Heritage Foundation Report Blames China For $18 Trillion Loss To US Economy Due To COVID-19

The Heritage Foundation’s Nonpartisan Commission on China and COVID-19 has released a report claiming that China’s mishandling of the COVID-19 outbreak caused an $18 trillion economic impact on the United States. This analysis, reported by Fox Business, highlights the extensive financial and human costs inflicted by the pandemic.

According to the commission, the total economic damage includes $8.6 trillion from excess deaths, $1.825 trillion in lost income, $6 trillion related to chronic conditions such as “long COVID,” and $1 trillion in mental health repercussions. Additionally, educational disruptions contributed $435 billion to the overall toll, resulting in a combined economic loss of over $18 trillion.

“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,” the report states. The commission stresses the necessity of acknowledging these costs to hold accountable those whose actions exacerbated the pandemic.

From 2020 to 2022, the U.S. recorded 1,476,457 excess deaths due to COVID-19. The real GDP was 2.5% lower than projected during this period, indicating significant economic damage. The report suggests that the virus “very likely stemmed from a research-related incident in Wuhan, China,” and dismisses the natural origin theory due to a lack of supporting evidence despite extensive testing over four years.

The report also outlines China’s initial cover-up of the virus in December 2019 and its subsequent failure to contain the outbreak, which intensified the global spread and impact of COVID-19. These actions, according to the commission, significantly worsened the situation worldwide.

To address these issues, the commission recommends several actions. These include having Congress conduct a thorough review of China’s handling of the pandemic and evaluating U.S. domestic policies implemented in response. The report also suggests establishing a task force to assist with claims against China and facilitating lawsuits against the Chinese government.

Further recommendations involve decoupling U.S. and Chinese commercial supply chains and auditing all U.S. funding for biomedical research conducted in China. These measures aim to prevent future crises and hold China accountable for its role in the pandemic.

The Heritage Foundation’s report emphasizes the importance of a coordinated response to mitigate the long-term impacts of COVID-19 on the U.S. economy and to ensure accountability for those responsible. By implementing these recommendations, the U.S. can better prepare for and respond to future public health emergencies, safeguarding both its citizens and its economy.