Who pays for a hasty U.S. reopening?

Here's the latest news: Trump hints China 'knowingly' caused outbreak China tests thousands to determine spread Spain joins Italy in lockdown extension Who pays for a hasty U.S. reopening? From the start of the Covid-19 outbreak, President Donald Trump has been focused on one key issue: The U.S. economy. At first he reassured that it wouldn't be affected, then he protested that it wasn't "built" to be shut down, and now he's exhorting states to get back to business. Who's going to pay to restart the economy? Trump's tried to imply that he will, putting his signature on $1,200 checks that Treasury Secretary Steven Mnuchin called a "liquidity bridge" to cover 10 weeks of lost and curtailed income. Businesses, landlords, shippers, families, airlines, oil drillers—everyone is already paying a stiff price for the economic standstill. Protests emerged against quarantine measures designed to fight the pandemic. Photographer: JEFF KOWALSKY/AFP As Bloomberg's Emma Court reports, the U.S. is insufficiently equipped for the testing needed to determine the extent of the epidemic. Countries that responded quickly and aggressively with testing and tracing of contacts—like South Korea—have a much better handle on the virus. The U.S. is doing about a quarter of the daily testing it needs to reopen. And other countries with similar virus burdens, like Italy, the U.K. and Spain, are extending their lockdowns. So as sunbathers eagerly report back to Jacksonville's beaches and pressure rises to relax state restrictions, remember who really pays for a hasty reopening: the elderly. Grandmothers and grandfathers will pay with their lives. Almost 9% of people diagnosed with Covid-19 in their 70s died in the China outbreak, and the rate was almost twice as high for those in their 80s. While it's tempting to suggest that the elderly just stay out of the way until the pandemic is over, they can't. They need care. Drugs. Groceries. Their friends and families. Unless we can do a better job of determining where the virus is and where it isn't, the elderly won't be safe until better treatments or a vaccine appear. The longer the virus is allowed to spread, the more of them will have to pay for it.—John Lauerman Watch this IMF: Worst Since the Great Depression Gita Gopinath, the IMF chief economist, talks with Stephanie Flanders about what the international community needs to do now and what lessons policymakers should learn from the Covid-19 pandemic.   Sponsored Content by Siemens We're thinking about our hands more than ever. Keeping America's factories, power plants, transportation and hospitals moving takes more than technology alone. It takes a human touch. Siemens Ingenuity for life.  See how.   What you should read U.S. Needs More Tests, Experts Say President Trump says current testing levels are sufficient. Germany Takes Key Step in Opening Stores Widespread testing, public discipline are helping limit spread. U.K. Risks Shortages of Protective Equipment Medical association survey shows most doctors face shortages. Recession Risk in Just One Restaurant Within a day, one business's impact spreads thousands of miles. A Guide to Card Points, Miles Amid Lockdown Airlines and hotel companies are extending status. Know someone else who would like this newsletter?  Have them sign up here. Have any questions, concerns, or news tips on Covid-19 news? Get in touch or help us cover the story. Like this newsletter? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Get the newsletter You received this message because you are subscribed to Bloomberg's Coronavirus Daily newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022