Many young people I meet these days hold economic views that are pro-market and entrepreneurial. They also believe in social tolerance, and wonder where that places them politically. Are they Republicans? Democrats?
The decrease in economic freedom experienced thus far doesn't mean that the U.S. is about to turn into a poor third world country. But it does imply low or stagnant growth that slows our improvement in living standards.
America has prospered historically because we have chosen economic freedom rather than political allocation and crony capitalism. To the extent we move away from economic freedom, our future prosperity will be diminished.