The United States is the most prosperous nation on earth.

This has become one of the most oft repeated lines in the catechism of Americanism that politicians never fail to dutifully recite. But as Bloomberg reports, the U.S. no longer even ranks in the top ten of such nations. The U.S. economy ranks lower than Thailand’s!

The U.S. slid from the top ten most prosperous nations for the first time in a league table which ranked three Scandinavian nations the best for wealth and wellbeing.

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 today.

With the presidential election just a week away, the research group said the standing of the U.S. economy has deteriorated to beneath that of 19 rivals. The report also showed that respect for the government has fallen, fewer Americans perceive working hard gets you ahead, while companies face higher startup costs and the export of high-technology products is dropping.