Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Gun Violence Costs the US $557 Billion a Year

Economy Sep 27, 2022 11:18AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gun Violence Costs the US $557 Billion a Year

(Bloomberg) -- Gun violence that causes tens of thousands of US deaths each year — far more than any other developed nation — is having a significant, negative impact on the country's economy, Harvard Medical School researchers said.

Harvard Medical School researchers found that gun violence costs the US some  $557 billion annually, or 2.6% of gross domestic product, according to the peer-reviewed study published in the journal JAMA.  The majority of that cost is attributed to quality-of-life losses among those injured by firearms and their families. 

“Employers and their health insurers sustain a substantial financial burden from firearm injuries and have a financial incentive to prevent them,” Zirui Song, associate professor of health care policy in the Blavatnik Institute at Harvard Medical School and associate professor of medicine at Massachusetts General Hospital, said in a statement. “However, US businesses have by and large not engaged publicly on the subject of firearms, despite spending large sums on other efforts to promote employee health.”

As the pandemic raged in 2020, the US saw a record number of gun deaths and gun sales, according to a Johns Hopkins Bloomberg School of Public Health analysis published in April. That year, 45,222 people died from gun-related injuries in the US and gunshot wounds were the leading cause of death for kids and teens under 19. However, high-profile mass shootings represent only a small fraction—1% to 2%—of shooting deaths in the US. Most shooting deaths go unremarked on in national discourse and continue to disproportionately impact Black communities, the report found. 

The new Harvard research shows that US companies, employees and the economy also suffered from the rising rates of gun violence. Among companies with employer-sponsored health insurance, the rate of total firearm injuries in employees and dependents increased more than fourfold from 2007 to 2020 — from 2.6 to 11.7 per 100,000 insurance enrollees. For those that survive firearm injuries, direct health-care costs are roughly $30,000 in just the first year alone, which is more than a 400% increase in spending from the pre-injury baseline compared to other workers who did not sustain firearm injuries, the study found.

Revenue and productivity losses resulting from gun injuries to workers cost private companies an additional $535 million a year, the research estimated. Plus, workers who survive firearm injuries experienced a 40% increase in pain disorders, a 51% increase in psychiatric disorders and an 85% increase in substance use disorders, according to the study. Although the prevalence of firearm injuries among workers is far lower than other common workplace injuries, such as musculoskeletal pain, the number of gunshot wounds among workers is increasing, and those injuries still cost employers millions of dollars, the study notes.

“For businesses that encounter higher or growing rates of firearm injuries in their workforce, the economic rationale for reducing firearm injuries in their workers may be more difficult to ignore,” said Harvard’s Song.

©2022 Bloomberg L.P.

Gun Violence Costs the US $557 Billion a Year
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
R Hunter Bidet
R Hunter Bidet Sep 27, 2022 2:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You need to control the use of illegal guns by the inhabitants of Baltimore, Chicago, Detroit, Memphis, New Orleans, etc.  Sending criminals back to jail will help with that.
Tim Hilliard
Tim Hilliard Sep 27, 2022 1:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Eliminate "gun violence" from a single demographic, which makes up only 13% ofvour national population, and "gun violence" drops so much we would rank 4th lowest in the world despite having the second highest per capita gun ownership in the world. It's not guns, it's the people who use them, the perpetual sense of victimization, and the thug mentality that is constantly pushed by liberal democrats.
carlos guo
carlos guo Sep 27, 2022 11:36AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What percent of this violence/cost is due to a demographic that makes up 13% of the population in blue cities/states with the strictest gun laws and whose democrat politicians let violent criminals back on the streets and defunded police?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email