"Stimulus Plans To Battle Coronavirus Could Cost The World $10 Trillion"

Governments around the globe are scrambling to implement economic stimulus programs designed to keep the world economy from sinking into depression. The price tag to keep the worst from happening—based on what governments have already announced—could grow to more than $10 trillion.

Congress passed the Families First Act this past week. It required, in part, employers of a certain size to provide up to $10,000 in paid leave for employees impacted by the Covid-19 coronavirus outbreak—and about 80 hours of paid sick leave.

The act was only the first bit of fiscal stimulus planned by the federal government. Congress is working on a on a much larger deal which could include industry bailouts, direct payment to workers as well as other measures. The total package is estimated to cost up to $1.5 trillion or 8% to 10% of total U.S. annual economic output.