| This is Bloomberg Opinion Today, a stimulus plan of Bloomberg Opinion's opinions. Sign up here. Today's Agenda  Paul Krugman explains the economy, sort of. Photographer: Neilson Barnard/Getty Images North America Our Weird Coronavirus Economy Covid-19 is a weird, mysterious disease, so it makes sense its economic impacts are pretty weird and mysterious, too. For one thing, its effects aren't evenly distributed. It has been absolute hell on airlines, hotels and rental-car companies. But it has been heaven for, say, online grocery sellers, as anybody routinely fighting for delivery slots can tell you, and as this chart from Ben Schott illustrates:  The net effect, though, has been a quick, deep recession, with subtle notes of depression on the finish. Nobel-winning economist Paul Krugman is optimistic we can avoid a depression, he tells Noah Smith, though he warns a too-quick reopening could extend the pain. But even this econogenius struggles to characterize the nature of the truck that just ran us over. "Is this a demand shock or a supply shock? Yes. And no," he explains. Got it! How about all that stimulus we've thrown at the economy? Good luck figuring that out, too. Tim O'Brien and Nir Kaissar run an inventory of everything Congress has done so far, summed up in this helpful chart:  Has all this spending saved the economy? As the great Paul Krugman once said: Yes. And no. We still have too little insight into how huge buckets of it are being spent. Not enough has gone to health care or state and local governments. And the amount allocated to households will run short soon. In fact, though all the chatter these days is about how the economy might bounce like a dead cat in the third quarter, we will almost certainly need more stimulus. Unfortunately, old ideological differences are starting to slow the government's response time. So Narayana Kocherlakota suggests three econo-boosters that would please both Keynesians and non-Keynesians. Karl Smith, similarly, proposes keeping some of the padded unemployment benefits Republicans now want to ditch, but adding a bonus for people who get back to work. Can Congress agree on such things? Another mystery. Bonus Economics and Politics Reading: A third-quarter economic bounce may not help President Donald Trump get re-elected. — Jonathan Bernstein Pandemic Changes Worth Keeping Miserable as this pandemic is, it is changing our behaviors in ways that can be good for us. We're taking better care of our health, spending more time with family and remembering to wear pants on Zoom calls. In another helpful trend, authorities have temporarily made it easier for people to get opioid addiction treatments, without having to see a doctor in person or jump through other frustrating, expensive hoops. Such changes should be made permanent, writes Bloomberg's editorial board. It could help end our opioid crisis. The pandemic has also exposed our pressing need to stop warehousing so many of our people in prisons unnecessarily and inhumanely, writes Francis Wilkinson. We've released some nonviolent offenders to ease the risk of coronavirus transmission, but the U.S. still has far more people in prison than most other developed countries. First, though, Americans must stop being delusional about the threat of crime and start thinking of criminals as human beings. Corporate America Carves Out a Sort of Future By the year 2020, science fiction promised us, were already supposed to have space hotels and self-driving cars (preferably flying ones). We're getting there, just far more slowly than expected. Elon Musk's SpaceX had to scrub today's planned first manned spaceflight by a private company when the weather didn't cooperate. Michael R. Strain sees the delayed launch as the start of a new era of public-private space exploration that could take us to Mars and beyond. Pros: Social distancing will be much easier. Cons: Space viruses. As for the flying-car thing, we may have to satisfy ourselves for the near future with Amazon.com branded robot cars. The company is buying Zoox, a startup I definitely heard of before today, which once had grand ambitions to make electric robot taxis. Instead it will help Amazon with its logistics problem, writes Alex Webb. Just as Arthur C. Clarke foretold. Also taking a step into the future is General Electric Co., by ditching its ancient, iconic lightbulb business. It's kind of sad, but also necessary for the company's long-term survival, writes Brooke Sutherland. Sometimes you can't have a future without sacrificing the past. Twitter Inc. may seem to be flirting with having no future at all, enraging Trump by slapping fact-checking labels on some of his tweets. But Cass Sunstein writes this favorite outlet of Trump, Musk and other over-sharers has struck the right balance between free speech and keeping the public from being buried in dangerous nonsense. Telltale Charts Bill Ackman is giving up on Warren Buffett, and you sort of can't blame him, writes Tara Lachapelle.  The pandemic will likely slash $400 billion from energy investment this year, writes Liam Denning, creating an opportunity to start fresh with a more sustainable approach.  Further Reading Dominic Cummings's biggest sin may have been undermining Boris Johnson's credibility. — Therese Raphael The proposed EU recovery fund is a watershed moment, opening the door for a real fiscal union. — Ferdinando Giugliano Benjamin Netanyahu's criminal prosecution has U.S. implications. — Noah Feldman We should let markets help us price coronavirus vaccines. — Tyler Cowen ICYMI The Trump administration said Hong Kong was no longer autonomous. Companies are keeping workers but cutting salaries. Twenty-three states sued the Trump administration over fuel-efficiency standards. Kickers Why oranges are sold in red-mesh bags. Supposedly blank Dead Sea scrolls actually have text, scientists discover. (h/t Scott Kominers for the first two kickers) Roman mosaic floor found under Italian vineyard. Blue bee thought to be extinct had just retired to Florida. Note: Please send oranges and complaints to Mark Gongloff at mgongloff1@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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