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Since this ratio was last calculated in October 2021, it's not clear if just multiplying the current 1 million by 1.32 is the best estimate of the true death toll or not.
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However, (1) many of the reasons for the undercount still apply, and may have gotten worse during the overloading of testing during Omicron; (2) even if we were now miraculously counting all COVID deaths, we had already accumulated a 223K undercount by Oct 2021.
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Why were some deaths not counted? The CDC points to… a fraction of false-negative tests among the infected; people who were ill but never tested for COVID; and people who got sick but didn't seek care. cdc.gov/coronavirus/2019-ncov/cases-updates/burden.html
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These CDC estimates were published in a peer reviewed article that studied deaths through May 2021. Iuliano, A. Danielle, et al. “Estimating Under-Recognized COVID-19 Deaths…” The Lancet Regional Health – Americas 1 (September 1, 2021). doi.org/10.1016/j.lana.2021.100019.