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Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

School closures from the coronavirus pandemic could cause global GDP to be 1.5% lower for the remainder of the century, resulting in a $15 trillion loss for the U.S. economy, according to a report from the Organization for Economic Cooperation and Development.

Why it matters: The OECD projects that missed time in the classroom would result in a loss of the skills needed to boost economic productivity.

The big picture: Children are having to rely on their own resources to learn despite efforts from schools and educators to adapt lesson plans. Meanwhile, many parents have been unable to return to work because they can't find the childcare usually provided by schools.

Yes, but: The OECD notes that its estimates only calculate how the current school year affects the economy, and assumes that future cohorts of students will return to normal schooling.

  • "If schools are slow to return to prior levels of performance, the growth losses will be proportionately higher," the authors write.

Go deeper

Dec 12, 2020 - Health

CDC: Public schools need about $22 billion to safely reopen doors

Illustration: Rebecca Zisser / Axios

Public schools would have to spend between $55 and $442 per student on average to implement COVID-19 safety precautions for in-person classes, the Centers for Disease Control and Prevention calculated on Friday.

Why it matters: Schools have already spent millions to re-open and close — hitting many districts with pandemic-strained budgets particularly hard.

Updated 2 hours ago - Technology

Instagram's boss faces Congress' questions on harm to teens

Photo illustration: Shoshana Gordon/Axios. Photo: Matt Winkelmeyer/Getty Images for WIRED

The head of Instagram will find himself in Congress' crosshairs for the first time Wednesday in the one area lawmakers have shown they are willing to pass tech regulations — protecting youngsters online.

Why it matters: Republicans and Democrats have found common ground in grilling tech companies on how their products harm children, especially after revelations in The Wall Street Journal about Instagram's potential harm to the mental health of teen girls.

Jan. 6 committee to start contempt proceedings against Meadows

Photo: Olivier Douliery/AFP via Getty Images

The Jan. 6 select committee plans to move forward with contempt proceedings against former White House Chief of Staff Mark Meadows for his refusal to comply with the panel's subpoena.

Why it matters: The committee has used the threat of contempt — and the associated financial and reputational costs — to try to ensure evasive witnesses sit for their depositions.