Costs of Gun Violence
In light of the recent mass shooting in New Zealand on March 15th, in which 50+ people were killed, it is extremely important to restress the issue of gun violence. While it is crucial to consider the underlying causes and societal effects of mass shootings, it is also critical to examine this topic through an economic lens since money talks in our society. Therefore, to help prevent these tragedies, we need to discuss the extent to which gun violence costs our society.
In a report published in 2017 by the Urban Institute, rises in gun violence in the United States have been found to significantly decrease the growth of new retail and service businesses. Moreover, increased levels of neighborhood gun violence harm housing prices and discourage business. These effects, themselves, further drive people to relocate from or avoid moving to affected neighborhoods, which results in even less retail and service establishments, fewer new jobs, and more declines in home values, homeownership rates, and credit scores. In neighborhoods with higher frequencies of gun violence, business owners reported greater challenges and costs. For instance, in Minneapolis, the report discovered that every additional gun killing in a given year correlates with approximately 80 lost jobs in the next year. In addition, the Minneapolis census tracts showed a decrease in average home values by approximately $22,000 due to increased gun violence.
Many people tend to overlook the economic damage caused by gun violence because they think it does not impact them, particularly those living in neighborhoods that are considered safe. However, contrary to what many people think, the cost of gun violence affects everyone since the burden of it typically falls on taxpayers. From lost higher taxes on medical bills and law enforcement to the criminal justice system and jails, gun violence has great financial costs that cannot be overlooked. An investigation by the magazine Mother Jones in 2012 found that the annual cost of fatal and non-fatal gun violence in the United States was $229 billion. This figure is equivalent to 1.4% of the United States’ total gross domestic product, which translates to around $700 for every American citizen. Of this value, approximately$8.6 billion accounted for direct costs, such asemergency care and hospital charges, police investigations, court proceedings, and jail expenses. Additionally, $169 billion accounted for the estimated impact of victims’ quality of life based on jury awards for suffering, and $49 billion accounted for lost wages and spending.
After mass shootings, the media and the general public tend to focus on the political inactions and rarely address the economic impacts. For there to be solutions, people and politicians need to be aware of the severity of this issue. Sadly, money can speak louder than words or actions in the world we live in today. Hence, bringing attention to the costs of gun violence can help dispel indifference to this issue. Understanding how gun violence harms the economy can bring us one step closer to actually making a change and providing a solution.
References
https://www.cbsnews.com/news/las-vegas-shooting-gun-violence-economic-costs/
