Those who doubt the efficacy of shutdowns and mandated social distancing in slowing the spread of Covid-19 may want to look at the grim lesson learned by Sweden. Or more specifically, by its elderly, a large number of whom critics say died needlessly thanks in part to the government’s approach to the pandemic. Gyms, schools, restaurants and shops have stayed open throughout the country, which has been good for the economy but bad for longevity: Sweden’s death rate is about 32 per 100,000, compared with 24 in the U.S., the global epicenter, and roughly 9 in Denmark, which took a much stricter approach. Now Sweden is spending $420 million to try and make things right. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

Dr. Anthony Fauci repeatedly contradicted his boss, President Donald Trump, in warning against many more unnecessary deaths on top of the 81,000 Americans already lost to the pandemic (though he conceded the true number is likely higher). While Trump has said more American dead is a price he is willing to pay for “reopening” the economy, his adviser was decidedly less fatalistic in virtual testimony before the Senate Tuesday. Fauci cautioned against loosening restrictions in states where infection rates are still high, especially in a nation that remains woefully unprepared for the necessary testing and tracing. He also dressed down Senator Rand Paul of Kentucky when the Republican insisted kids return to school in the fall. Fauci pointed to a new, deadly syndrome affecting children that may be tied to Covid-19. 

Presumptive Democratic nominee Joe Biden called out Trump over his effort to focus attention on the Obama administration probe of Michael Flynn and his connection to Russia after Moscow interfered with the 2016 election. Biden said it is meant to distract from “the horrible way” Trump has handled the pandemic. Trump dropped the probe of Flynn, a former national security adviser who twice pleaded guilty to lying to the FBI, triggering fury from almost 2,000 former Justice Department officials who called on Attorney General William Barr to resign.

House Democrats proposed a new $3 trillion virus relief bill, combining aid to state and local governments with direct cash payments, expanded unemployment insurance and food stamp spending as well as funds for voting by mail and the troubled U.S. Postal Service. Republicans oppose the bill, with Senate Majority Leader Mitch McConnell saying he will instead move on legislation aimed at protecting businesses from liability for returning employees who fall ill or die.

It’s likely to be with us for years to come, but it can’t hurt thinking about what a post-coronavirus world will look like. We asked a select group of economists, investors and CEOs how they think the pandemic has already changed the world and how it will alter the future.

Uber wants to buy Grubhub, attempting to build out its U.S. food-delivery platform even as Uber Eats shuts down in seven countries.

What’s Joe Weisenthal thinking about? The Bloomberg News director wants to pull back a bit from his warning Monday about how U.S. unemployment insurance may fail to prop up demand once higher-paid folks start losing their jobs. Joe says it’s worth noting that the 2008 financial crisis had all kinds of aftershocks that didn’t materialize. Remember the wave of municipal defaults that never happened? Or a second foreclosure crisis in the form of Option ARM mortgages? It’s easy to see all kinds of horrible knock-on effects from the devastation, but it’s worth remembering that early forecasts don’t always come to pass.

What you’ll need to know tomorrow

• Wuhan has new cases, so all 11 million residents will be tested.
• Nigeria’s dollar shortage is pushing manufacturers to the brink.
• Here are all the Covid-19 symptoms you may not know about.
• U.S. Supreme Court seeks middle ground on Trump tax returns.
• Why not spend $100 million buying a mall during a pandemic?
• Pity the stranded super-rich: They may face higher tax bills.
• Businessweek: The big downside to rent freezes across America.

What you’ll want to read in Bloomberg Pursuits

The Greatest New York City Cocktail Bar Crawl

Whatever the new normal may be in the months ahead, it will be much better with an expertly made, frosty drink in hand. Come with us on a tour of all those wonderful, albeit dormant bars in the City That Never Sleeps.

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What does leadership during a crisis look like? Watch our new series, Leadership Live with David Rubenstein, where he takes viewers into the home offices of top executives, discussing their priorities during the coronavirus pandemic. Rubenstein speaks with Google Chairman and CEO Eric Schmidt on Thursday, May 14, at 4 p.m. EST. Watch Leadership Live here.

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