Opioid Crisis Costs US 2.7 Trillion in 2023 According to Study
According to an exclusive study obtained by Fox News Digital, the opioid crisis under the Biden administration has cost the U.S. an estimated $2.7 trillion in 2023 alone. The Council of Economic Advisers, a key agency within the executive office, reported the findings on Friday, detailing various factors including loss of life, loss of quality of life, and costs related to healthcare and crime.
The opioid epidemic, particularly exacerbated by fentanyl, has been a persistent issue. Fentanyl, a synthetic opioid largely sourced from China, enters the U.S. through the Mexico border, leading to intense efforts, including tariffs from former President Donald Trump on imports from these countries.
The report highlights significant costs driven by the crisis, including:
- Loss of Life: This accounted for $1.11 trillion, calculated from 74,702 opioid deaths in 2023.
- Loss of Quality of Life: Approximately $1.34 trillion is attributed to those suffering from opioid use disorder (OUD).
- Healthcare Costs: The U.S. health care system incurred $107 billion in additional costs related to treating those with opioid addiction.
- Labor Productivity Loss: Another $107 billion was lost due to reduced productivity from opioid-related issues.
- Crime Costs: Estimated at $63 billion, these costs stem from opioid-related criminal activities.
The Council of Economic Advisers emphasized the dire economic impact of this ongoing epidemic, labeling the situation as an urgent crisis that necessitates immediate action. The tariffs implemented by Trump were part of a broader strategy to improve border security and combat the inflow of illegal drugs.
Both Canada and Mexico recently made commitments to increase security measures, leading to a temporary pause in the tariffs. However, the ongoing trade tensions with China have resulted in reciprocal tariffs on U.S. imports, adding complexity to the situation.
Critics of the tariffs argue that they will lead to increased consumer prices on various goods. Nonetheless, the recent study strongly asserts that the financial repercussions of the opioid crisis far outweigh any economic damages predicted from these tariffs.
