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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.

Dan Primack, author of Pro Rata
53 mins ago - Podcasts

Net neutrality on the line under Biden

Federal net neutrality rules are back on the table in the Biden administration, after being nixed by Trump, but now might be complicated by the debate over social media companies' behavior.

Axios Re:Cap digs into why net neutrality matters and what comes next with Nilay Patel, editor-in-chief of The Verge and host of the Decoder podcast.

House grants waiver for retired Gen. Lloyd Austin to lead Pentagon

Defense Secretary nominee Lloyd Austin Photo: Chip Somodevilla/Getty Images

The House voted 326-78 on Thursday to grant retired Gen. Lloyd Austin a waiver to lead the Pentagon, clearing the way for the Senate to confirm President Biden's nominee for defense secretary as early as this week.

Why it matters: Austin's nomination received pushback from some lawmakers, including Democrats, who cited a law that requires officers be out of the military for at least seven years before taking the job — a statute intended to reinforce the tradition of civilian control of the Pentagon.