the economic index.

It noted that the United States economic freedom declined in seven of the 10 categories measured by the index.

Some might suggest that government restraint in these categories is necessary as a means of reducing such things as poverty or damage to the environment. The editors of the index see the opposite.

"The 2010 Index provides strong evidence that economic freedom has far-reaching positive impacts on various aspects of human development," the editors conclude. "Economic freedom correlates with poverty reduction, a variety of desirable social indicators, democratic governance and environmental sustainability... Economies classified as free or mostly free also do a much better job promoting human development, reducing poverty and protecting the environment."

In case you're wondering, the 10 least free economic nations were North Korea, Zimbabwe, Cuba, Eritrea, Burma, Venezuela, Libya, the Democratic Republic of Congo, Turkmenistan, and the Solomon Islands.

Afghanistan, Iraq, Liechtenstein and Sudan weren't ranked.

REPRINTED FROM THE KINSTON FREE PRESS