Heritage Foundation Index: US economic freedom at low point after Biden’s first year

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The conservative Heritage Foundation says economic freedom is at an all-time low under President Biden.

The Washington-based think tank said the United States fell 2.7 points from its 2021 Index of Economic Freedom to a record score of 72.1 and its lowest ranking in the world, from 20th last year to 25th, in 2022 as the United States struggles with rising inflation. and debt.

“This year’s Index of Economic Freedom paints a disturbing picture, both at home and abroad,” Heritage Chairman Kevin Roberts said in a statement reported by Fox News. “The decline in American economic freedom is a serious cause for concern and has real and tangible consequences for all Americans, especially low-income families and the working class.”

The index launched in 1995 ranks countries according to the size of government, the effectiveness of regulation and the openness of markets. It also assesses the rule of law with respect to property rights, government integrity, and judicial efficiency.

Singapore, Switzerland and Ireland occupy the top three spots in the 2022 rankings, while the United States, in 25th place, is just behind the United Kingdom and just ahead of Georgia.

Mr Roberts drew a straight line between Mr Biden’s response to the pandemic and supply chain crises and 40-year high inflation, an 11-year low for consumer confidence and a national debt that exceeded $30 trillion.

“The lives and livelihoods of hundreds of millions of people have been profoundly disrupted, not just by the virus, but more importantly by draconian shutdowns, intrusive public health mandates and restrictions on commerce and trade,” he said. he declared. “Billions of dollars in new federal spending have further weakened our economy and caused a historic spike in inflation.”

North Korea ranked at the bottom of the index, in 177th place, just behind Cuba and Venezuela.

Communist China is also in the “repressed” category near the bottom, in 158th place.

For more information, visit the Washington Times COVID-19 resource page.

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