The outburst of violence in Philadelphia this weekend left at least four dead and 15 wounded, and pushed this year’s murder rate to over one a day. The human damages are unimaginable, but the financial impact is nearly as inconceivable: over $20 million.
The costs of gun-related violence — including medical care expenditures, lost productivity, police, courts and prisons — is exceptionally high for homicides.
Based on the most conservative estimates used in the study “Hidden in Plain Sight: What Cost-of-Crime Research Can Tell Us About Investing in Police” by Paul Heaton, sponsored by the RAND Corporation, a gun-related homicide will end up costing around $5 million, an aggravated assault $55,000, and an armed-robbery $50,000.
That means that the four homicides, 13 aggravated assaults, and two armed robberies from this weekend will end up, once all is said and done, costing the city of Philadelphia approximately $21 million.
While more shootings may normally occur in some parts of the city, this is further proof that all of Philadelphia needs to be concerned with stopping gun violence.