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Friday, July 31, 2020

The Good, the Bad and the Ugly - Inter Press Service

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Global Geopolitics, Headlines, Health

Opinion

MIAMI, Jul 31 2020 (IPS) - In the cinematic context of the death of the Italian and universal composer, Ennio Morricone, author of the background music of more than four hundred films, as an indirect tribute, Europe took a solid step.

The European Union’s (EU) forceful ban on accepting travelers from the rest of the world has been decided simultaneously with a collective option: an internal opening that covers the entire territory of the Schengen Agreement, an enlarged EU that includes some special non-members (Switzerland, Norway, Iceland, Liechtenstein and the microstates).

Furthermore, the EU seems to favor some countries that belong to its protection ring of its immediate neighborhood: Algeria, Georgia, Tunisia and Morocco. It also gives a vote of confidence to the candidates for the immediate enlargement: Serbia and Montenegro.

In Asia and Africa, Europe recognizes the goodness of Rwanda and Thailand. The EU is pleased, once again, to show a solid portrait.

Joaquín Roy

The novelty of the ban is that the EU, replicating the title of a Sergio Leone film, among the most famous works with Morriconi’s musical dressing, sent an unwelcome message to the “ugly”, some heavyweights (Russia, Brazil ).

But the EU flatly pointed out to the “ugly” classic, the United States, that has earned that aesthetic distinction thanks to the showcase appearance of Donald Trump. As a further ignominy, Brussels admits important mutual allies and peers of the United States: Australia, New Zealand, Canada, Japan and South Korea.

In the Latin American subcontinent, Europe reserved to award an impressive individual medal, as if it were a Nobel Prize, to the new “good”: the small Uruguay.

Even protected in the hope of his hasty visit to Trump, Mexico’s Andrés Manuel López Obrador (AMLO) could not escape being labeled “bad.” Noticeable is the everlasting contrast with Canada: Mexico is still “so far from God and so close to the United States”, just as Mexican dictator Porfirio Díaz cursed more than a century ago. Ottawa is just as close to Washington, but it’s not affected by the neighborhood.

On this occasion, the EU leadership did not miss a golden opportunity to show a solid collective face, very often absent, becoming the object of internal criticism and external disdain
Observers from the Latin American scene have been quick to give some explanation to this seemingly shocking global decision. The key for the contrastive assessment, on the one hand, recognition and reaction, on the other, is very simple and, at the same time, complex.

On the one hand, the internal framework of the EU itself must be considered. On this occasion, the EU leadership did not miss a golden opportunity to show a solid collective face, very often absent, becoming the object of internal criticism and external disdain. It is always very difficult to find where the “phone” for Europe resides, as Henry Kissinger once claimed.

Therefore, Europe closes its doors to the most prominent competitors. But, hypocritically, gives a conditioned welcome to none other than China. There is no question of making the Asian giant uncomfortable, leaving the door ajar. Europe notes that Wuhan is the source of the virus (but not as blatantly as Trump repeats), but Brussels acknowledges Beijing’s dictatorial power in controlling the effects.

The result of Washington’s treatment will be that Brussels will become a new renewed object of irritation by Trump, if that tantrum is already something new. Meanwhile, the US Democrats led by Biden will certainly be happy to remind the President of his failed strategy against Covid 19. At the same time, the selection of little Uruguay, champion of the “good”, can boast of the successful control of the pandemic.

In contrast, the awarding of diplomas will highlight the ridicule of ominous giant Brazil under Jair Bolsonaro, the tropical Trump. Even Chile, the country that, led by Sebastián Piñera, initially seemed to show a positive strategy, has remained in the “bad” group.

Without needing to say it explicitly, two “bad guys” are equally qualified by Europe and the United States: Cuba and Venezuela. They have no hope. President Nicolás Maduro of Venezuela is already controlled by Colombia. Cuba excludes itself for its insularity, geographical and political.

Despite all this panorama, the European Union, always so stingy and sinuous, has reserved a special “right of admission”.

Fulfilling its privilege of being fundamentally intergovernmental in its external relations, while border control is a taboo subject, it will review every 14 days (as if it were a quarantine) the composition of the distribution of prizes and sticks. It would not be surprising if some “bad” ones reappear as “good”. But the “ugly” par excellence should put on the mask.

It remains open, finally, to ask about the scenario of winners and losers due to the application of this measure, especially shocking in the American continent.

Firstly, Europe may be harmed by the closure to North American travelers, so much in need of tourism. Export businesses and airlines will take the hit, if the ban is upheld.

