Health care being overwhelmed, yes . Bodies being piling and rotting in people’s homes, that’s extreme hyperbole 7,700 people die in the U.S. each day about 1,800 in Italy. Like the victims of Covid19, these are primarily elder. Even today, when 345 folks died in Italy, that’s still only 20% of all deaths in Italy.
I think your definition of slight economic hardships is way different than most everyone else’s. We’ve seen trillions of dollars in lost wealth (which doesn’t bother that much) and tens of billions dollars worth of lost economic output, much of which gone forever. Lowering the US GDP from a 2% growth to -2% recession for one quarter alone is $100 billion.
How much is a life worth is a question that governments and society grapple with, but it is an important one.EPA and some other government agencies say one life is worth about $10 million. Kenneth Fineberg in administrating the 9/11 fund and the B.P. settlement ended up with $1-$3 million/lost life and wrongful deaths (after being reduced) also end up in the range.
So that says if have a government policies costs a billion in lost economic activities that needs to save at least 100 lives. Which means it needs to prevent 10,000 cases at a 1% mortality rate. It would also save us the expense of treating about 2,000 serious cases of COVID 19
But those are really on the high-end values for human life. The opportunity cost for other public health measure are much lower. For instance, ten billion dollars would provide, food, shelter, and a good chunk of the medical care for all of the 500K homeless folks in the country, or methadone treatment for all two million folks who are addicts. It seems almost certain that either one of those actions is going to save way more than 1,000 lives/year The Gates foundation has saved millions of lives by spending 30 billion in 3rd world countries.
Professor Ioannidis is making argument #1 that we have shitty data, which no one disputes.
Is his second argument is this.
If we assume that case fatality rate among individuals infected by SARS-CoV-2 is 0.3% in the general population — a mid-range guess from my Diamond Princess analysis — and that 1% of the U.S. population gets infected (about 3.3 million people), this would translate to about 10,000 deaths. This sounds like a huge number, but it is buried within the noise of the estimate of deaths from “influenza-like illness.” If we had not known about a new virus out there, and had not checked individuals with PCR tests, the number of total deaths due to “influenza-like illness” would not seem unusual this year. At most, we might have casually noted that flu this season seems to be a bit worse than average. The media coverage would have been less than for an NBA game between the two most indifferent teams.
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Right now, I’m onboard the better safe than sorry. He is an outlier among experts studying this stuff, But we need to be constantly questioning our assumptions, and not letting our fear overtake the facts.