Simply put, its the ratio of total deaths to total people with the virus. Not total positive cases, which right now is 2.37 million positives. Total people infected, detected or not.
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Articles are linked, but studies from Penn State, Santa Clara and others indicate about 11% of the population, or 33 million people, have already been infected.
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Best estimates mid-May published by the CDC, John Ioannidis, and @ethicalskeptic calculations calculated a IFR (or ICFR) of 0.26%. Meaning ¼ of 1 percent of the infections end up being fatal. Some estimate it to be as high as 0.40%
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Generally it is accepted to be 0.10%, link will be provided.
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In February, the estimates that put us into nationwide lock down, including WHO, had IFR near 1.0%. Some estimates had it at 1.4%. These IFR numbers meant possibly millions of deaths, and we locked down Mid-March.
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By Mid May, as stated above, data showed the true number declining to .26%-.40%. So mid-May it became generally accepted that Covid-19 was ~2.6 - 4 times more deadly than the flu (Understanding that there is no vaccine)
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In March and early April, when we were in the upslope of the pandemic curve, we were seeing ~ 25,000 positives on 100,000 test, and 2000 deaths per day. Not good at all.
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If Covid-19 IFR mid-May was 0.26 – 0.40%, what is this recent surge of non-lethal positives going to do the IFR?
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If Covid-19 IFR gets pushed down from 0.26% and towards 0.10%, then we basically will have a disease that is trending towards being the equivalent in lethality to the Flu.
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If Covid-19 IFR continues to trend downward towards common Flu, that means that as a country, we need to reevaluate all of our knee-jerk responses that were ingrained into us in March and April, including:
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Do we need to continue to see lock downs as a solution to mitigate this virus? The answer to that should be a resounding no.
Do we need to breathlessly report every hospital that is nearing maximum capacity? No
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Do we need to continue with having eleventy billion media outlets reporting every test, positive case and death? No.
Do we need to keep schools closed or reopened with draconian distancing requirements? No
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This surge only reinforces that this virus is manageable, and its time to get this train rolling again and ride it out until a vaccine is available, when we can finally put this pandemic behind us.
Links to follow.
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