School Closures Could Cost The US $50 Billion


Narrator: Closing every
school in the United States could cost the economy $50 billion a month according to new analysis
led by a professor of epidemiology at NYU. The majority of US states
have already taken this step to slow the spread of coronavirus, and local governments are
weighing the decision heavily because closing schools has far-reaching economic
and social implications. We spoke to one of the
authors of this report to find out how they’re
measuring the impact. – There’s a lot of uncertainty about how long school closures would last, and also about how much they’d cost, so if you only closed
schools for two weeks, the medium estimate would be $25 billion. Non-trivial, but again,
under roughly .1% of GDP. The four weeks is $50 billion, and it scales more or less linearly with the duration of the school closure, so the benefit of school closure is clear, but it’s also important to take account of the potential costs. A lot of parents would miss
work to care for their kids, and those people are subtracted
from the labor force. One important questions is what’s the inequality implication of this? And many of the people
who would be affected are lower-income workers
who can’t telecommute and who don’t have alternative
means to afford healthcare. It’s also true that lower-income children often get two to three of
their meals per day in schools, and other social services, so it would disproportionally affect lower strata of the economy. One important group that it would affect is healthcare workers themselves. The fact that they’re
– healthcare workers – included in that group also suggests that it would degrade the
response to the epidemic in the sense that it
subtracts healthcare workers just at a time when we need them to deal with this epidemic. So there are benefits of
school closures, obviously. It reduces transmissions
by preventing contacts. It reduces the peak transmission rate, which is important because
the healthcare system needs to cope with that, and it can reduce the overall numbers. Closing national schools
would be the result of state and local decisions. The federal government,
under normal conditions, does not have the authority to close all the nation’s schools, so this would be the result of an accumulation of local actions. It’s very hard to say how long you’d need to keep schools closed. There are many uncertainties,
one of which is the extent of the infection in
the population at large because the testing has not
been sufficiently aggressive. We don’t really know how much
disease is really out there, and one issue is simply
when you close schools, there are still circulating infections, and if you open schools
prematurely, you get a second wave, and this is what we actually saw in the famous 1918 Spanish flu. There were very, very
draconian quarantines and other measures, and people thought that the disease was more or less over, and it was more or less over. The tricky thing about epidemics is they can flare up again with only a very few
infectives still circulating.

100 Comments

  • How does this cost us? The tax payer should save a lot. F those that use school as a baby sitter and a restaurant. How about people without children, we should be able to get a huge brake on our taxes

  • 50 Billion each month!?

  • Not closing the schools will cost how many lives!!!!

  • Please explain why when there the ones that print the f*****money….. SMH… WTF. Pre-planned system. Don't you just love the f***** system we were born into.

  • Schools cost tax payers huge amounts of their income through taxes. This guy is spewing pro-tax the poor people BS propaganda. The money doesn't appear out of thin air. What a prick.

  • If they can have work from gone then why not study from home?

  • how bout close all public schools permanently? how much would that cost the tax payers? THATS RIGHT ZERO!

  • 56th 🙄

  • People: dies
    Government:”buT ThE eCoNoMey”

  • Bruh, when you still got school work online even though it’s “physically” closed for a month

  • me, a european: i get 5 weeks of free time suckers

  • Corporate America is losing $$$$$$.

    Suck it Rich bastards

  • The world is online move school online

  • So what do we do now? 🙃

  • No make up days

  • You spend more than that on military soo….

  • You will learn more on YouTube in those three weeks than you would at school anyway.

  • I have a friend who works in the school system. Our county is still providing breakfast and lunch to students despite the cancelled classes just because there are so many of them who wouldn't be able to eat otherwise.

  • It's not like our school systems were doing anything useful anyways

  • Laughs in Belgian

  • Nature always responds to our social behavior one way or another, and it punishes us fire any bad laws. This one is going to make every one rethink about the Constitution because it only promotes the pursuit of happiness for oneself and neglects the collective. The US failed to guarantee that healthcare is a human right, the US failed to guarantee labor rights like sick leave, child care, and maternity leave. It was so worried about the economy that it let the virus in and didn't ban public gatherings. It failed to protect restaurant workers and made owners use their tips as wages. It promoted policies that made sure that 70% of the population have less than $1000 in savings. Soon all Americans will realise that the pursuit of happiness has to be a collective goal not a selfish one.

