The state of the US economy has fallen to an all-time low during Joe Biden's presidency, according to the Heritage Foundation's annual index of economic freedom. The score obtained this year, valued the president of the foundation, Kevin Roberts, "paints a disturbing picture, both at home and abroad."
Part of this drop is due to the "decline in economic freedom" in the US, which is "serious cause for alarm and has real and tangible consequences for all Americans, especially low-income families and the working class." Roberts maintained.
The US valuation fell 2.7 index points from last year to a record low of 72.1. In addition, the country fell to its lowest ranking globally, from 20th to 25th.
The index highlights 40-year highs in inflation, with a 7.5% increase in consumer prices in January compared to the same month in 2021, as the main factor negatively influencing the lives of Americans. During the current Administration there was also a crisis in the supply chain and consumer confidence plummeted to an eleven-year low.
At the same time, various sectors of the country's economy were rocked by mandatory vaccinations and masks, the authors note, while the US national debt surpassed $30 trillion, marking a new record.
Since its first edition in 1995, the Heritage Foundation's Index of Economic Freedom has evaluated countries based on values such as the rule of law, government size, regulatory efficiency, and market openness, while also examining specific categories such as human rights. ownership, judicial effectiveness, governmental integrity, and fiscal burdens.
Global decline and costs of the pandemic
Kevin Roberts calls the covid-19 pandemic and its aftermath "one of the biggest political, social and economic upheavals" in recent decades, while the trillions of costs it causes further weaken the US economy and fuel inflation.
The authors of the index classified economic freedom in China as "almost non-existent", despite the fact that in one of the factors that indicates favorable conditions for business, such as attracted foreign capital, the Asian giant surpassed the US in 2020 , when the country became the main destination for foreign direct investment.
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