Market comment 2020

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We know, irrefutably, one thing about the coronavirus in the United States: The number of cases reported in every chart and table is far too low. The data are untrustworthy because the processes we used to get them were flawed. The Centers for Disease Control and Prevention’s testing procedures missed the bulk of the cases. They focused exclusively on travelers, rather than testing more broadly, because that seemed like the best way to catch cases entering the country.

Just days ago, it was not clear that the virus had spread solely from domestic contact at all. But then cases began popping up with no known international connection. What public-health experts call “community spread” had arrived in the United States. The virus would not be stopped by tight borders, because it was already propagating domestically. Trevor Bedford’s lab at the Fred Hutchinson Cancer Research Center in Seattle, which studies viral evolution, concluded there is “firm evidence” that, at least in Washington State, the coronavirus had been spreading undetected for weeks. Now different projections estimate that 20 to 1,500 people have already been infected in the greater Seattle area. In California, too, the disease appears to be spreading, although the limited testing means that no one is quite sure how far.

In total, fewer than 500 people have been tested across the country (although the CDC has stopped reporting that number in its summary of the outbreak). As a result, the current “official” case count inside the United States stood at 43 as of this morning (excluding cruise-ship cases). This number is wrong, yet it’s still constantly printed and quoted. In other contexts, we’d call this what it is: a subtle form of misinformation.This artificially low number means that for the past few weeks, we’ve seen massive state action abroad and only simmering unease domestically. 

While Chinese officials were enacting a world-historic containment effort—putting more than 700 million people under some kind of movement restriction, quarantining tens of millions of people, and placing others under new kinds of surveillance—and American public-health officials were staring at the writing on the wall that the disease was extremely likely to spread in the U.S., the public-health response was stuck in neutral. The case count in the U.S. was not increasing at all. Preparing for a sizable outbreak seemed absurd when there were fewer than 20 cases on American soil. Now we know that the disease was already spreading and that it was the U.S. response that was stalled.

 How Many Americans Really Have the Coronavirus? - The Atlantic