Publication date: Jul 11, 2019
Testifying to the House Financial Services Committee, Federal Reserve Chair Jerome Powell stressed the impact that the U. S. opioid crisis is having on the nation’s economy.
-An extraordinary number of people are taking opioids in one form or another and it weighs on labor force participation,” Powell said at the Wednesday hearing.
A study found that between 2000 and 2016, the opioid crisis cost the U. S. about $37. 8 billion in state and federal taxes.
A Cleveland Fed study concluded that -prescription opioids can account for 44% of the realized national decrease in men’s labor force participation between 2001 and 2015″ and a 17% decline for prime age women.
Powell’s comments and the Cleveland Fed study are on part with a 2018 chart from Deutsche Bank’s Torsten Slok showing that the opioid crisis appeared to be contributing to decreased labor force participation, especially in certain U. S. states.
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