The U.S. economy is losing $1 trillion annually due to drug overdoses, according to a government report.

• On Tuesday, the Commission on Combating Synthetic Opioid Trafficking in the U.S. released its final report.
• In the 12 months to June 2021, over 100,000 individuals died from drug overdoses, which represents a 30% increase from the previous year.
• Every year, the U.S. is estimated to lose approximately $1 trillion due to drug overdoses, according to the Commission.

Government officials have stated that the U.S. economy is losing approximately $1 trillion annually due to fatal opioid overdoses.

Almost two-thirds of reported drug overdose deaths in the U.S. from June 2021 to June 2021 were caused by synthetic opioids, primarily fentanyl, according to a report published Tuesday by the bipartisan U.S. Commission on Combating Synthetic Opioid Trafficking.

Since 1999, over 1 million deaths in the U.S. have been caused by drug overdoses, which is more than double the number of deaths caused by firearms or car accidents, according to a report. During the specified period, the number of drug overdose deaths increased by 30% from the previous year, with more than 100,000 people dying.

The commission fighting synthetic opioid trafficking in the U.S. has representatives from various federal departments and agencies, including DHS and DEA, with four members appointed from the Senate and House.

The White House Council of Economic Advisers reported in 2018 that the cost of overdose fatalities was $696 billion, which is about two-thirds of the annual overdose deaths.

The United States is estimated to be spending approximately $1 trillion annually on drug overdoses.

The report states that the "staggering amount" mainly resulted from the lost productivity due to early deaths, as well as healthcare and criminal justice expenses.

In a December Executive Order, President Joe Biden classified the illicit drug trade as a national emergency.

In 2017, former President Trump declared the opioid epidemic in America a public health emergency, describing it as a "national shame."

The report stated on Tuesday that the trafficking of synthetic drugs into the U.S. poses a threat not only to public health but also to national security and economic wellbeing.

The report's authors stated that illicit synthetic opioids have a devastating impact on both human life and the economy, making them a "slow-motion weapon of mass destruction" in pill form.

The Commission recommended a coordinated approach to the opioid crisis, including the establishment of a central body to implement U.S. drug control policies, increasing access to addiction treatment, and collaborating with other countries involved in the production and distribution of synthetic opioids.

The Council on Foreign Relations has labeled the opioid epidemic as one of the worst drug crises in the history of the United States. As per the CFR, over 1,300 individuals die each week from opioid-related overdoses, while millions of Americans are afflicted by opioid addiction.

Pandemic surge

Opioid-related deaths contributed to the decline in life expectancies in the US, which was exacerbated by the Covid-19 pandemic in 2020.

As the pandemic hit, there was a significant increase in substance abuse and opioid-related deaths, according to a report from Tuesday.

Since 1979, the number of overdose deaths in the United States has increased dramatically and shows no signs of decreasing.

Over one million Americans have died from drug overdoses since 1999, according to Rep. David Trone, co-chair of the Commission, who stated this in a press release on Tuesday, criticizing the country's inadequate response to the opioid epidemic.

Sen. Tom Cotton stated that 274 Americans die daily from drug overdoses, which is equivalent to one person every five minutes, and the problem continues to worsen.

Congressman Fred Upton, a member of the Commission, urged authorities to target Mexican drug cartels and pressured China to curb its pharmaceutical industry's supply of base compounds for synthetic opioids.