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Face masks could actually save the economy, Goldman Sachs says

June 30, 2020. Summarized by summa-bot.

A man and a girl wear masks as they stop to hear a band outside a music venue Monday, June 29, 2020, in Nashville, Tenn. The Nashville Health Department has put in place a mask mandate beginning Monday to help battle the spread of the coronavirus. (AP Photo/Mark Humphrey)

Wearing a face mask during the pandemic saves lives. And it may save the economy, too, according to Goldman Sachs.

"We find that face masks are associated with significantly better coronavirus outcomes," Jan Hatzius, chief economist at Goldman Sachs, wrote in in the report.

For instance, Goldman Sachs said that only 40% of people in Arizona say they always wear a mask in public, compared with nearly 80% in Massachusetts.

A national mandate would increase usage "meaningfully," especially in states such as Florida and Texas where masks are worn mostly voluntarily, the Goldman Sachs report said.

Overall, a mandate could lift the percentage of people who wear masks by 15 percentage points nationally.

Even House Minority Leader Kevin McCarthy, an ally of Trump's, told Fox News on Tuesday that he supports wearing a mask as a way to "keep this economy open. "

"Wearing the mask is the best opportunity for us to keep this economy open, keep us working, keep us safe and help us as we build towards that vaccine where we're in a much stronger position than any country before," McCarthy said.

"A national face mask mandate could potentially substitute for renewed lockdowns that would otherwise subtract nearly 5% from GDP," Goldman Sachs argued in the Monday report.

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