  • This is beyond stupid. 80K infected in four months in China, a nation of 1.4 billion people. Is this worth destroying the economy for?

  • Ok boomer

  • cost of school not close?
    get virus number under control
    is more important

  • The DoD gets 600 billion, 50 billion is nothing

  • Joshua Epstein

  • I much prefer "School Closures Can Save Lives"

  • Well. It's going to cost a hell of a lot more when half our population gets sick.
    I have a 4 year old daughter, with a compromised immune system, with a scorching high fever for several days now. Now she's having difficulties breathing. Trying to speak to a person when calling her Pediatrician (and another, and another…) is a joke; Constantly being transferred, then put on hold. The ER is out of both masks and gloves for the Nurses. We are waiting on the Covid-19 test results as it takes 5 days. She was lucky to even get a test as they are rationing them out sparingly; 42 per day for the entire state, much like other states.
    Every store shelf is bare. All basic needed items GONE; Children's ibuprofen/acetaminophen, toilet paper, hand sanitizer, etc.
    I myself have Multiple issues. She and I have been inside for several weeks. My 6 year old son's Kindergarten only just on Monday as closed, for 2 weeks.
    My husband works outside of the house, but thankfully just received notice from the company's CEO that he can stay in for one week.
    We have "good" Health Insurance. We pay $700 per month which does not include MRI'S, Xrays, etc. Does include a copay for basic visits and medication (which, btw they can't prescribe children's ibuprofen because it's simply not there to provide right now).
    One can have the virus and not show symptoms for up to 14 days, possibly more, from what we know.

  • Thanks, Chinese government.
    Thanks, WHO.

  • What its saying is $ more important than life

  • I think this costs should be compared to the costs that would be brought by the widespread transmission of the virus in schools (i.e. cost of treatment, lost productivity, lost lives etc.). Every decision is about trade offs, what would be more beneficial for the community/economy. Ya'll stay safe and wash your hands.

  • No one gives a shit what it costs, let them close it and protect the kids. Make a video on how much it will cost to treat tens of thousands of corona virus patients on medicare/medicaid!

  • Govt: put its citizens in neverending debts.

    Govt: Stonks*

  • I live in Ohio and it closed for 3 weeks and we have online assignments to do.

  • If we all stay away from each other for say 2 weeks like they say or for safety a whole month, then those people who have the disease will get over it and won't infect anyone. So we can theoretically get this over with in a month and not half a year or so like they say.

  • Why not just skip summer vacation later?

  • Just imagine how much it would cost if they were actually to teach something instead if the nonsense they have been teaching.
    Perhaps it would be cheaper.

  • All is lost

  • Closing schools? Here in europe everything is digital. Because of corona we just follow online courses.

  • Those school kids were actually eating their free meal. WOW!

  • Joshua EPSTEIN ?

  • It's not like the money is spent in benefit of the students anyway

  • Seek the truth people all Governments are lying to us. Something far worse than the Virus is at play.

  • This shows how fragile us gdp is

  • Kids: Que the penis music

  • Chinese people HAD to eat their bat soup! SMH

  • I want to continue school cause I paired tons of money for college tuition, canceling class is wasting my money

  • We already have school closed in our country

  • Youtube rewind 2020, …

  • The good thing is Americans can't get more unintelligent

  • Who cares about the economy… PEOPLE ARE DYING!!! Education is the last thing on my mind.

  • That's stupid

  • The us army spends that much in seconds lol

  • And when all the kids are dead and their parents and grandparents infected (exaggeration) how much will that cost the economy then? Nitwits

  • A lot is coming to light.

