Joe Biden’s economic policies and their overall influence on the US economy have been the talk of the town in Washington, DC, the impact of these policies on the American economy in this week’s edition of “Try to Control Your Shock and Amazement.”
According to the Heritage Foundation’s annual Index of Economic Freedom, Bidenomics has lowered America’s economic freedom to an all-time low. The deterioration of American economic freedom is a reason for concern since it has real and practical effects for all Americans, particularly low-income families and the working class. Roberts said the research “paints a frightening picture, both at home and abroad.”
According to the data released Monday, the United States dropped 2.7 points from the 2021 Index of Economic Freedom to a record-low score of 72.1. It also dropped to its lowest global position, from 20th in the previous year’s rankings to 25th in 2022. First published in 1995, the index ranks nations in many categories, including the rule of law and regulatory efficiency.
Moreover, since February of last year, inflation has increased by 7.5 percent, the most significant year-over-year increase since February 1982. According to the Associated Press, “shortages of goods and employees” as well as “large doses of federal help” are among the causes. Biden’s reaction to January inflation figures a 40-year low likewise? He stated, “There is still more work to be done.”
In Biden’s first year in office, the United States had a supply-chain problem, consumer confidence fell to an 11-year low, and the national debt surpassed $30 trillion. Inflation in the United States is at 40-year highs, with the consumer price index climbing 7.5 percent in January of this year compared to January of 2021.
People have been dealing with one of the most prominent political, social, and economic crises of the previous century since the Chinese Communist Party released the COVID-19 epidemic on the globe in early 2020. Not only has the virus impacted the lives and livelihoods of hundreds of millions of people, but so have harsh lockdowns, public health regulations, and limitations on commerce and trade. New federal expenditure of trillions of dollars has harmed the economy much more and triggered an unprecedented rise in inflation.
According to Roberts, COVID harmed every other country on the earth, including the United States. He says that it is past time for the US government to get its budgetary house in order, release freedom at home, and assist Americans in flourishing via self-governance.