The Epoch Times
The Epoch Times
AD
The Epoch Times
Support Us

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

‘The $16 Trillion Virus’: Economists Estimate Financial Toll of COVID-19 on US
A pandemic-themed Uncle Sam poster is seen in San Francisco, Calif., on July 31, 2020. Daniel Slim/AFP/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
10/13/2020|Updated: 10/13/2020

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.”
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
twitter
Author’s Selected Articles

European Central Bank Warns of US, Europe Overreliance on China for Critical Supplies

Aug 06, 2025
European Central Bank Warns of US, Europe Overreliance on China for Critical Supplies

Tesla Sales in Germany Fall 55 Percent, UK Down 60 Percent in July

Aug 05, 2025
Tesla Sales in Germany Fall 55 Percent, UK Down 60 Percent in July

ICE Looks to Hire 10,000 More Agents, Offers $50,000 Signing Bonuses, Student Loan Forgiveness

Aug 05, 2025
ICE Looks to Hire 10,000 More Agents, Offers $50,000 Signing Bonuses, Student Loan Forgiveness

Trump Says Some Deported Farm Workers Allowed to Return Legally

Aug 05, 2025
Trump Says Some Deported Farm Workers Allowed to Return Legally
Related Topics
COVID-19
financial impact
Add to My List
Save
The Epoch Times
To ensure we reach the high standards of reliability and neutrality that you expect from us, we are engaging with Ad Fontes Media to analyze our content. If you find an article you think falls short of the standard, please submit the link through this form.
Copyright © 2000 - 2025 The Epoch Times Association Inc. All Rights Reserved.