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Given how quickly forecasts were cut from 200,000 to 60,000 it is likely those estimates of millions of deaths were never correct. However, for the sake of argu
by adequateness 6y ago
Given how quickly forecasts were cut from 200,000 to 60,000 it is likely those estimates of millions of deaths were never correct. However, for the sake of argument lets assume that it was accurate and 2 million would have died. We can estimate the value of those lives saved using the value of statistical life that the EPA has for evaluating the effect of regulations[1]. Adjusting for inflation gives a value of $9.5 million today. Saving 2 million lives at 9.5 million per life gives a value of $19 trillion. The 2008 Great Recession cost Americans $22 trillion[2]. Many expect the recession now to be worse than the 2008 financial crisis[3][4].
[1] https://www.epa.gov/environmental-economics/mortality-risk-valuation#whatvalue https://www.epa.gov/environmental-economics/mortality-risk-v...
[2] https://www.huffpost.com/entry/financial-crisis-cost-gao_n_2687553 https://www.huffpost.com/entry/financial-crisis-cost-gao_n_2...
[3] https://foreignpolicy.com/2020/03/18/coronavirus-economic-crash-2008-financial-crisis-worse/ https://foreignpolicy.com/2020/03/18/coronavirus-economic-cr...
[4] https://www.youtube.com/watch?time_continue=58&v=v_-ZY1QAr2g https://www.youtube.com/watch?time_continue=58&v=v_-ZY1QAr2g