"It's totally in our control to fix this, We should be spending $100 billion on the testing. We should just get it going. It's just not that hard."
A Nobel laureate in economics has pegged the price of Fighting COVID19 in the United States at a whopping $100 billion.
Paul Romer wants the US government to test every resident multiple times for the novel coronavirus to enable the country to have a clean bill of health in summer.
The ‘Test and Isolate hypothesis’ at a high cost should not be debunked coming from former World Bank chief economist who won the 2018 Nobel Memorial Prize in Economic Sciences for modeling the US and global economies.
He said it would probably cost about $100 billion, a massive sum that is still only a fraction of the more than $2 trillion that Congress has spent dealing with the coronavirus.
The US has rolled up its sleeves on the war against the invincible virus--- with a total of 5,593,495 tests carried out on Monday, according to the COVID Tracking Project, an initiative run by data scientists and journalists that keeps a daily count of the number of coronavirus across the US based on what state and local health agencies have reported.
The USA has been scrutinized for its slow-paced approach to testing COVID19 in comparison with the likes of South Korea.
South Korea's number of tests per million citizens was roughly 700 times that of the US. South Korea had tested 189,000 people, while America had tested only 1,707. Owning to the fact that both countries were hit with the virus almost on the same date.
What's an economist approach in Fighting COVID19?
Romer said screening should begin with healthcare and frontline workers before widening to test the rest of the population, harnessing university labs to process tests.
According to a "road map" report from Harvard University published April 20, the research has suggested that 20 million people a day needed to be tested by midsummer if the economy was to be remobilized.