According to a study by the National Bureau of Economic Research, the economic impact of the coronavirus could be more deadly than that of the virus itself.
The office noted that the total number of lives lost by the virus in the US "may well exceed those directly associated with the acute COVID-19 critical illness … The recession caused by the pandemic may be detrimental to the health of the population endanger the next two decades. "
The study, conducted by professors from Duke University, Johns Hopkins University, and Harvard Medical School, focused on the almost instantaneous unemployment of more than 20 million Americans between March and April 2020.
The three authors Francesco Bianchi, Dongho Song, and Giada Bianchi used unemployment, life expectancy, and mortality data from the Bureau of Labor Statistics and the Centers for Disease Control nearly 70 years ago. The group separated the effects of the rise in unemployment in 2020 from other factors affecting life expectancy and mortality.
The main finding of the study was that over the next 20 years more than 1.3 million people will die from the unemployment shock caused by the pandemic than normal. The study also showed that black Americans, women, and the Latinx population will be disproportionately affected by the excessive deaths.
"Over a 15-year period, the increase in death rates for black Americans is 3.86%, black American men 3.40%, black American women 3.70%, whites 3.48%, white men 4, 14% and for white men 3.37%
White women, ”wrote the authors.
The study also found that downtime, business closures, and other coronavirus restrictions can save lives in the short term but will cost lives in the long term. The group wanted to emphasize, however, that “we do not want to propose that policymakers do not enact lockdowns as necessary life saving measures”, but that the policy also provides “improved health and economic support for the most vulnerable groups”.
The study had several advantages, including the fact that the US has never experienced a recession as rapid as this and the economy could recover faster thanks to the technology. The authors also noted, "This is the first recession with the Affordable Care Act, an important resource for mitigating the effects of unemployment on the well-being of citizens."
The coronavirus pandemic has devastated the US and exposed deep dividing lines between homes and distress, which has only worsened due to the pandemic. Many college educated adults can work from home, stay safe, and even save money. However, low and minimum wage workers who lacked education continued to use public transport to get to work, but they also received no benefits and were forced to interact with strangers who may be infected with the virus. The virus has killed more than 420,000 Americans and President Joe Biden said last week that number will easily break 500,000 by next month.