The United States has fallen to its lowest ever ranking in the annual Economic Freedom Index published by the Heritage Foundation as the country struggles to rein in debt and budget deficits. Overall, the world economy remains “moderately free” according to the 2022 report (pdf). But the situation in the United States is worrying. “Quite notable is the continuing decline in the ‘mostly free’ category of the United States, which plummeted to 25th place, its lowest ranking ever in the 28-year history of the Index. 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 fell 2.7 points from 2021 and currently has a score of 72.1. Among the 32 countries in the Americas region, the United States is ranked third, lower than Canada which has a score of 76.6, and Chile which scored …