'Without vigorous steps, the CDC estimates the COVID-19 will infect 70 to 150 million Americans,' Michael Hicks tells Newsweek. 'This would have enormous economic costs.'
An Indiana economics professor predicted on Sunday that the coronavirus pandemic could cost the U.S. $7 trillion, and by June the domestic unemployment rate will be larger than at any point since the Great Depression.
"Without vigorous steps, the CDC estimates the COVID-19 will infect 70 to 150 million Americans in the next few months, of whom 80 percent will get sick," Michael Hicks, director of the Center for Business and Economic Research and professor of economics in the Miller College of Business at Ball State University, told."Of those who fall ill, 5 percent will need hospitalization and 1.2 percent will die. This would have enormous economic costs.
Medical expenses to treat infected people could cost an additional $2 trillion, Hicks added, noting that these estimates are optimistic.published Sunday on the Business and Economic Research's Data Center, a website hosted by Ball State University. Hicks estimated that by June, the unemployment rate across the country will"be higher than at any point since the Great Depression." He went on to argue that many American economists have called for"rapid, and expensive, intervention" and predicted that without such aggressive actions, the cost of the disease will likely total roughly $7 trillion.
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