Hyper government spending, accelerating under President Biden, has crashed America’s ranking in the “Economic Freedom Index” and sits below three former Soviet countries.
In the new Heritage Foundation 2021 Index of Economic Freedom report, the United States ranks 20th, behind Chile.
“The United States received its lowest score and lowest ranking ever in the Index,” said the conservative think tank.
“The major obstacles to greater economic freedom in the United States continue to be excessive government spending, unsustainable levels of debt, and intrusive regulation of the health care and financial sectors,” it added.
No. 1 on the list was Singapore. The United Kingdom, Canada, and Australia ranked better than the U.S. in the report, which looked at the last year of the Trump administration. Even three former Soviet satellites scored better, Estonia, Georgia, and Lithuania.
While healthy and free, Heritage said the U.S. sunk because the coronavirus whacked the Trump economy, race riots hit big cities, and Biden was elected.
From the report:
“The United States has one of the world’s wealthiest and most diversified economies, led by a highly productive services sector, advanced manufacturing, and world-class research and development. Until the onset of the novel coronavirus pandemic in March 2020, the U.S. was enjoying relatively robust economic growth sparked by cuts in taxes and burdensome regulations. Unfortunately, unchecked deficit spending not only continued, but accelerated. Racial tensions flared in 2020 with rioting and major demonstrations in a number of cities, and the government’s response to COVID-19 became a highly partisan issue in a number of jurisdictions. In the 2020 general elections, Joe Biden won the presidency, and the Democratic Party won control by slim margins of both houses of Congress.”
With Biden planning massive spending packages and higher taxes expected to include a 40-cent-a-gallon carbon tax and hits on big business, the nation’s score could further deteriorate this year.
