Economists Unanimous on Vaccine Order Speeding Recovery

Number of the Day: The most relevant or interesting figure in personal finance

100%

That’s how many top university economists think the new COVID-19 vaccine mandate from the White House will speed up the country’s economic recovery, according to a recent survey.

Shortly after the new government requirements for large employers were first announced in September, the University of Chicago’s Booth School of Business asked 42 of the country’s leading experts whether they thought this kind of vaccine and testing mandate “would promote a faster and stronger economic recovery.” The response was unanimous: 74% said they “strongly” agreed, 26% agreed, and none disagreed or were uncertain. The group included professors from universities including Harvard, Stanford, MIT, Berkeley, and Princeton.

The White House released a timeline for the new vaccine and testing mandate Thursday, saying employers of 100 or more people will have until Jan. 4 to implement the new Occupational Safety and Health Administration requirements. Employees of these larger companies will either have to be fully vaccinated against COVID-19 or submit to tests for the virus weekly and wear a face mask at work. Notably, the mandate requires employers to pay for the time off needed to be vaccinated, but doesn’t require them to pay for the testing or masks (though other laws or union rules may.)

Previously announced vaccination requirements for health care providers and federal employees and contractors—rules that have no testing opt-out—will also take effect on Jan. 4, the White House said, changing the deadline from December for contractors and November for federal employees.

Note

Despite the endorsement from academics, some employers oppose it on a practical level, no matter how well-intentioned. Complying with the mandate would be burdensome for merchants in the midst of an important holiday shopping season, the National Retail Federation, which represents a retail sector of 52 million workers, said Thursday. The American Trucking Associations has previously said it threatens to disrupt already strained supply chains. Some employers have also tried financial incentives to encourage vaccination instead of mandates, but there’s debate about how effective these are.

Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com.

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Sources
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1.  IGM Forum. “Vaccine Mandate.”

  2. The White House. “Biden Administration Announces Details of Two Major Vaccination Policies.”

  3. Department of Labor. “US Department of Labor Issues Emergency Temporary Standard To Protect Workers From Coronavirus.”

  4. National Retail Federation. “NRF Issues Statement on Administration's Vaccine Requirement for US Employers.”

  5. American Trucking Associations. “ATA Statement on Vaccine Mandates.”

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