Commission finds COVID pandemic caused $18 trillion in economic damage to US
Fox News contributor Dr. Nicole Saphier looks back at the media’s fearmongering over COVID-19 four years after the pandemic on «The Bottom Line.»
A new report by the Heritage Foundation's Nonpartisan Commission on China and COVID-19 found that the COVID pandemic caused $18 trillion in economic losses to the U.S. and placed blame for the outbreak on the Chinese government.
FOX Business exclusively viewed an advance copy of the report, which estimated that as of December 2023, the pandemic's total economic cost in the U.S. topped $18 trillion after taking into account several ways in which the pandemic affected the economy.
That figure includes more than $8.6 trillion caused by excess deaths; more than $1.825 trillion in lost income; $6 trillion due to chronic conditions such as «long COVID»; and mental health losses of $1 trillion and educational losses of $435 billion pushed the total above $18 trillion.
«The COVID-19 pandemic has exacted a staggering toll on the United States, both in human lives and in economic terms. The total estimated cost of $18.007 trillion is a stark reminder of the profound impact this global health crisis has had on the nation,» the commission wrote. «By understanding and acknowledging these costs, we can lay the groundwork for holding accountable those whose negligence or overt actions exacerbated the pandemic's severity.»
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The Heritage Foundation's Nonpartisan Commission on China and COVID-19 found that the pandemic's economic toll on the U.S. totaled more than $18 trillion. (Reuters/Brendan McDermid/File)
The report noted there were 1,476,457 excess deaths in the U.S. from 2020 to 2022
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