Economic Impact of Gun Violence
The primary economic impact of firearm related violence is years of
potential life lost (YPLL), or in economic terms, opportunity costs. In
2015, the YPLL before age 65 due to firearm related deaths was 842,471
in the US. To put this number in perspective, the impact of fatal
firearms injuries was more than three times greater than the impact of
diabetes, and almost four times greater than cerebrovascular disease
[7].
Furthermore, business recessions have also been shown to increase the
suicide rate primarily among people that are in the prime working ages
of 25 to 64
[6].
When all injuries are considered, over 100,000 Americans are killed or
injured every year due to firearms
[8].
Although a dollar amount cannot be placed upon premature death from
firearm injuries, the costs of gun violence was estimated to be $229
billion in 2012
[9].
To put that amount in perspective, the costs of gun violence was $88
billion more than the US Federal Government budgeted for education that
year, costing every man, woman, and child in the US over $700 a person.
In addition to the more direct costs related to gun violence, homicides
and gun shootings also have a negative impact upon home values and
business success in the communities where they take place. For example,
in Minneapolis, each additional gun homicide in a census tract was
associated with a $22,000 decline in average home values and 80 fewer
jobs the following year
[10].