{"id":1835981,"date":"2023-02-05T10:50:44","date_gmt":"2023-02-05T15:50:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1835981"},"modified":"2023-02-05T10:53:34","modified_gmt":"2023-02-05T15:53:34","slug":"u-s-economy-lost-12-trillion-to-covid-lockdowns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-economy-lost-12-trillion-to-covid-lockdowns\/","title":{"rendered":"U.S. Economy Lost $12 Trillion to COVID Lockdowns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-economy-lost-12-trillion-to-covid-lockdowns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1835981&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/AP20205648940120-1200x800-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>The pandemic caused by the influenza pandemic saw the U.S. GDP fall. <a href=\"https:\/\/www.theepochtimes.com\/t-covid-19-lockdowns\">COVID-19 lockdowns<\/a> According to researchers at the University of Southern California, this has led to trillions of dollars of losses in the past five years.<\/p>\n<p>The pandemic had already wiped out $12.2 trillion of the U.S. economy by 2022. <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0264999322003844\">Study<\/a> Published in Economic Modelling journal estimations. Researchers project that total losses will reach $14 trillion by 2023. Researchers blame involuntary behavior for the findings. <a href=\"https:\/\/www.theepochtimes.com\/t-business-closures\">Closure of businesses<\/a> As the \u201cleading cause\u201d for the massive decline in America\u2019s GDP during this period.<\/p>\n<p>\u201cI\u2019m still amazed at how powerful a negative impact COVID is projected to have on the U.S. economy compared to previous man-made and natural disasters,\u201d According to a, Adam Rose, co-author of the study and a research professor at USC Price School and senior researcher at the USC Center for Risk and Economic Analysis of Threats and Emergencies(CREATE), is a senior research fellow at USC Center for Risk and Economic Analysis of Threats and Emergencies.\u00a0<a href=\"https:\/\/priceschool.usc.edu\/news\/covid-cost-gdp-adam-rose-usc-price\/\">Press release<\/a>\u00a0On January 25,<\/p>\n<p>\u201cCOVID\u2019s impact on GDP is estimated to be nearly 100 times more than the previous largest disaster of the 21st century\u2014the September 11, 2001, World Trade Center attacks.\u201d<\/p>\n<p>While the Trump administration\u2019s stimulus spending eased economic losses during the pandemic, the Biden administration\u2019s $1.9 trillion spending did not have such an effect, according to the study.<\/p>\n<p>Instead, federal spending was the \u201copposite effect by crowding out private investment and the requirement to repay businesses loans.\u201d The \u201ccrowding out\u201d Economics theory states that falling private-sector spend is associated with rising public sector spending.<\/p>\n<h2>States with fewer restrictions perform better in a pandemic.<\/h2>\n<p>The study blamed three factors for America\u2019s economic decline during the pandemic: deaths and illnesses, mandatory business closures, and voluntary avoidance of activities that stimulate the economy but prevent infection.<\/p>\n<p>The study concluded that mandatory business closings were the most common of these three. \u201cgreatest impact\u201d The U.S. economy. In the first six months after the pandemic began, the GDP declined by 26.3 percent due to the closure of businesses. Work avoidance only accounted for 12.2 percent.<\/p>\n<p>Deaths and illnesses had the lowest impact on people who could work.<\/p>\n<p>Although the economy experienced growth in late 2019, when businesses started to reopen their doors, it declined in early 2021 after certain mandatory business closings were reinstated.<\/p>\n<p>A <a href=\"https:\/\/www.scribd.com\/document\/519658444\/BCN-CovidReport\">Study<\/a> The August 2021 report by the Beacon Center of Tennessee examined how state policies concerning COVID-19 impacted their economies and their health. The report examined four states and identified Kentucky and Michigan as having more restrictive economic policies than Tennessee and Georgia.<\/p>\n<p>The study revealed that both Georgia and Tennessee had economies in the range of $2.5 trillion. \u201cless impacted\u201d There were fewer deaths in the Pandemic than in Kentucky or Michigan.<\/p>\n<p>\u201cThe biggest difference was in labor force participation rates, with Kentucky and Michigan experiencing a drop in labor force participation roughly four times greater than Tennessee and Georgia,\u201d The report stated.<\/p>\n<p>\u201cTennessee and Georgia did not experience a signi\ufb01cant change in new COVID-19 cases after reopening their economies.\u201d<\/p>\n<h2>Pandemic and Unemployment<\/h2>\n<p>COVID-19 lockdowns also contribute to the creation of \u201cchaos\u201d Jeffrey A. Tucker, founder and president, Brownstone Institute, stated that U.S. labor market conditions are favorable.<\/p>\n<p>In a <a href=\"https:\/\/www.theepochtimes.com\/how-lockdowns-caused-chaos-in-labor-markets_4577865.html\">write-up<\/a> Tucker, writing in The Epoch Times July 2022, pointed out that the most adverse effects of the pandemic-induced unemployment were felt by the working-class population without a college degree.<\/p>\n<p>This demographic was successful \u201can incredible\u201d He said that after the lockdowns, there was 17.5 percent unemployment. While adding that the professional class experienced \u201cfar less pain and suffering\u201d In these circumstances. Due to COVID-19 policies the labor force participation rate plummeted.<\/p>\n<p>In July, the labor force participation rates were only 5% \u201cback to low levels that we haven\u2019t seen in 1977, nearly a decade before more than half of the population of women with children entered the workforce. Forty years of labor inclusion wiped out with policies wholly approved by the political left,\u201d He wrote.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic caused by the influenza pandemic saw the U.S. GDP fall. COVID-19 lockdowns According to researchers at the University of Southern California, this has led to trillions of dollars of losses in the past five years. The pandemic had already wiped out $12.2 trillion of the U.S. economy by 2022. Study Published in Economic &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1835984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[11414,4127,9168,4619,5987,7238],"class_list":["post-1835981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-11414","tag-covid","tag-economy","tag-lockdowns","tag-lost","tag-u-s"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1835981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1835981"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1835981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1835984"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1835981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1835981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1835981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}