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Total Cost of Coronavirus Shutdowns and Lockdowns Estimated at $34 Trillion - More than the US GDP!
GP ^ | 04/02/20 | Jim Hoft

Posted on 04/02/2020 6:33:42 AM PDT by Enlightened1

The folks at the conservative website Grassfire put together their estimate for the costs of the shutdowns related to the coronavirus and the amount is staggering:

. Loss of Stock Market Valuation

At the end of February, reports indicated the stock market lost $6 trillion in valuation based on a drop of the Dow Jones Average from a high of 29,551 to 25,429 in the first wave of coronavirus crisis slides. Until we find a site that states the total loss due to the coronavirus crisis, based on the $6 trillion slide, we are estimating the total loss as of 3/31 (with the Dow at 18,591) to be:

Stock market loss in valuation: $10.5 TRILLION

TRENDING: OANN Booted From White House Briefings by Press Corps Association

They say those are “paper losses” and the market was “due for a correction.” Tell that to the retired couple depending on their stocks to live on during their retirement. Or the near-retirement age couple that just saw the goal of retirement fade away.

2. Direct Losses to the Economy (Lower GDP)

On March 20, Goldman Sachs drastically lowered its U.S. economic projections and is now expecting that that U.S. GDP will contract by 3.8% this year, as opposed to the projection at the outset of the year of 2% growth. It took America about three years to get back to the level of GDP output after the 2008-2009 recession. Based on this data, we project the LOSS in GDP due to the coronavirus crisis:

Direct Losses to U.S. Economy (GDP) $2.39 TRILLION

3. Loss of Jobs/Wages

The U.S. Federal Reserve of St. Louis is projecting the possibility of up to 47 million lost jobs (32.1% unemployment), which is far greater than the Great Depression (24.9% unemployment)


(Excerpt) Read more at thegatewaypundit.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: 34trillion; coronavirus; gdp; shutdown; trusttheplan
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To: cuban leaf

You are not alone. There are many like us and the number is growing rapidly as more and more people are touched directly by loss of everything. Voices will be rising very soon.

I anticipate a huge backlash against the elderly starting around 2024. The younger generations are going rip away the financial support and make a huge Euthanasia push. Kind of like a Logan’s Run situation. For every action there is an equal opposite reaction. When the younger generations see the total economic cost relative to the number of deaths and see their own futures destroyed - watch out!


21 posted on 04/02/2020 6:48:14 AM PDT by Codeflier (Covid-19 taught me: Two types of "conservatives", frightened safety seekers vs. freedom lovers)
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To: Enlightened1
This looks like a job for....


22 posted on 04/02/2020 6:54:40 AM PDT by xp38
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To: Codeflier

This will all be laid at the feet of Trump. The media and Democrats will go on a blitz later this summer blasting Trump for overreacting and destroying the economy. Bank on it. Trump is currently holding a losing hand and I think he knows it.


23 posted on 04/02/2020 6:59:39 AM PDT by tatown
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To: tatown

The only favorable factor is that Biden is so incredibly bad and deteriorating fast. A hasty replacement may not help.

So, if I had to bet, I would still say Trump pulls out a victory because he spends like a democrat anyway. However, the house will gain even more democrats, and gain control of the senate. Enough control that they impeach him and convict him for something.


24 posted on 04/02/2020 7:22:43 AM PDT by Codeflier (Covid-19 taught me: Two types of "conservatives", frightened safety seekers vs. freedom lovers)
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To: Enlightened1

Would y’all rather have a million dead?


25 posted on 04/02/2020 7:48:07 AM PDT by ctdonath2 (Interesting how those so interested in workERS are so disinterested in workING.)
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To: Codeflier

Could be...


26 posted on 04/02/2020 7:51:28 AM PDT by tatown
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To: frogjerk

Given how much the young people of this country have become snowflakes, often with the encouragement of their parents, this trial may be advantageous in terms of our national character.


27 posted on 04/02/2020 7:53:30 AM PDT by RoosterRedux
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To: ctdonath2

Oh please there was never going to be a million dead.

