Heritage Foundation Report Reveals $18 Trillion Economic Toll From COVID-19, Blames China

A new report by the Heritage Foundation’s Nonpartisan Commission on China and COVID-19 attributes an astounding $18 trillion in economic damage to the United States due to China’s mishandling of the pandemic. This comprehensive analysis, highlighted by Fox Business, outlines the severe financial repercussions felt across multiple sectors of the U.S. economy.

According to the commission, the pandemic’s total cost includes $8.6 trillion from excess deaths, $1.825 trillion in lost income, $6 trillion from chronic conditions like “long COVID,” and $1 trillion in mental health losses. Educational disruptions added $435 billion to the overall damage, summing up to over $18 trillion.

The report emphasizes, “The COVID-19 pandemic has exacted a staggering toll on the United States, both in human lives and in economic terms. The total estimated cost of $18.007 trillion is a stark reminder of the profound impact this global health crisis has had on the nation.” This statement underscores the importance of recognizing these costs to hold accountable those responsible for exacerbating the pandemic.

From 2020 to 2022, the U.S. experienced 1,476,457 excess deaths due to COVID-19. The real GDP dropped 2.5% below expected levels during this time, reflecting significant economic setbacks. The commission’s findings suggest that COVID-19 most likely originated from a research-related incident in Wuhan, China, rather than from natural sources, as no evidence supports the latter despite extensive testing.

The report also sheds light on China’s initial cover-up of the virus in December 2019 and its subsequent failure to contain the outbreak, which contributed to the global spread and severity of the pandemic. These actions, the commission argues, intensified the impact on the U.S. and other countries.

To address these issues, the commission proposes several measures. These include a congressional review of China’s pandemic response and U.S. domestic policies, the creation of a task force to support claims against China, and the facilitation of lawsuits against the Chinese government.

Additionally, the report recommends decoupling U.S. and Chinese commercial supply chains and auditing all U.S. funding for biomedical research conducted in China. These actions aim to prevent future crises and ensure accountability for the mishandling of the COVID-19 outbreak.

The Heritage Foundation’s report highlights the urgent need for a coordinated response to mitigate the long-term economic impacts of the pandemic and to hold accountable those responsible for its global spread. By implementing these recommendations, the U.S. can better prepare for and respond to future public health emergencies.