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‘Serious Cause For Alarm’: U.S. Economy Plunges Under Biden To All Time Low In Heritage ‘Index Of Economic Freedom’

Under President Biden’s policies, the U.S. economy has plunged to an all-time low, based on ratings laid out in the Heritage Foundation’s 2022 Index of Economic Freedom.

“The United States’ economic freedom score is 72.1, making its economy the 25th freest in the 2022 Index. The United States is ranked 3rd among 32 countries in the Americas region, and its overall score is above the regional and world averages,” Heritage reported. The score of 72.1 is a record-low for the U.S., which fell from the 20th spot in last year’s rating.

This news follows reports that inflation continued its once-in-a-generation surge in January, reaching a rate of 7.5% in the U.S. According to the United States Department of Labor, the Consumer Price Index (CPI) — which tracks costs faced by the typical American family — attained its highest rate of increase since February 1982. Core CPI, which does not consider volatile categories such as food and energy, increased by 6% year-over-year.”

“This year’s Index of Economic Freedom paints a disturbing picture, both at home and abroad,” Heritage President Kevin Roberts said of the report. “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.”

“Since early 2020, when the Chinese Communist Party unleashed the COVID-19 pandemic on the world, we have dealt with one of the greatest political, social and economic upheavals of the past century,” Roberts added. 

“The index, launched in 1995, evaluates countries on rule of law, government size, regulatory efficiency and open markets, while also examining specific categories such as property rights, judicial effectiveness, government integrity and tax burden,” Fox Business explained.

“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. Trillions of dollars in new federal spending have further weakened our economy and caused a historic spike in inflation,” Roberts noted.

Based on the index, Singapore leads the international rankings, with Switzerland in second place and Ireland in third place. The U.S. is behind the U.K. at 24th place and Cyprus at 23rd.

In 177th place, North Korea is the least free nation in the world, with Venezuela at 176th and Cuba at 175th.

“We have an opportunity to speak to the very real concerns of Americans struggling in an economy where they are increasingly losing not just their freedom, but evermore of their hard-earned saving,” Roberts said. “It’s time for the U.S. government to get its fiscal house in order, unleash freedom here at home and help Americans flourish once again through self-governance.”

“Look again, slight digression, inflation is up. It’s up,” Biden said previously of U.S. inflation. “And, coming from a family when the price of gas went up you felt it in the household, you knew what it was like, it matters.”

“But the fact is that — if we are able to do the things that I am talking about here, it will bring down the cost for average families. It will bring down the cost for average families, I don’t know why they keep moving and all that, but the fact is they keep down the cost for average families,” Biden added.

Ian Haworth is an Editor and Writer for The Daily Wire. Follow him on Twitter at @ighaworth.

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