TLTP
\nWASHINGTON
\nThe economic loss is more than twice the total monetary outlay for all the wars the US has fought since 2001, according to the former US treasury secretary and a Harvard economist.
\nThe estimated financial cost of the Covid-19 pandemic to the US economy, due to lost output and health issues is more than $16 trillion, or about 90 per cent of the country\u2019s annual gross domestic product, according to a former US treasury secretary and a Harvard University economist.
\n\u201cOutput losses of this magnitude are immense,\u201d Lawrence Summers and David Cutler wrote in the Journal of the American Medical Association. \u201cThe lost output in the Great Recession was only one quarter as large. The economic loss is more than twice the total monetary outlay for all the wars the US has fought since September 11, 2001, including those in Afghanistan, Iraq, and Syria.\u201d
\nThe US has more than 8 million Covid-19 cases and more than 220,000 deaths, according to Worldometer, which tracks the pandemic.
\nAs a result of health issues including premature death, long-term health impairment and mental health impairment, the world\u2019s largest economy will incur more than $8tn in costs, while the toll on GDP is estimated at $7.5tn.
\nA family of four will incur an estimated loss of about $200,000, nearly half of which is lost income from the pandemic\u2013induced recession.
\nThe remainder is the economic effects of a shorter and less healthy life.
\n\u201cSome individuals who survive Covid-19 are likely to have significant long-term complications, including respiratory, cardiac, and mental health disorders, and may have an increased risk of premature death,\u201d the authors said,
\n\u201cData from survivors of Covid-19 suggest that long-term impairment occurs for approximately one-third of survivors with severe or critical disease,\u201d they added. \u201cBecause there are approximately seven times as many survivors from severe or critical Covid-19 disease as there are Covid-19 deaths, long-term impairment might affect more than twice as many people as the number of people who die.\u201d
\nWide-scale testing, contact tracing and isolation of infected individuals will help stop the spread of the disease, Mr Summers and Mr Cutler said. The projected economic return from the test and trace strategy is approximately 30 times the cost (investment of approximately $6 million leads to averted costs of an estimated $176m), they said.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP WASHINGTON The economic loss is more than twice the total monetary outlay for all the wars the US has fought since 2001, according to the former US treasury secretary and a Harvard economist. The estimated financial cost of the Covid-19 pandemic to the US economy, due to lost output and health issues is more […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-150586","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n