COVID-19 pandemic to cost Americans roughly $16 trillion, study says
The deadly coronavirus pandemic will ultimately cost Americans an estimated $16 trillion, according to a new study released Monday.
The study, published in the Journal of the American Medical Association, “aggregates mortality, morbidity, mental health conditions, and direct economic losses to estimate the total cost of the pandemic in the US on the optimistic assumption that it will be substantially contained by the fall of 2021.”
COVID-19 — which has killed more than 214,000 Americans since the first case in the nation was reported in January — “is the greatest threat to prosperity and well-being the US has encountered since the Great Depression,” wrote the authors of the study, former Treasury Secretary Lawrence Summers and Harvard University economist David Cutler.
The study, which is classified in the medical journal as a “viewpoint,” explains that based on the current death rate of the killer bug, “another 250,000 deaths can be expected in the next year,” leading to a total of an estimated 625,000 deaths related to the pandemic.