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According to a new report by the Heritage Foundation’s bipartisan Commission on China and COVID-19: COVID pandemic It caused an economic loss of $18 trillion to the United States and held the Chinese government responsible for the spread of the infection.
As of December 2023, FOX Business has Total economic loss from the pandemic Taking into account the various impacts of the pandemic on the economy, the loss in the United States has exceeded $18 trillion.
This figure includes more than $8.6 trillion in excess deaths, more than $1.825 trillion in lost income, $6 trillion from chronic illnesses such as “Long COVID,” $1 trillion in mental health losses, and $435 billion in education losses, for a total of more than $18 trillion.
“The COVID-19 pandemic has caused immeasurable damage to the United States in both human lives and the economy. The estimated total damages of $18.7 trillion are a stark reminder of the devastating impact this global health crisis has had on the nation,” the committee wrote. “Understanding and acknowledging these damages lays the foundation for holding accountable those whose negligence or overt actions exacerbated the severity of the pandemic.”
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The Heritage Foundation’s bipartisan Commission on China and COVID-19 concluded that the total economic damage caused by the pandemic to the United States exceeds $18 trillion. (REUTERS/Brendan McDiarmid/File)
The report noted that there were 1,476,457 excess deaths in the U.S. from 2020 through 2022, at the peak of the pandemic.
In terms of lost economic output, real gross domestic product during that period was 2.5% below the level projected at the start of 2020, before the pandemic began.
He added that The Economist’s analysis has called the pandemic “the most disruptive and costliest event of the 21st century” and estimated global excess COVID deaths at 28 million.
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The report noted that approximately 1,476,457 excess deaths will occur in the United States from 2020 to 2022, resulting in economic losses of $8.6 trillion. (Bing Guang/Bloomberg via Getty Images/File)
Regarding the origins of COVID, the committee concluded that it “likely arose from a laboratory-related incident.” “Wuhan, China”
“It remains theoretically possible that COVID-19 emerged from a wild zoonosis or from wet market spillover (a virus originating in animals is transmitted to humans) but despite four years of exhaustive testing, there is no evidential basis for either hypothesis,” the committee wrote.
The report also included a timeline of Chinese government actions as part of a “systematic cover-up” about the origins of COVID-19, beginning as late as December 2019, and its failure to take measures to contain the virus domestically.
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The COVID pandemic has caused major disruption to daily life and the economy. (Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images/File)
The committee provided Recommendations to Congress Issues to consider in holding the Chinese Communist Party accountable for its role in the COVID-19 pandemic include:
- It would establish a bipartisan national COVID commission to “examine China’s inaction and cover-up, and evaluate the domestic policies that have been implemented” in response to the pandemic.
- Establish a bipartisan Reparations or Compensation Task Force to cover claims for reparations against the Chinese government.
- Amend the Foreign Sovereign Immunities Act to include provisions allowing private citizens to bring COVID-related claims against the PRC, making it easier to bring civil actions against the People’s Republic of China and allowing private citizens harmed by COVID to obtain compensation.
- Decoupling U.S. government and commercial supply chains from Chinese state-owned enterprises.
- Audit all U.S. government funding of biomedical research and related research activities in China.
The Committee also: The President takes action. These include making it a diplomatic priority for China to allow a free scientific and forensic investigation into the origins of COVID, and imposing economic sanctions on Chinese officials and entities that have participated in or assisted in the “distortion and concealment” of information related to the COVID pandemic.
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“Given China’s lack of accountability itself and its disruptive role in international institutions, the committee believes that only holding the Chinese government accountable for its negligence and wrongdoings can provide both the Chinese government and other governments with the motivation and impetus to act differently in the future,” the committee members wrote.
According to the report, it U.S. Government The committee called for action on its recommendations and expressed hope that other governments would be inspired by its work, adding: “It is better to take bold action now than to ask why we did not do more when an even deadlier pandemic strikes in the future.”
