Biden's economy drags US to all-time low in Heritage freedom index rating

The U.S. economy under President Biden plunged to an all-time low, according to the Heritage Foundation’s annual Index of Economic Freedom.

"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."  

The report determined the U.S. fell 2.7 points from the 2021 Index of Economic Freedom to a record-low score of 72.1, according to the data released Monday. The U.S. also fell to its lowest ranking globally, from the 20th spot in last year’s rating to 25th in 2022. 

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. 

Americans are currently dealing with 40-year highs in inflation, with the consumer price index rising 7.5% in January of this year compared to the same month in 2021. Biden’s first year in office also saw a supply-chain crisis, U.S. consumer confidence plunging to an 11-year low, industries rocked by vaccine and mask mandates and the U.S. national debt notching a new record when it surpassed $30 trillion.