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 2007–2009 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 of the CCP (Chinese Communist Party) virus “the greatest threat to prosperity and well-being the U.S. has encountered since the Great Depression.”
