The U.S. tumbled out of the top 20 most economically prosperous nations in an annual measure of wealth and well-being compiled by the Legatum Institute, falling below France and China.
While the U.S. rose one place to 11th position in the London-based research group’s overall prosperity index, it was downgraded in a gauge measuring economic strength. In a month in which lawmakers shut the government and struck a deal to avoid default only as the clock began running out, faith in the U.S. government also fell to an all-time low.
“The U.S. can no longer be seen as the most prosperous nation in the world — indeed it’s no longer even in the club,” said Jeffrey Gedmin, the institute’s president and chief executive officer. “This year’s index shows that Americans are suffering increasing hardship as a result of the country’s economic condition.”
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