OPIOID ADDICTION

 
Every day, more than 200 Americans overdose on opioids. Now, those are damning statistics that confirm the fact the Opioid crisis is the worst addiction epidemic ever witnessed in the United States. This abuse of opioids including morphine, heroin, and the very powerful and addictive synthetic opioids such as fentanyl has resulted in not just a national public health crisis, but also a major factor spurring the low labor force participation. Thus, stifling the economy. The negative effects of opioids misuse on the economy

The Cost of Addiction:
Addiction to prescription and non-prescriptions opioids such as heroin, fentanyl, illicit fentanyl, and tramadol comes at a considerable economic cost. Put at a staggering 80 billion dollars a year, at face value, that figure seems to be high enough. However, when you look at the parts which made up that sum such as the cost of health care services and treatment, lost productivity and incarceration, it is clear for all to see that just a percentage is represented and the overall cost is larger. In fact, the negative impact opioid addiction has on the economy cannot be easily lumped together in a figure, as the long-term effects are still unclear.

The Effects on America's Labor Force
Simply put, the abuse of opioids and prescription painkillers is depriving the labor market of its workforce. According to the U.S. Bureau of Labor Statistics, the number of people searching for work or actively working has declined considerably since the global economic recession and settled close to 63 percent in recent years.

Granted, the unemployment rate may have risen since the great recession, but we can only classify people who are looking for work under that group. Hence, those able-bodied people (to which we have the opioid epidemic to thank) who are unwilling and unable to find work don’t count.
Besides, the demography of people who are majorly affected by the opioid crisis is the ''prime age'' workers (25 to 54), the labor market most productive workforce, according to Goldman Sachs. Statistically, the participation rate for men in the labor market has decreased about 10% from its all-time high in 1954. Currently, it stands roughly 1 percent higher than its all-time low of 87.9% in 2014. Americans dependence on painkillers is rendering many of its workforces unemployable and the consequence of this is the rather slow growth of the economy and wages of recent.

The Broad Cost of Incarceration Due to Opioid Abuse
It is common knowledge that several millions of Americans have been found wanting as far as drug-related crimes are concerned. In 2015, approximately 33000 Americans were reported to have died from an opioid overdose. In addition to the obvious loss of lives and the effect that has on those families and communities, these deaths also take its toll on the economy as their direct contributions are lost forever.

Furthermore, those in incarceration are already unable to contribute to the economy, but also, criminal justice cost has to be factored in. The cost of estimated spending associated with opioid abuse on police protection, legal and adjudication, correctional facilities, and property loss due to crime was put at $5.1 billion in 2017 according to researchers.

Lawmakers responded with longer jail time for offenders. However, one would struggle to find any relationship between imprisonment rate or time and drug abuse deterrent. In fact, statistics show that within 5 years, 76% of those released from incarceration are rearrested again. Thus, repeating the whole cycle of judicial cost in drug court all over again.