Introduction

In early 2020, the global pandemic plunged economies around the world into a short but severe recession. In developed countries, jobless rates soared into double digits and governments around the world spent trillions of dollars to aid those affected. The IMF estimated in May 2020 that $9 trillion in fiscal support had been allocated to pandemic relief by governments globally. About one fifth of that money has yet to be paid out, meaning that over $4 trillion has been spent in the United States so far.