Earlier quoted context omitted.
My apologies for the paywall link and for the fact that the study doesn’t really support all the points I was trying to make. I take your point about not assuming the breakdown of the deceased group is representative of the general population. Original paper is here: https://wellcomeopenresearch.org/articles/5-75 The article does go on to make the claim that 20% of the deceased would be individuals in their 50s and 6…
Thank you for the link, I shall read it in a bit. EDIT: Looks like they address the point on breakdown by sex but I can't tell whether they address breakdown by type of comorbidity. They don't discuss how large a factor is the unaccounted for subpopulation traits potentially causing both decrease in life expectancy and increase in covid19 morbidity (or one, but not the other, which would bias results the other way),…
The wants and needs of nursing home residents create a demand, and we fulfil that demand using some of our productivity. In fact without that demand there would be no need for that sector, and our productivity would fall to match. Perhaps the savings in tax and private wealth would be directed to other sectors, but maybe not.
The case for mere retirees is even more clear cut. They are spending accumulated wealth (or accumulated entitlements) and they account for a massive amount of aggregate demand because of a mixture of hard work and luck. They are not a loss to the economy just because they don’t need to work anymore; retirees are a massive component of the modern economy.