The coronavirus has dominated all of our lives in recent months. Radical paths were taken by politicians in the form of lockdowns to contain the pandemic. But we should recognize that even if the coronavirus is a (major) challenge for us, we always have to keep a holistic view of world events. Just as there are epidemiological factors to consider in this crisis, there are also economic, social, cultural, political and other health factors at play. It is precisely these other factors that are so often forgotten in the panicky reporting, in the constant, manic tracking of the current infection numbers, that we want to take a look at in our series “The Costs of Coronavirus Lockdowns” in the coming weeks. Throughout the Coronavirus crisis, governments around
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More Statistics in Our Costs of Coronavirus Lockdowns Series:
- The Costs of Coronavirus Lockdowns: Introductory Article by Kai Weiss
- A Future Hunger Pandemic: 135 million more people are on the brink of starvation (UN World Food Program)
- Fear of Collapse for Small Businesses: 55 percent of European SMEs fear bankruptcy by September 2021 (McKinsley)
- Economies Lock Down, Deaths Spike: 1.4 million excess deaths of tuberculosis, 500.000 from illness related to HIV and 385.000 from malaria (WHO & Stop TB Partnership)
- Children Hurt Not by Corona – But by Lockdowns: children’s mental-health-related visits to the emergency departments in the U.S. increased by approximately 24% and 31% for children aged 5-11 and 12-17, respectively, compared to the same period in 2019 (CDC)
- Record-Breaking Budget Deficit in the U.S.: The U.S. government spent $3.1 trillion more than it collected in 2020. Who is supposed to ever pay back all this money has not been answered yet. (U.S. Department of the Treasury)
- Drug Addiction Intensifies: The number of people dying from drug overdose in the U.S.rose by 17% in the last twelve months. This only includes reported cases until May 31, 2020. (CDC)
- Governments Grow in Size: In Austria, Germany, France, and Italy government spending has risen dramatically in 2020. (European Commission, Statista, and Handelsblatt)
The post Governments Grow in Size appeared first on Austrian Economics Center.
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