Given the long-term impact, the American economy will lose over $ 16 trillion due to the coronavirus pandemic. Such estimates are cited in an article by former US Treasury Secretary Lawrence Summers and Harvard economist David Cutler, published in the American Medical Association.
In their calculations, they took into account the loss of productivity in the United States over the next decade and the economic damage caused by the disease and death of Americans. The total is estimated at more than 16 trillion – about 90% of US annual GDP. “For a family of four, the loss will amount to almost $ 200,000. About half of this amount is the income lost due to the COVID-19 recession,” Summers and Cutler write.
At the same time, it is emphasized that the calculations were made based on the optimistic assumption that the spread of COVID-19 in the United States will be able to “significantly contain by the fall of 2021.” Experts note that the pandemic has become the most serious threat to the prosperity and well-being of the United States since the Great Depression. Summers and Cutler say the economic losses from the coronavirus in the country are comparable to those that climate change will cause in the long term.
Recall that the United States is the leader in the number of coronavirus infections and deaths. According to the latest data, more than eight million cases of COVID-19 have been recorded in the country, 220.7 thousand people have died.