‘The $16 Trillion Virus’: Economists Estimate Financial Toll of COVID-19 on US

Posted on AllSides October 13th, 2020
From The Right

Former U.S. Treasury Secretary Lawrence Summers and fellow Harvard University economist David Cutler argued in an essay on Oct. 12 that the pandemic will end up costing the United States $16 trillion, around four times the toll exacted by the 2007–08 Great Recession.

“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, in which they called the outbreak...

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