In just one year of Joe Biden’s presidency, America’s economic freedom index has fallen to its lowest point ever in the history of the survey.
The U.S. has fallen 2.7 points to an all-time low score of 72.1 and has hit its lowest rank globally of 20th place among nations with the freest economies as the U.S. struggles with wildly spiraling debt and suffers runaway inflation.
The survey, launched by the Heritage Foundation in 1995, scores countries based on government size, regulatory efficiency and open markets.
“This year’s Index of Economic Freedom paints a disturbing picture, both at home and abroad,” Heritage President Kevin Roberts said according to Fox News. “The decline of American economic freedom is serious cause for alarm and has real and tangible consequences for all Americans, especially low-income families and the working class.”
Roberts noted that Biden’s response to the pandemic and supply chain crises and the highest rate of inflation in 40 years along with an 11-year low in consumer confidence all contributed to the troubles for the U.S. economy. And that isn’t to even mention a national debt that has surpassed $30 trillion.
“The lives and livelihoods of hundreds of millions of people have been deeply disrupted, not just by the virus, but especially by draconian lockdowns, intrusive public health mandates and restrictions on commerce and trade,” Roberts said. “Trillions of dollars in new federal spending have further weakened our economy and caused a historic spike in inflation.””
Singapore, Switzerland and Ireland ranked as the best countries on the list, while Cuba, Venezuela, and North Korea and ranked as the worst.
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