Fed Chair Powell: Opioid epidemic is ‘a national crisis’ hitting the economy

Fed Chair Powell: Opioid epidemic is ‘a national crisis’ hitting the economy

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.

Concepts Keywords
Alabama Epidemic national crisis
Arkansas Opioids
Bipartisan RTT
CEA Sackler family
Cleveland
Correlation
Federal Reserve
Force
GDP
Humanitarian Crisis
Income Tax
Labor Market
MA
Mississippi
Opioid
Opioid Addiction
Opioid Epidemic
Opioids
President
Prime
Sens
West Virginia

Semantics

Type Source Name
gene UNIPROT FHL5
gene UNIPROT ACTG1
gene UNIPROT POTEM
gene UNIPROT SERPINA3
gene UNIPROT ACTBL2
gene UNIPROT ACTG2
gene UNIPROT BANK1
gene UNIPROT ACOT7
gene UNIPROT ELL
disease MESH men
gene UNIPROT CEACAM3
gene UNIPROT PSG2
gene UNIPROT CEACAM5
gene UNIPROT CNTN2
disease MESH labor force
gene UNIPROT IMPACT

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