A new report suggests that Americans are ready to pay about US$5 trillion to get rid of coronavirus and save many lives as the U.S now leads the world in confirmed COVID-19 cases. The Treasury Department will borrow about $3 trillion in the following three months. That is practically triple what the Treasury acquired for the entirety of 2019. Congress has so far consented to spend $3 trillion to help the U.S economy and its workers.
They concluded that an average person is ready to pay $15,000 to decrease the number of cases through shelter-in-place, social distancing, and different mediations.
Centers for Disease Control and Preventions (CDC) reports that The National Ensemble Forecast suggests that the number of deaths will exceed 0.1 million in the United States by June 1st. It also indicates that the countries in which a high number of deaths are reported are most likely to see a rise in the coronavirus cases in the coming weeks while countries with less number of deaths will experience less number of cases.
Health authorities say that strong social distancing measures should not be removed while others want that the restrictions lifted right away. Economists frequently compute what individuals are happy to pay to find a response to questions like these.
It would not be sensible to hold back to facilitate the limitations until the casualty pace of COVID-19 tumbles to zero. They accept deaths emerging from the seasonal flu and deaths that could be avoided by providing more facilities for medical research.
More than 1.44 million people are infected with the virus in the United States, and the number of deaths is more than eighty thousand. It’s their failure that they didn’t take coronavirus pandemic seriously even as it emerged in China. They failed to provide broad testing for the disease and left the nation heedless to the extent of the crisis. The people in the country faced a shortage of masks, ventilators, and protective gear for the protection of their doctors and nurses.
The director of the Center on US-China Relations at the Asia Society, Orville Schell says, “We’re essentially in the beginnings of a Cold War. We are on a downward slide into something increasingly adversarial with China.”
This research shows that, in the total, the advantages in terms of lives spared and morbidity avoided can well legitimize the gigantic economic cost brought by social distancing measures.
An important warning, however, is that since the greater part of the advantages of these measures gather to a relatively little group of profoundly helpless people, while the cost trouble falls on the whole populace, not every person may eagerly acknowledge those measures, as confirm by protests against the lockdowns.
The outcomes of this research are suggestive. Some of the assumptions of this research in regards to the spread of infection, the risk factors associated with the severe disease, how emergency clinics respond to surge like coronavirus pandemic may refute. Furthermore, much experimental investigation stays to be done, particularly according to the nonmonetary advantages and expenses of social distancing intercessions. Researchers are trying hard to get rid of coronavirus.
The researchers have shown a lot of interest in coronavirus pandemic. The European Economic Association alone records more than two hundred projects investigating information related with the coronavirus pandemic, going from attempting to comprehend the macroeconomic outcomes to assessing the viability of social distancing intercessions.