In Latin America the losers will be “the underdogs”, to continue remembering the novel by Mariano Azuela. They will see their traditional escapes in emigration diminished and the consequent benefit of remittances.

Argentina, Brazil and Mexico will recall their weak position in a global network that only recognizes them as giants with feet of clay.

But the EU has self-imposed an expansion of the “bad” ones: the United Kingdom, France and Germany have restricted travel to Spain, causing the collapse of tourism.

Joaquín Roy is Professor Jean Monnet and Director of the European Union Center at the University of Miami jroy@miami.edu

 

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Why You Should Not Sell Your Startup App Idea - Forbes

Coronavirus recession: How bad it could get and what it means for you - CNET

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Americans are cutting back on spending as they plan for a recession that might not end until the coronavirus pandemic is over.

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For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website.

Even with the next stimulus bill and a second stimulus payment on the horizon, bouncing back from the coronavirus recession, deemed the fastest recession in US history," isn't going to be quick or easy. The US economy shattered records when it plunged 32.9% in the second quarter, according to data released by the Commerce Department (PDF) this week.

Among the factors contributing to the problem is the new surge of coronavirus cases that erupted when states began to haphazardly reopen after lockdown. State governments across the country then pressed pause on their plans to reopen and many even reversed course, temporarily shuttering businesses like restaurants and bars mere weeks after they opened back up.

If you find yourself among the millions of Americans who've experienced economic hardship as a result of the coronavirus pandemic, many of the economic safeguards put into place at the start of the lockdown have either dried up or will soon, making matters exponentially worse. A renewal of enhanced unemployment benefits and eviction bans are chief among the issues being debated in a second stimulus payment.

So, what does the road to economic recovery look like from here? We've put together the latest news about the coronavirus recession, where to find help, what makes a recession and the government's response. Note that this story is intended to provide an overview, not to serve as financial advice. It updates frequently as the situation develops. 

Read more: How to estimate your 2020 tax refund

Latest coronavirus recession news

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Where to find personal financial resources to help you prepare

If you've experienced financial hardship as a result of the coronavirus recession, here are some tools to help you regain your financial balance. 

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America's decade of growth is over. Now we face an economic plunge.

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When will the recession end?

Unfortunately, we don't have answers to that question. From an economist's point of view, a recession ends when certain market requirements are met. From a personal point of view, you might wonder most about your ability to work, pay your bills and secure your financial future. 

Economists and experts agree that the economy won't recover until the coronavirus pandemic is contained -- without triggering another wave of infections when lockdown measures are released. That'll happen either through herd immunity, an effective treatment for COVID-19, a coronavirus vaccine or some combination of all three.

Several vaccine candidates have shown promise in human trials. Even so, it may still be another year or longer before anything is approved for widespread use. The development of a coronavirus vaccine is fast-paced and details change daily.

How the government has tried to bolster the economy

The $2 trillion stimulus package passed as part of the CARES Act in March represents the US government's first attempt at thwarting a recession. The economic relief law included stimulus payments of up to $1,200 for most US taxpayers, as well as a loan program for businesses to keep paying their employees. 

A debate over a second stimulus check is currently working its way through Congress, but still appears weeks away from being finalized. Meanwhile, the Federal Reserve has indicated it will continue to hold interest rates close to 0% for the foreseeable future, which often has the effect of encouraging more borrowing, which leads to more spending -- and more spending generally improves the economy.

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Spending money at locally owned businesses (while wearing a mask and maintaining social distancing) can help keep your economy afloat during the recession.

Jessica Dolcourt/CNET

How can I help?

It's easy to feel helpless, but if you're feeling financially secure or have time to give, there are ways to make a difference. My CNET colleague Katie Conner has some excellent recommendations for things you can do to help your local community and businesses, including no-cost contributions like online volunteering or donating blood, as well as ordering take-out or delivery, and buying restaurant gift cards. 

Other local businesses like bookstores, gardening centers, toy shops and boutiques may have a website where you can support them with a curbside order, if they remain closed.

The best advice I've heard so far about how you can individually help prop up the economy is this: Spend to the best of your ability and within your means.

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Through Her Startup Jennifer Gomez Is Helping Entrepreneurs Fill The Gap Of Missing Pop-Up Markets This Season - Forbes

The Good and The Bad: The Astros so far - The Crawfish Boxes

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After an off-day on Thursday, the Astros will resume their schedule this Friday beginning a three-game series at Anaheim, after dropping two against the Dodgers at Minute Maid Park. Houston is off to a 3-3 start, but it has lost three of the last four.

