1. Reality Injection: Beyond Masks and Quarantine The True Cost of COVID-19
- Author:
- Eric D. Achtmann, Raquel Bono, Anita Goel, Margaret A. Hanson-Muse, and Steven M. Jones
- Publication Date:
- 01-2022
- Content Type:
- Journal Article
- Journal:
- PRISM
- Institution:
- Institute for National Strategic Studies (INSS), National Defense University
- Abstract:
- COVID-19 has had a profound economic and social impact on America, taking over a half million lives—more than all American deaths in World War I, World War II, and Vietnam, combined.1 This article seeks to examine primary and secondary consequences of the pandemic in practical terms for the average citizen and taxpayer, whose personal exposure exceeds 2.5 years of net income based on predictions of a $16 to $35 trillion cost to the nation by 2025. Further, we offer insight into the pandemic’s collateral effects on our citizens and workforce (including often overlooked key stakeholders such as women, children, and minorities), as well as more overt aspects of our national security. History will measure the pandemic’s tragic and overwhelming impact on the world—and our country—in terms of infections, hospitalizations, vaccinations, and deaths. Yet, as COVID-19 extends our quasi-lockdown into its 18th month, we are scarcely beginning to comprehend its profound economic impact. A December 2020 Congressional Budget Office (CBO) report estimates Americans’ costs at nearly $16 trillioni or double its May 2020 projections.2 To a layperson, $16 trillion is the wealth of 16 million millionaires or $110k for each U.S. taxpayer. Analysts expect this number to reach $35 trillion by 20253—a sum that easily exceeds the initiatives Congress has fought over for yearsii. Another study conducted by the Journal of the American Medical Association reached a similar conclusion. “About half of the price tag, $8.6 trillion (about $26,000 per person in the United States), is driven by the long-term health implications and costs for those who contract COVID-19, as well as the statistical estimates for the loss of life.”4 Robert Frost’s words aptly depict society’s effort to overcome the pandemic’s effects, “…miles to go before [we] sleep.” The stock market crash of 1929, in hindsight a predictable occurrence, unleashed a 10-year Great Depression. Likewise, the COVID-19 contagion, an equally predictable event, portends a similar trend. Long term, it compels society to address its socio-economic impact, acknowledge its lack of preparedness, and formulate a realistic action plan for protection against this and future pandemics, as well as potential biowarfare attacks. A similar event is inevitable, whether through malfeasance, rapidly increasing population density, environmental stress, biowarfare attack, or simply bad luck. So is society’s realization of two things: our economy and civilization will struggle to survive another pandemic in the near term, and that “an ounce of prevention is worth a pound of cure.” While one can theoretically shut down the engines and glide a plane to safety in an emergency, there is no substitute for proper planning, operations, and maintenance. Society needs a more proactive and anticipatory approach to national and global security, biodefense, and pandemic prevention and mitigation.5 Leaders need a strategy that leverages the resources of both the public and private sectors, as well as academic and individual initiative. Failure to do this is not an option—it is too costly and could lead to the collapse of entire economies and societies.
- Topic:
- Economy, Public Health, Pandemic, and COVID-19
- Political Geography:
- North America and United States of America