  Noise-biased qubits are a promising route toward significantly reducing the
hardware overhead associated with quantum error correction. The squeezed cat
code, a non-local encoding in phase space based on squeezed coherent states, is
an example of a noise-biased (bosonic) qubit with exponential error bias. Here
we propose and analyze the error correction performance of a dissipatively
stabilized squeezed cat qubit. We find that for moderate squeezing the bit-flip
error rate gets significantly reduced in comparison with the ordinary cat qubit
while leaving the phase flip rate unchanged. Additionally, we find that the
squeezing enables faster and higher-fidelity gates.
