By Duncan Smith
A pair of economists have taken a stab at just how much the Wuhan coronavirus has cost America and Americans, and the number is astounding: $16 trillion.
That’s four times more than what the Great Recession of 2007-2008 cost our country.
Former U.S. Treasury Secretary Lawrence Summers and fellow Harvard University economist David Cutler argued, “Approximately half of this amount is the lost income from the COVID-19–induced recession; the remainder is the economic effects of shorter and less healthy life,' the two economists wrote in a paper published in the Journal of the American Medical Association.
The pair went on to call the virus 'the greatest threat to prosperity and well-being the U.S. has encountered since the Great Depression.'
The Epoch Times added more details:
Estimates by Summers and Cutler as to direct economic losses are consistent with earlier projections by the Congressional Budget Office, which projected the pandemic would, over the next decade, cost the United States nearly $7.6 trillion in lost gross domestic product (GDP).
In estimating the remainder of the $16 trillion virus hit to the United States, the two economists sought to gauge the value of COVID-19-related premature deaths, long-term health effects, and increase in mental health conditions. To measure the cost of premature deaths, they said they relied on the technique of ascribing value to 'statistical lives,' which is an approximate measure economists use that is based on how much it is worth to people to reduce the risk of mortality or morbidity.
'Although no single number is universally accepted, ranges are often used. In environmental and health policy, for example, a statistical life is assumed to be worth $10 million. With a more conservative value of $7 million per life, the economic cost of premature deaths expected through the next year is estimated at $4.4 trillion,' they wrote.
'Output losses of this magnitude are immense,' they wrote, noting further: 'The economic loss is more than twice the total monetary outlay for all the wars the U.S. has fought since September 11, 2001, including those in Afghanistan, Iraq, and Syria.'
Democrats keep telling us, “Follow the science.” They also love the globalist World Health Organization.
Dr. David Nabarro, the WHO director general's special envoy, said last week that the global body “do not advocate lockdowns as the primary means of control of this virus.
'The only time we believe a lockdown is justified is to buy you time to reorganize, regroup, rebalance your resources, protect your health workers who are exhausted, but by and large, we'd rather not do it,” Nabarro added.
There you have it. Our country has lost trillions. Scores of businesses have closed and Americans have been deprived of their life savings.
Every day we allow some tinhorn Democrat tyrant to keep our cities and states locked down, the worse the financial damage gets.
Let’s take Democrats’ advice for a change, then, and follow the science so we can reopen.
Biden's inflation is GETTING WORSE by the month...
Around the world, supply chains continue to be disrupted. Delays are now commonplace. And they're going to get worse.
There IS a financial reset coming - that's just true. All the signs indicate as much.