Illustration: Eniola Odetunde/Axios

The United States keeps reacting too late to the coronavirus, prolonging its economic pain and multiplying its toll on Americans’ health.

Why it matters: The spread and impact of the coronavirus may be unfathomable, but it's not unpredictable. And yet the U.S. has failed to respond accordingly over and over again.

First, it happened with testing — a delay that allowed the virus to spread undetected.

  • Then we were caught flat-footed by the surge in demand for medical supplies in emerging hotspots.
  • And the Trump administration declined to issue a national shelter-in-place order. The resulting patchwork across the country left enough economic hubs closed to crash the economy, but enough places up and running to allow the virus to continue to spread rampantly.

Between the lines: Proactive containment and mitigation steps would have required extraordinary political and economic capital, especially if they had come early in the process, when many Americans didn't grasp the full weight of this challenge.

  • But making decisions based on today’s information — without an understanding of how much worse tomorrow will be — is also politically and economically risky, and carries the extra cost of more deaths.

What they're saying: A senior Health and Human Services official told me that if they could do it all over again, they would have engaged the private sector to ramp up medical manufacturing in mid-January — about two months earlier than ended up happening.

  • “By waiting to fully appreciate and acknowledge this as a once-in-a-lifetime crisis, this was a colossal missed opportunity," the official said.
  • Now, even as testing and hospital capacity remain limited, President Trump is eager for an economic recovery — even though, by all estimates, the outbreak is only going to get worse.
  • Removing social distancing measures is “a catastrophically bad idea. The human cost would be devastating, and the economic toll from that devastation might be even steeper than what we’re seeing right now,” Indiana University’s Aaron Caroll and Harvard’s Ashish Jha wrote earlier this week in The Atlantic.

Case in point: The Trump administration squashed rumors more than a week ago that it was considering a national shelter-in-place policy. But it might have done some good at that point.

  • “The economic impact is severe in scope, but limited in duration," Raymond James wrote in a research note dated March 15.
  • But just a week later, the firm published a new note: “The government has likely missed its window ... The failure to establish a nationwide lockdown and instead allow individual states to make those decisions is likely going to result in the spread continuing.”

The bottom line: When I asked the HHS official how all of this keeps happening, the official said it’s at least partially due to disconnects — between Trump and his administration; between the government and the private sector, and between the U.S. and the rest of the world.

  • “At the end of the day, the virus has slipped through all those cracks that exist between all of these entities,” the official said.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.