Analysis: Visual Capitalist
The economic value of a human life can be put in terms of ‘statistical lives’, a notion used in global health policy. While human life is priceless, the value tied to one using this metric sits between $7-$10 million. Even when using the lower end of the scale, the cost of premature death due to COVID-19 is estimated to be $4.4 trillion. When looking at the long-term healthcare costs that could impact people who contract COVID-19, the price comes out to almost $2.6 trillion.
Throwing Money at the Problem?
The short-term solution to COVID-19 seems to be vaccine investment, with the U.S. currently purchasing more than one billion doses.NB: In contrast, post 9/11 wars cost a mere $6.4 trillion.This is measured by the spending of the Department of Defense, the Department of State, and USAID. Medical and disability care for veterans from the post-9/11 wars specifically comes out to $437 billion, with estimated future obligations for their care going up to $1 trillion.
The increases to the Department of Defense’s budget was $803 billion thanks to the post 9/11 wars, and the Department of Homeland Security has spent more $1.05 trillion on terrorism prevention and response.While the costs associated with war are immense, and while the consequences of fighting in a war are usually lifelong, the estimated price is still about $10 trillion cheaper than the cost of COVID-19 in the United States.
The estimate also takes into consideration current and future spending on medical and disability care for veterans, the cost of war appropriations and spending, the estimated interest on borrowing for different departments, and the spending the Department of Homeland Security has done in order to prevent and respond to terrorism.
The Cost of COVID-19
Since the pandemic took hold in the U.S. in March 2020, job loss has been one of the most significant consequences. Unemployment claims in the U.S. have recently reached a total of 60 million, while lost GDP is estimated to be around $7.6 trillion.Unemployment, uncertainty, lost loved ones, and lost social connections, have led to spikes in depression and anxiety. In April 2020, around 40% of U.S. adults reported having at least one of these mental illnesses.
Based on the sheer number of people struggling, the cost of mental health impairment could be as high as $1.6 trillion, according to these researchers.
Using data from a study out of Harvard University, these visualizations focus on putting the economic cost of COVID-19 in the U.S. in perspective. To help us understand the immense price associated with a pandemic, the study looked at other comparables like the costs of running America’s longstanding war on terror.
The real truth of the matter is – the cost is staggeringly immeasurable.
Millions of businesses worldwide gone. The education of millions of children obliterated. Babies and toddlers being put in masks and only seeing masked adults, scarring them for life and causing cognitive impairment.Record suicides and overdoses. The birth of the Karens screaming at people for not wearing a worthless mask correctly. SJW /BLM and every factional controlled opposition thereof everywhere and white people in suburbs putting BLM signs in their yard or of that new dystopia ilk. Claiming “science” but ignoring every scientific fact that doesn’t jive with the “nudge think tank” and Ministry of Truth narrative.You can’t put a price on sanity, and that is what was lost. The sane aren’t even allowed to live their lives. You are forced to join the insane if you simply want to leave your house.”IN SANE – in the membrane”