What is happening to economic freedom in the US?

The Fraser institute has tried to measure economic freedom based on a number of quantitative criteria. A simple definition of that criteria can be found in their latest executive summary:

The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of privately owned property. Forty-two variables are used to construct a summary index and to measure the degree of economic freedom in five broad areas:

1. 1  Size of Government;
   
2. 2  Legal System and Property Rights;
   
3. 3  Sound Money;
   
4. 4  Freedom to Trade Internationally;
   5  Regulation. 

The Fraser Institute's  volume on the Economic Freedom of The World shows that the US is less the home of the free. We have seen the US decline to a level below the top ten. Is this a good measure? There can be strong arguments made on both sides of this measurement issue,  but a criteria based on strict quantitative data can at least provide historical and precise measures for freedom. 

This is worth a discussion in an election year.