Originally they said 12 million dead, then 6 million dead, then to 1 million dead, then to 500k and now 100 to 200k. All in a period of 19 days. Notice a pattern?

How come their numbers are so off is what you should be asking yourself?

The answer is simple. They are only calculating those tested and who died.

They are not factoring all the people that never tested for it and healed from it.

This is why the number keeps going down and Fauci admits his models they have to keep readjusting down.

No I do not think the solution of you have to destroy the U.S. economy to save lives B.S.

It’s real simple. Those that have it get quarenteend for the time period or treated if worse case. You let the economy continue, practice Social distancing.

Did you know China did not tell President Trump about the Coronavirus until November of 2019. They had been trying to control it and had no success for at least 3 months.

Now all during that time Chinese citizens were traveling around the world with this highly contagious airborne virus, and no one knew about it. Think about that.


28 posted on 04/02/2020 7:57:35 AM PDT by Enlightened1
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To: tatown
Everyone knows the Democrats and media (and all Lefties for that matter) will blame Trump.

That's not a "losing hand," that's just the way it is.

Sensible people in this country realize Trump is doing a fine job with a tough problem.

People who have watched Trump for a long time know that he hasn't lost even one minute worrying about what the Democrats and the media say.

They've got a much larger problem. Senile Joe Biden.

29 posted on 04/02/2020 7:59:43 AM PDT by RoosterRedux
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To: RoosterRedux

Easy for wealthy old retired farts to say.


30 posted on 04/02/2020 8:05:17 AM PDT by central_va (I won't be reconstructed and I do not give a damn....)
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To: Enlightened1

Are you actually blind to the fact that preventing a problem prevents the problem? The “million dead” is if nothing is done. Thing is, something is being done - so the death count is reduced. If handled perfectly, and nobody died, you’d bitch about it; I suspect you think Y2K was nothing too (because of tremendous effort expended to make it nothing).


31 posted on 04/02/2020 8:10:46 AM PDT by ctdonath2 (Interesting how those so interested in workERS are so disinterested in workING.)
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To: ctdonath2
Unfortunately we will never know because one can't measure what was prevented.

Let's say I was able to go back in time to 1933 and I assassinated Adolph Hitler. My defense in court would be of course that I saved millions of lives and a World War. But instead, I would be considered a lunatic. I would be convicted as an assassin.

Instead of going down in history as a hero for preventing a world calamity, I'd go down in infamy as taking out a promising young leader who looked to be getting his nation on the right track.

I'm not a fan of this lockdown but I grant that things would be much worse for us if we did nothing and millions died. So my point is, now that we have gone down this particular road, we will never know for sure what the outcome would have been if we maintained business as usual.

You can't measure what is prevented.

32 posted on 04/02/2020 8:20:40 AM PDT by SamAdams76 (A New Yorker died every 2.85 minutes of Chinese Virus over the past 24 hours)
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To: central_va
I've been poor. And I've lost everything a couple of times and had to start over with absolutely nothing. Lost wife, house, job, company, and career in one downturn.

I'm as qualified as the next guy.

33 posted on 04/02/2020 8:23:29 AM PDT by RoosterRedux
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To: tatown
What you are holding is really not important.

How you play the hand is.

34 posted on 04/02/2020 8:28:07 AM PDT by going hot (happiness is a momma deuce)
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To: Enlightened1

To further support your point one can look at countries that have largely avoided shutting down to protect their economies (Japan, Brazil, Sweden, etc) and their infections/deaths appear to be the similar to every other nation. The point being that these countries are not seeing 100,000’s of thousand dead/dying citizens.

The models put out by Fauci and Birx are complete horseshit propaganda. Not a single shred of data exists to suggest that these reflect reality...in either quarantined or non-quarantined countries. Why Trump is promoting them is puzzling unless he is going to use them in the future to hype up how many lives he saved..?


35 posted on 04/02/2020 8:29:15 AM PDT by tatown
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To: cuban leaf

What are “GF I” and “GD II”?


36 posted on 04/02/2020 11:08:59 AM PDT by RoosterRedux
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