In just one year of Joe Biden’s presidency, America’s economic freedom index has fallen to its lowest point ever in the survey’s history.
In its annual survey, the Heritage Foundation reports that 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 25th place among nations with the freest economies. The 25th ranking is down from ranking 20th a year ago. Despite the drop in economic freedom, “the Biden administration is still barreling full steam ahead to implement a socialist agenda that would add trillions to the debt, hike taxes, and centralize more federal power over the economy.”
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 Business, “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.