Fentanyl’s financial grip on US skyrocketed to $2.7T at height of Biden admin: study
The opioid crisis under the Biden administration has cost the U.S. a staggering $2.7 trillion in 2023 alone, according to a new study exclusively obtained by Fox News Digital. The Council of Economic Advisers, an agency within the executive office that advises the president on economic policy, released a study detailing the significant economic impact of the opioid epidemic on the country. The costs included in the study encompassed loss of life, loss of quality of life, loss of labor force productivity, crime, and costs to the healthcare system.
The opioid epidemic, fueled primarily by the use of fentanyl, a synthetic opioid that mainly originates in China and enters the U.S. through the Mexico border, has been a long-standing issue. President Donald Trump has taken a strong stance on combatting this crisis by leveraging tariffs on Canada, Mexico, and China to enhance border security and prevent the flow of fentanyl into the country. Critics of these tariffs have expressed concerns that they could lead to higher costs for U.S. consumers purchasing goods from these nations.
However, the study argues that the costs of the opioid epidemic far surpass any potential negative effects of the tariffs. White House deputy press secretary Kush Desai emphasized President Trump’s commitment to addressing the opioid epidemic and protecting American lives, families, and communities.
The study utilized a 2017 report from the Centers for Disease Control and Prevention, adjusting for inflation trends and the increasing rates of opioid-related deaths and dependency. It found that the loss of life in 2023 alone amounted to $1.11 trillion, factoring in the value of statistical life in the United States, productivity costs, and healthcare expenses related to opioid fatalities.
Additionally, the study revealed that loss of quality of life for individuals struggling with opioid addiction compared to healthy individuals accounted for $1.34 trillion of the total cost. The healthcare system bore an estimated $107 billion in expenses in 2023, covering the treatment of individuals with opioid use disorder.
Loss of labor productivity due to the opioid crisis cost the U.S. another $107 billion, while crime related to opioid use incurred a cost of $63 billion. The study highlighted the significant economic burden imposed by the opioid epidemic on the country and stressed the urgent need to control the flow of lethal drugs from foreign countries.
Amidst efforts to combat the opioid crisis, President Trump has initiated a border security campaign, with law enforcement agencies conducting raids to deport illegal immigrants and prevent the entry of illegal migrants. The tariffs imposed on Canada, Mexico, and China were designed to address the threats posed by illegal drugs, including deadly fentanyl, entering the U.S.
Both Canada and Mexico agreed to concessions with Trump, pledging to enhance border security measures in exchange for a pause on the tariffs. China, however, responded with tariffs on some U.S. imports in retaliation. Critics have raised concerns about the potential impact of these tariffs on American consumers, citing potential price increases on goods such as Mexican beer, Canadian lumber, and Chinese electronics.
As the U.S. continues to grapple with the opioid crisis and its economic ramifications, the government remains focused on implementing measures to address this pressing issue and protect the well-being of its citizens.
