America’s Economic Freedom Under Biden Plummeting

The damage the Biden administration is doing to the U.S. economy is continuing to build up. According to the annual report from the Fraser Institute on global economic freedom, Americans are substantially worse off now than just a year ago.

The yearly “Economic Freedom of the World” report ranks countries based on economic freedom using a number of factors. The study takes into account freedom to engage in trade, soundness of monetary policy, government regulation, and respect for property rights, among several others.

Florida State University economics professor James Gwartney is a co-author of the report, and said that it broadly measures the ability of people to compete in markets, trade freely, and “keep what they earn.” He added, “Economic freedom is about people being free to mold and shape their own lives.”

While the U.S. fell just one spot from last year in the international rankings of economic freedom to 7th place, the freedom score fell significantly. On the study’s 10-point scale, the U.S. score dropped from 8.25 to 7.97 in the last year.

The report indicated that America only fell one spot in the overall rankings because economic freedom fell globally in the last year. The average ranking for all nations fell from 7.00 to 6.84, “erasing about a decade’s worth of improvement in economic freedom in the world.”

America’s scores and rankings are down, even though global economic freedom is still up when compared to 2000.

Gwartney said that he sees the most important finding in this year’s report is the amount the U.S. has declined since 2019. He said that while the drop may not look like all that much, if the U.S. had its current 7.97 score in 2019, it would have been ranked all the way down at number 20 globally. He noted that the current economic freedom rating is the lowest the U.S. has had in four decades.

Hong Kong led the global rankings for economic freedom, followed by Singapore. The two Asian nations have held the top slots for several years. The top ten included Switzerland, New Zealand, Denmark, Australia, the U.S., Estonia, Mauritius, and Ireland.

The least economically free nations in the world in this year’s rankings were Venezuela, Sudan, Zimbabwe, Syria, Argentina, and Libya.