Tyr-Ziu Saxnot
04-19-2020, 08:53 PM
https://www.yahoo.com/finance/m/b2ba95ae-bdd4-370b-9c3e-ea34906cdb87/are-we-overreacting-to-the.html
Business
Are we overreacting to the coronavirus? Let’s do the math
Geoffrey Joyce
MarketWatchApril 19, 2020, 7:49 AM CDT
Opinion: Are we overreacting to the coronavirus? Let’s do the math
Published: April 19, 2020 at 8:49 a.m. ET
By Geoffrey Joyce
67
Is the economic cost of COVID-19 $150 billion? Or $5.6 trillion?
As coronavirus deaths and infections plateau in many parts of the country, and as the economic damage of stay-at-home orders mounts, a question is gaining ground: Are we overreacting?
Some economists and business leaders believe the costs of constraining the virus have exceeded the benefits. They point to unemployment totals not seen since the Depression and entire industries shut down, compared to virus death totals that may reach only the numbers from a bad flu season (55,000).
As more data become available, the epidemiological trajectory of the virus is becoming clearer, allowing us to estimate the costs of COVID-19 and whether government restrictions are worth the price we are paying.
Read the latest on the coronavirus here
Serology results suggest that about 3% of the U.S. population is infected, 1 in 10 of whom will be hospitalized (based on New York City data), and 1 in 200 of the infected dying (0.5% mortality rate or about 5 times the flu). Economists can use those numbers as part of a cold-eyed calculation that includes the economic value of a life year.
By looking at what we are willing to pay to reduce the risk of death—for example, how much will we pay for a smoke detector at home or air bags in the car—economists assign a dollar figure to a life year, now typically measured at $150,000. Applying that measure to the age distribution of the deceased, and adding the costs of treating the infected population, the total cost of COVID-19 in the U.S. under current restrictions appears to be about $150 billion. This estimate pales in comparison to the $2.3 trillion stimulus package alone and seems to support Wisconsin Sen. Ron Johnson’s recent concern that “the cure is worse than the disease”.
I urge every person here to read this article--
And especially spend time reading the comments/replies given to and about this article.
As the given information in those replies should put a totally new perspective into your thinking on this issue.
Politicians and media have over-hyped the mortality rate of this virus by a factor of at least 10 if not even far more..
Information is key, information brings into view a more clear perspective of the situation.
Folks, mark my words-- the numbers of deaths is very highly inflated.
The number of those that have had the virus with little or no symptoms is grossly under inflated.
Such skewing gives a false percentage-in favor of giving a higher death count --in order to create fear and panic.
Truth is greatest fear is for those 60+ years in age and those with other serious underlying health conditions.
Which is the same standard that has been in place for like forever involving the flu, and other respiratory illnesses etc.
I am 66 years old -with other underlying health issues and I am not in a panic nor am I fear stricken anymore than I have
been for these last few decade regarding every flu-season that brings in a new flu!
And I am by no means a gullible or a stupid person....
Were it truly as bad as they lie to make it out to be--I would be afraid myself. I am not....--Tyr
Business
Are we overreacting to the coronavirus? Let’s do the math
Geoffrey Joyce
MarketWatchApril 19, 2020, 7:49 AM CDT
Opinion: Are we overreacting to the coronavirus? Let’s do the math
Published: April 19, 2020 at 8:49 a.m. ET
By Geoffrey Joyce
67
Is the economic cost of COVID-19 $150 billion? Or $5.6 trillion?
As coronavirus deaths and infections plateau in many parts of the country, and as the economic damage of stay-at-home orders mounts, a question is gaining ground: Are we overreacting?
Some economists and business leaders believe the costs of constraining the virus have exceeded the benefits. They point to unemployment totals not seen since the Depression and entire industries shut down, compared to virus death totals that may reach only the numbers from a bad flu season (55,000).
As more data become available, the epidemiological trajectory of the virus is becoming clearer, allowing us to estimate the costs of COVID-19 and whether government restrictions are worth the price we are paying.
Read the latest on the coronavirus here
Serology results suggest that about 3% of the U.S. population is infected, 1 in 10 of whom will be hospitalized (based on New York City data), and 1 in 200 of the infected dying (0.5% mortality rate or about 5 times the flu). Economists can use those numbers as part of a cold-eyed calculation that includes the economic value of a life year.
By looking at what we are willing to pay to reduce the risk of death—for example, how much will we pay for a smoke detector at home or air bags in the car—economists assign a dollar figure to a life year, now typically measured at $150,000. Applying that measure to the age distribution of the deceased, and adding the costs of treating the infected population, the total cost of COVID-19 in the U.S. under current restrictions appears to be about $150 billion. This estimate pales in comparison to the $2.3 trillion stimulus package alone and seems to support Wisconsin Sen. Ron Johnson’s recent concern that “the cure is worse than the disease”.
I urge every person here to read this article--
And especially spend time reading the comments/replies given to and about this article.
As the given information in those replies should put a totally new perspective into your thinking on this issue.
Politicians and media have over-hyped the mortality rate of this virus by a factor of at least 10 if not even far more..
Information is key, information brings into view a more clear perspective of the situation.
Folks, mark my words-- the numbers of deaths is very highly inflated.
The number of those that have had the virus with little or no symptoms is grossly under inflated.
Such skewing gives a false percentage-in favor of giving a higher death count --in order to create fear and panic.
Truth is greatest fear is for those 60+ years in age and those with other serious underlying health conditions.
Which is the same standard that has been in place for like forever involving the flu, and other respiratory illnesses etc.
I am 66 years old -with other underlying health issues and I am not in a panic nor am I fear stricken anymore than I have
been for these last few decade regarding every flu-season that brings in a new flu!
And I am by no means a gullible or a stupid person....
Were it truly as bad as they lie to make it out to be--I would be afraid myself. I am not....--Tyr