00:00Based on data from the first 30 months of the pandemic, a team of researchers at the
00:04University of Southern California have forecast the scale of total economic losses over a four-year
00:11period. The site reports the economic toll of the COVID-19 pandemic in the U.S. will reach $14
00:18trillion by the end of 2023. Economists, public policy researchers, and other experts used
00:25economic modeling to approximate the revenue lost in regards to business closures and changes in
00:30personal behaviors. For example, in the peak pandemic period, the second quarter of 2020,
00:37the survey indicates that international and domestic airline travel fell by nearly 60 percent,
00:43indoor dining by 65 percent, and in-store shopping by 43 percent. Some losses were offset by online
00:51purchases and economic relief packages, but workplace absences, sales in retail shopping,
00:57air travel, and public gatherings all contributed the most. Yes, the federal government has now
01:03lifted the COVID-19 public health emergency declaration, but it doesn't mean the pandemic
01:08has stopped influencing the U.S. economy.
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