  • For live updates on the novel coronavirus, read Business Insider’s coverage: http://bit.ly/LiveCoronavirusUpdates

  • Money wasted. It could have went to the Billionaires who need it !

  • Omg schools out lol

  • Home school your kids to educate, public schools indoctronate.

  • Thanks, I agree with this except for the comparison to the "Spanish Flu".

    That was actually bacterial miningitis caused by a Rockefeller vaccine given to soldiers and it killed 100 million people.

    Also, that kind of infection affects people in their prime vs those who are immunocompromised.

    It was actually sanitation that improved public health, not vaccines.

    To learn more –
    https://youtu.be/OUGMDOwwjhw

  • Epstein is still alive

  • This is stupid. Think of what would happen if COVID – 19 completely infected the US. Something tells me that's going to cost more than50 billion

  • Lies

  • How bout the universities, hoarding Billions of dollars for “Research”?

  • Only could the United States Government lose money by not using schools

  • And how much more would it cost to keep them open? They’re infection centers.

  • Ha just goes to show school is a scam

  • Schools in the us suck ass

  • All because some clown decided to eat a live bat

  • I wanna hear back from blondie the globetrotting disease vector from last weeks video, travelling for her very essential retail management job.
    Did they let her back into the country? Does she have any regrets?

  • Everyone losing money right now

  • Considering public schools have really become extremely low quality in the U.S., this shutdown is probably good for the kids.

  • Joshua Epstein didn’t kill himself

  • This guy is genius, the teacher, staff and other employee don't get paid when the school is closed temporarily.

  • Send the bill to China…they caused the problem.

  • How would they lose money if they don’t have to fund public schools, and pay for lunches/tuition?

  • How would the government lose money, if they don’t have to pay for people’s tuition and lunches? In the public school system lol?

  • $50 billion? That ain't much to the government

  • He explained this well from an immunological, epidemiological perspective but his explanation lacked his theory on how he assessed the figures he has. I didn't see figures on the cost per person, averages based on institutions where the cost of schooling is already paid through til the end of the academic year, those who are still being paid while working from home vs those who were forced to quit, where in those numbers are factoring in people and students with disabilities, etc.

    Stories told like this are not quite adding to the true information wave that we need, they are really close in territory to fear mongering. Plus, in science and in economics, we need more than 1 study. This video could have been so much more.

  • I finally got my revenge on the school system

  • Things getting worse 😭😭

  • Potential costs of lack of education is just simply too far reaching than what money can quantify

  • My highschool is on the thumbnail

  • I dunno how not going to school can cost schools money.

  • The vaccine will be the death of humanity.. WAKE UP PEOPLE

  • He says that parents would have to leave work to be at home with their kids. So in that case do these parents also leave work to be at home in May through August when the school year is over?

  • Why did the video show black people when talking about lower income individuals?

  • The BENEFIT is that young, pliable minds will get a break from their indoctrination/propaganda camps. THAT'S like a Visa commercial: PRICELESS!

  • I mean we’re our national debt it’s already in the trillions….I don’t see the problem with this

  • i live in alberta and my school is cancelled for the rest of the year lmaooo

  • Lol, I am a high school student and I have always wanted a distance school until I finally got it now. Lol please open the real school, it's kinda boring and hard to keep track of time and what to do with no teacher to tell you what to do. We follow the schedule and they will have a live presentation then you will be faced with 10000000000000 quetsion to answer in less than an hour.

  • Idk about you guys but I love staying home from school

  • STOP EATING WILD ANIMALS FOR GOD SAKE!!!

  • 0:30, see! I told you! Epstein didn’t kill himself.

  • China should pay for all this closures.

  • My school district has E-learning. It was originally used for snow days.

  • Maybe this will make the government think differently about schools and actually make us learn from them.

  • At least the kids aren't being shot

  • If this was the case, then billions of dollars would be lost each time school goes on break (Thanksgiving week, Christmas and New Year's break, Spring break, and Summer break.) Never once have I heard money was lost by closing school during these times.

  • Australia: Can't lose $50 Billion if you don't close schools

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