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The Economics Behind 2013’s Flu Season

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    Professor Peter Morici and Dr. Marc Siegel on the impact of the year’s flu epidemic.

  • Duration 4:28
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The highest we hope you've been washing your hands because if you.

And it could cost you more than you think.

We are on track for one of the worst flu seasons in a decade and the Center for Disease Control estimates.

Our estimates are unusually high outbreak will cost employers as much as ten point four billion dollars this season.

Not good for our already weak economy joining me now -- economist Peter Marie C and doctor -- Of the Fox News medical eighteen thanks to both of you for joining -- mark I gotta ask you.

Losing early odds of terrible the worst of the decade we had a really light -- the past two years maybe it's just bad in comparison about.

It's really bad and it's as bad as people are saying and it's as bad as 2003 which was the worst flu season.

Prior to this but our perception makes it a lot worse we personalize the risk we all think we're gonna die immediately everybody gets hyped.

You know we're watching babies as well that's not helping anybody in the -- not help anybody -- there's financial implications there because we heard today from -- that they're running short on Tamiflu which is an anti viral drug that I need.

-- -- -- Aventis said that they're running out of flu shots now fought pharmacists and physicians have flu shots.

I mean this is big business flu shots -- big business this year.

And and so is.

Tamiflu which is -- greater than -- should do they all of a sudden and charge more for those things well it'll do that they that they try to make him in -- -- but you can't make flu shots and I rate.

-- with a -- technology news from the 1950s it takes nine months to make food show.

-- so Peter what what assessment -- challenger.

And this is direct costs hospitalization and outpatient visit that doesn't even take into account.

No lost productivity because people are you know what homesick as opposed -- work do you believe that.

Well yeah I believe the ten point five billion dollars there's a tendency to have to run those numbers up a bit but.

The more significant thing is the kind of panic this causes on people's part.

And also the -- is that we frequently have from work you know -- critical personnel are missing in large numbers.

Organizations slowdown if you're architectural firm -- you working on a project it gets put out in time that's lost money.

-- those are really big issues but it's different than a hurricane.

-- a chapter -- a few months everybody's back on the job you know or whatever the flu season is.

And out you know but the city still there would have to rebuild the place.

Peter what do you cost money into what is over reaction are you talking about that the run on you know flu shots and that sort of thing and -- that's that's more business everybody does the doctor.

You -- the -- by cold medicine we -- cold medicine is expensive I mean it seems like you're spending money you're just doing in a dip away.

Dividend spending money -- productively spending money on things that that you don't need -- that could be used in better ways.

That's societies never well served by -- allocating resources by irrational behavior.

Are also there is the issue that people start to become too cautious and -- worried and -- affects people's productivity of the doctor will tell you.

And it slows people down.

Here to speak your point Peter I think that a lot of people they're staying home from work don't necessarily have the flu.

They think a reasonable price -- they think of the Friday that that it was little panicky and staying out of work supermarket -- stands around mid terms.

-- -- -- -- -- -- -- babies and we should disagree feel -- we should go to work is that your medical advice -- I think I'll I could see your doctor -- your doctor tell you whether the figure of the Florida and I mean I don't wanna -- -- it has sure I you -- from moment one of downplaying the seriousness of this as the -- is an enabler you can get very sick from other diseases like pneumonia like bronchitis.

Who is not some going to be taken lightly now but that you shouldn't jump to think you're in every simple -- the -- So at the same time we are still sort of over reacting Peter it's it's the media's fault to get you it is always the -- -- -- We're hiking up this thing the flu it's the biggest one ever are we doing a disservice to the economy is this segment -- dis service to the economy please tell me now.

No it's not and it's really the dismal scientists the -- running around saying that all these dead in terrible things will happen and all these multiplier effects.

That the press is everything all on the heels of the world did not come out of pandora's box they came -- when they opened up Adam -- But we're gonna -- -- -- had a good time to look at some of these stocks but I have full disclosure I don't know Roche I don't know.

I don't it's not far too late the may disguise your trip is that it's your hate coming up -- money you might not --

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