Want to save $3,000? Wear a mask.
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CBS New Reports: Everyone wearing face masks could save America from a $1 trillion GDP loss
Wearing a mask not only helps keep Americans safe, but could also save our economy. If the U.S. were to mandate that all Americans wear a mask, it could prevent a 5% or ~$1 trillion reduction in the gross domestic product.
Individual households would feel the reduction too: A sharp decrease in GDP like that equals higher prices for fewer goods and services, and also fewer jobs, economists note. Assuming universal mask wearing prevents a 5% loss to GDP, the habit would lead to roughly $3,000 in savings per person in the U.S.
What about if you contract the virus and you aren't insured? By wearing a mask, you could save up to $20,000 in hospital costs and at least $1,300 in out-of-pocket costs.
Americans appear to be heeding this advice: About 70% of Americans say they wear masks in public, according to Goldman Sachs. Under a national mandate, mask wearing would increase by 15 percentage points, to 85%, according to Goldman Sachs. That in turn would cut the daily growth rate of coronavirus cases down from 1% to 0.6% — and help prevent financially harmful lockdowns.
If you want schools to open, to go back to work, and to save our economy - wear a mask.
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