‘This really should be a wake-up call if you’re looking at the U.S.’
There are few high school or college football or basketball teams that would cheer being No. 25.
And that’s the state of the economic freedom for the United States, according to a new report.
Fox News has documented the American position in the index of global economic freedom has fallen … again.
And it’s at a low point for several decades.
It is the Heritage Foundation’s 2023 Index of Economic Freedom that has concluded the United States dropped to 25th place globally over what researchers behind the evaluation charge is the country’s runaway government spending as well as its deficits.
The evaluation considered the positions of 184 nations from 2021 to 2022.
The report concluded that the economy worldwide mostly is “unfree.”
“This really should be a wake-up call if you’re looking at the United States,” explained Joel Griffith, a research fellow in the Thomas A. Roe Institute for economic policy studies at The Heritage Foundation.
“We’ve been doing this report now since the 1990s, and based on our metrics, this is the lowest the United States has ever ranked in the index as far as the total score.”
The report explained, “Especially notable is the continuing decline within the ‘mostly free’ category of the United States, whose score plummeted to 70.6, its lowest level ever in the 29-year history of the Index. The U.S. is now the world’s 25th-freest economy. The major causative factor in the erosion of America’s economic freedom is excessive government spending, which has resulted in mounting deficit and debt burdens.”
The United States, which is forecast to add $19 trillion to its debt on the coming years, dropped a full five places from just a year ago.
Griffith continued, “We’ve seen a lot of countries across the world engaging in dangerous monetary policy with their central banks printing too much currency and with overspending. The United States has been one of the worst offenders over the past two and a half years, and that’s a large part of why we have sunk in the rankings when it comes to our debt load and government size, which is really dragging us down and making us less competitive.”
The report blames excessive government spending by the U.S. administration of Joe Biden as the reason for the troubling results.
The freest economies? Singapore, Switzerland, Ireland, Taiwan.
