Economic Shutdown and the Cost to Save a Single Life

Austrian School of Investment Thought Blog ^ | April 20, 2020 | Ted Barnhart

[Blaine Fabin]

Why would grocery store workers continue to show up for work, make entry-level wages while exposing themselves to risk – as the government pays the very people who put them at risk to stay home?

A wise man once said that civilization is never more than nine meals away from anarchy.

Regardless of how much money the government is willing to spend on relief programs, getting the money where it needs to be is not as easy as it seems.

With unemployment claims at staggering numbers, many laid-off workers have had difficulty accessing state platforms and systems to apply for benefits.

The Small Business Association Paycheck Protection program (part of the stimulus package) is designed to grant forgivable loans to small businesses to cover payroll and other expenses. The program allocated $350 Billion for eight weeks of coverage.

Funding was exhausted in just two weeks, with many owners unable to submit applications. The cost to extend the existing program for a year would be over $2 trillion itself and is apparently nowhere near sufficient to meet demand.

[MeganC]

Let’s see: In 2001 about 3,000 Americans were killed and we’ve spent trillions of dollars and lost some 9,800 troops (in theatre and not all in combat) trying to wage war to prevent another terrorist attack.

In this case there’s an economic price to contain the deaths from this disease to around 68,000 instead of the approximate 250,000 people who otherwise would have died.

And all along I keep hearing supposed conservatives putting a price on people’s lives and saying that the economic price is not worth the additional 190,000 dead.

Which tells me that the people who say this and then preen themselves as being ‘pro-Life’ are only nominally pro-Life.

Because if there was a big enough economic benefit from abortion then I suppose these folks would become pro-abortion because they’ve already demonstrated that for them money means more than the lives of others.

[shanover]

The virus came at a bad time when every single issue that was killing the nation to begin with is now on steroids with EVERY single socialist agenda added within a months time. The nation is broke,trying to spend its way to placate people,pretending government is the answer and is oblivious to the fact government and politics is the problem and has put American on a house of cards.

[redangus]

Your comment that 190,000 people would have died is unsupportable based on the data we have therefore your argument is facetious. We can estimate death based on modeling, modeling which has been ridiculously wrong. The only question that needs to be answered right now is what death rate is acceptable? We are predicted to see 65+K death come August 4th. If we open up the country again right now how much should we see that number change and what level of change is acceptable? The present economic shutdown is unsustainable and the people know it. We don’t live in a bubble. Life is always a trade off. The only question is what are the trade off when it comes to Covid-19 vs a multi trillion dollar economy?

[JayAr36]

The virus is not the thing we need to fear. We should fear the government and the bureaucrats that run it. Backed up by the enemedia they will run over anyone that threatens their power.

[MeganC]

In my opinion your life is not worth my family experiencing an economic impact of more than $0.32 in any given month.

So...how does it feel having a total stranger put a price on your life for you?

[John Milner]

Let’s be honest, it’s all perspective:

My life - No limit on value!
My loved ones - Very high limit on value!
Friends and close neighbors - High Value!
Casual acquaintances - Some Value!
People I used to know - Minor Value
People in my community I don’t know - Interest, but no value
Politicians and Celebrities (with few exceptions) - Negative Value

[redangus]

Your sarcasm and fear mongering doesn’t bother me in the least. Stay in your closet and hold your breath until the virus disappears if you want, it’s no sweat off my brow. My family chooses to live, not cower in fear against a disease that daily is being proven to be the most overhyped crisis in US history.

[gogeo]

In this case there’s an economic price to contain the deaths from this disease to around 68,000 instead of the approximate 250,000 people who otherwise would have died.

Please, what's the source of that number?