COVID-19 caused $18 trillion in economic damage to the United States. According to a report by the Heritage Foundation’s Nonpartisan Commission on China and COVID-19, the pandemic left the U.S. economy in tatters.
Fox Business News [1] was able to exclusively get an advanced copy of their report and reported the following: $8.6 trillion from excess deaths, $1.825 trillion in lost income, $6 trillion due to chronic conditions like “long COVID,” $1 trillion in mental health costs, and $435 billion in educational losses. It’s a financial apocalypse, folks.
Democratic decisions: a comedy of errors.
Let’s not forget the Democratic policies that threw gasoline on this dumpster fire. Lockdowns, mask mandates, and endless restrictions turned the economy into a ghost town.
Small businesses shuttered, jobs evaporated, and livelihoods were destroyed, all in the name of “flattening the curve.” Spoiler alert: the curve remained defiantly unflattened.
China’s got some explaining to do.
The report doesn’t mince words about the origins of COVID-19, pointing a finger squarely at a “research-related incident” in Wuhan, China. The Chinese government’s cover-up and failure to contain the virus are outlined in a damning timeline.
Recommendations for Congress include creating a bipartisan national COVID commission, facilitating civil claims against China, and auditing all U.S. funding for biomedical research in China. But true accountability for the pandemic will most likely never be realized.
The road ahead: brace yourself.
The commission’s advice to the U.S. government is clear: take bold action against China, decouple supply chains, and impose sanctions. And maybe, just maybe, avoid repeating the disastrous domestic policies that turned a bad situation into an economic catastrophe.
If we don’t, we might find ourselves asking why we didn’t act sooner when the next pandemic hits. Because, let’s be real, this isn’t our first rodeo, and it won’t be our last.
The COVID-19 pandemic also specifically had a significant impact on Michigan’s economy, leading to substantial losses across various sectors. Key factors contributing to these economic losses included:
- Unemployment: At the peak of the pandemic, Michigan’s unemployment rate surged [2] to over 20%, with many businesses shutting down or reducing operations.
- Small Business Impact: Many small businesses faced closures or severe revenue declines, particularly in retail, hospitality, and tourism. But don’t worry because Michiganders, although not often able to go to church or visit their loved ones in nursing homes, were still able to get abortions and buy alcohol.
- Automotive Industry: As a major hub for the automotive industry, Michigan saw production halts and decreased demand, affecting both manufacturers and suppliers. The supply chain in the country was seriously affected by the pandemic and still is today [3], years afterwards.
- Healthcare Costs: The state incurred substantial costs related to healthcare, including the treatment of COVID-19 patients and public health measures.
- Tax Revenue: With reduced economic activity, state and local tax revenues declined, impacting budgets and public services.
The true cost of the pandemic extends beyond financial metrics. Lives disrupted, dreams shattered, and futures uncertain – the legacy of COVID-19 is etched in the very fabric of our society.
As Michigan and the rest of the nation struggle to recover from the pandemic, it’s clear that the lessons of this crisis must not be forgotten. The economic devastation serves as a stark reminder of the need for balanced policies that prioritize both public health and economic stability.
Only by learning from our past missteps and preparing for future challenges can we hope to navigate the uncertain road ahead and rebuild a more resilient economy. And that, as most of us know, will not be able to be done under Democratic leadership.