Another indication the U.S. economy is in a disastrous state comes courtesy of the Legatum Institute’s annual prosperity index.  America for the first time in the history of the list, fell out of the top 10, to #12. It should serve as another of many wake up calls for the Obama Administration regarding the country headingg in the wrong direction.

However, if the past few years are any indication, the news will be met with even more spending from the Obama Administration, which is the wrong solution to the problem and will further plunging the country into unproductive debt and dismal economic numbers.

Nov 5, 2012 2:32 PM ET - Reuters The U.S. fell to 12th position from 10th in the Legatum Institute’s annual prosperity index amid increased doubts about the health of its economy and ability of politicians. The U.S. slid from the top 10 most prosperous nations for the first time in a league table which ranked Canada sixth in the world for the second year in a row.

The U.S. fell to 12th position from 10th in the Legatum Institute’s annual prosperity index amid increased doubts about the health of its economy and ability of politicians. Norway, Denmark and Sweden were declared the most prosperous in the index, published in London Monday.