Per the Heritage Foundation’s annual Economic Freedom Index, the US economy sank to an all-time low under President Biden.
Heritage President Kevin Roberts said of the survey, “the deterioration of American economic liberty is cause for grave concern. It has real and practical implications for all Americans, particularly low-income households and the working class.”
The United States’ Rating Declines
According to data published Monday, the US dropped 2.7 points from the 2021 Index of Economic Freedom to a record-low score of 72.1.
The United States also slipped to its lowest level ever, from 20th last year to 25th in 2022.
Created in 1995, the index looks at how well each country follows the law, how big its government is, how well its regulations work, and how free its markets are.
It also looks at specific areas like property rights, government efficiency, judicial effectiveness, and taxes.
Americans are already experiencing the highest inflation levels in 40 years, with the consumer price index rising 7.5 percent in January this year, compared to the same month in 2021.
Biden’s first year in office also witnessed a supply-chain problem, an 11-year low in US consumer confidence, sectors shaken by vaccination and mask regulations, and the US national debt surpassing $30 trillion.
A picture is worth a thousand words.
— Senator Ted Cruz (@SenTedCruz) February 10, 2022
“Since early 2020, when the Chinese Communist Party released the COVID-19 virus onto the globe, we have been undergoing one of the most profound political, social, and economic revolutions of the twentieth century,” Roberts remarked.
“Hundreds of millions of people’s lives and incomes have been irreversibly impacted, not least by harsh lockdowns, invasive public health regulations, and limitations on commerce and trade.”
“Trillions of dollars in increased federal expenditure have harmed our economy further and triggered an unprecedented inflation boom.”
Singapore is Ranked First
The survey ranked Singapore as the freest nation, followed by Switzerland, Ireland, New Zealand, Luxembourg, Taiwan, Estonia, the Netherlands, Finland, and Denmark.
Australia failed to make the most-free list for the first time since 2006, with Heritage citing the country’s “persistent harsh lockdowns.”
Singapore has topped the Heritage Foundation’s Index of Economic Freedom for the 3rd year in a row! Welcomed @Heritage Founder @EdFeulner to 🇸🇬 for the launch of the index today. Appreciated his insights on US domestic politics, and regional & international developments. pic.twitter.com/8LST3OPUbK
— Vivian Balakrishnan (@VivianBala) February 14, 2022
According to the survey, the economy is “moderately free.” However, the score for economic freedom dropped from 61.6 in 2021 to 60 this year.
“The majority of economies covered by the 2022 Index saw lower growth in 2020, which is unsurprising, considering how many efforts governments made to preserve public health simultaneously curtailed economic freedom,” the index’s editors stated.
North Korea was named the world’s least free nation, while Zimbabwe, Sudan, Cuba, and Venezuela also made the top ten least free nations list. According to Heritage, “economic freedom is almost non-existent” in China.
Roberts used the study to urge the United States government to “restore budgetary discipline” and “unleash freedom.”
“We have an opportunity to address the very genuine concerns of Americans who are struggling in an environment where they are losing not just their freedom, but also a growing portion of their hard-earned savings,” Roberts said.
“It’s time for the United States government to get its finances in order, restore domestic freedom, and help people who want to be in charge of their own lives.”
Everything seems to be on a downward spiral under this presidency, but this year’s midterms might change that.