The coronavirus pandemic will end up costing Americans $16 trillion, far more than anyone predicted when the virus first emerged in the U.S. back in March, according to a new study released on Monday.
The study, published in the Journal of the American Medical Association, was co-authored by former Treasury Secretary Lawrence Summers and Harvard University economist David Cutler. Summers was also a top economic adviser to Presidents Barack Obama and Bill Clinton and is a former president of Harvard.
Their estimated cost includes a theoretical estimate for the value of a human life, and is spread out over the next decade. It also relies on an estimate that the eventual U.S. death toll from the pandemic will more than triple by the end of next year.
But $16 trillion is still an eye-popping number, and underscores