Goldman Sachs Study Finds National Mask Mandate Would Spare Economy 5% GDP Loss

(Photo by JOE KLAMAR/AFP via Getty Images)

Marlo Safi Culture Reporter
Font Size:

Requiring all Americans to wear masks would spare the economy from losing 5% of its value, a Goldman Sachs study found according to Forbes.

A federal mask mandate would protect a greater number of people from transmitting the virus, which would help stave off the virus and dodge the possibility of another wave of lockdowns, effectively saving 5% GDP loss, or $1 trillion, the study said according to Forbes.

While many states that have reopened businesses require patrons to wear masks, some states like Florida and Texas do not mandate masks. Florida was prompted to ban alcohol consumption at bars and Texas closed bars Friday amid a growing surge of coronavirus cases. Individual cities in Florida, however, have mandated masks, such as Jacksonville, Miami, Fort Lauderdale and Tampa, among others. 

A bartender pours drinks for customers at a bar in Austin, Texas on May 22, 2020. (Photo by SERGIO FLORES/AFP via Getty Images)

A bartender pours drinks for customers at a bar in Austin, Texas on May 22, 2020. (Photo by SERGIO FLORES/AFP via Getty Images)

The researchers estimate that a national mask mandate would cut the spread of the virus by between .6% and 1% as roughly 15% more people would be wearing them.

“If a face mask mandate meaningfully lowers coronavirus infections, it could be valuable not only from a public health perspective but also from an economic perspective because it could substitute for renewed lockdowns that would otherwise hit GDP,” the researchers wrote according to Forbes.

The researchers related face-mask usage to infection growth rates and fatalities at a regional and country level, and also studied the period of time between the beginning of the virus’s spread and the introduction of fake-mask directives, according to Bloomberg Law. They found that wearing masks led to better coronavirus outcomes.

Senate Majority Leader Mitch McConnell addressed Americans in a floor speech Monday, urging them to wear masks.

“We must have no stigma, none, about wearing masks when we leave our homes and come near other people. Wearing simple face coverings is not about protecting ourselves, it is about protecting everyone we encounter. In fact, the more we hate the pain and suffering that accompanied the strict stay-home guidelines a few months ago, the happier we should be to take reasonable small steps every day to ensure our country can stay on offense against the virus,” McConnell said. (RELATED: Mitch McConnell On Wearing Masks: ‘We Must Have No Stigma’)