When you see what has been the Astros 2020 season so far, you’ll see ups and downs, good and bad. Keep reading below to break down their performance until now...

Correa/Brantley/Maldonado

Fortunately, the Astros’ starting shortstop, left fielder, and catcher began the season red hot. Correa is 9-for-22 with two doubles, one home run, five runs batted in, two scored runs, three walks, and four strikeouts, along with a .409/.500/.636 slash line.

Brantley —who is in his walk year— owns a .435/.500/.696 hitting line, thanks to 10 hits in 23 at-bats. He’s recorded six ribbies and five runs. Regarding Maldonado, he registers five singles in 17 trips to the plate and six RBIs (.294/.294/.294).

Combined, they’re hitting for a .387 average (24-for-62) with 52% of the Astros’ total runs batted in (17 of 33) and 10 hits with runners in scoring position.

The bullpen and the new guys

I know the bullpen has taken two of the three losses so far, but in general, it’s looked better than you can expect after losing big veterans and handing relief duties to a bunch of youngsters and first-year players.

Through the first six games, the Astros’ bullpen ranks fifth in the MLB ERA department (2.12) and is tied with the Rays in fifth place of most innings pitched (29.2).

But the best part —or at least the most encouraging one— is what the young guys have done so far. Among the ones that have made their debut so far, only Enoli Paredes and Brandon Bielak have allowed earned runs.

Among Blake Taylor, Cristian Javier (excluding his start against the Dodgers), Brandon Bailey, Andre Scrubb, and Nivaldo Rodríguez are combining for 11 13 scoreless innings (eight hits and nine punchouts).

McCullers Jr./Javier/Framber

The rotation is now without ace Justin Verlander (shut down due to injury) and has been without José Urquidy since the beginning of the season due to COVID-19, but there are three pitchers that have stepped up: Lance McCullers Jr., Framber Valdez, and Javier.

McCullers Jr. finally came back from Tommy John surgery and had a good start to get the win against the Mariners: 6 IP, 3 H, 2 ER, BB, 7 K, though he surrendered two home runs. Valdez went 4 13 frames against the Dodgers and looked better than you think (I wrote a piece about him after that start).

But the one I was most impressed with is Javier. He came out of the blue and —in his second MLB appearance (first start)— stymied the Dodgers through 5 23 episodes, allowed TWO hits and an earned run. Struck out eight and only gave up one base on balls.

Injuries and COVID-19

Well, the Astros are not doing well when it comes to health. Ace Justin Verlander will be out indefinitely with a right forearm strain, José Urquidy has yet to throw a pitch, and Yordan Álvarez has been out as well due to COVID-19.

But besides those players, reliever Ryan Pressly is still sidelined, utility Aledmys Díaz was placed on the 10-day IL (right groin issue), and also reliever Joe Biagini went to the 10-day IL as well (shoulder soreness).

The Astros have been the Mets in terms of carrying a hospital in their roster. But at least they should have Urquidy, Álvarez, and Cuban pitcher Cionel Pérez back anytime soon. That will surely help the cause.

Springer needs a whole space himself

What’s wrong with George? I mean, he usually takes his time to heat up, but his bat is still taking Summer Camp at-bats. In fact, this is the worst start of his career (in the team’s first six games). He’s gone 1-for-21 (.048) with a home run, an RBI, and six strikeouts.

The Astros definitely need Springer’s spark at the top of the lineup, but there’s something concerning in his advanced stats. His exit velocity is currently at 83 miles per hour after 15 batted balls. Last year, it was at 89.8 MPH and MLB average is something around that as well (88.2 MPH according to Baseball Savant).

It might just be a mechanics issue or something else with his bat, as his IFFB% is at 28.6% (was at 8.3% last year). Besides, Springer has gotten under the balls he’s hit in the 33.3% of the time. Look at his spray chart. His batted balls have barely left the infield:

Cold offense

Key players like José Altuve, Alex Bregman, and Josh Reddick haven’t been their best versions of themselves at the plate. Even though Altuve has recorded a double and a home run, the Venezuelan owns a .174 batting average (4-for-23), the same numbers as Bregman. Reddick is 4-for-22 and is hitting for a low .182 average.

Among those three, there are more strikeouts (16) than hits collected (12) and only 11 runs driven in.

Others like Yuli Gurriel (.238/.385/.381) and Kyle Tucker (188/.235/.313) are off to cold starts at the plate as well.

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Pandemic hasn't scared off startup investors - Crain's Cleveland Business

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While the coronavirus pandemic has walloped the economy, investors in young businesses have not been scared off by the sour economic environment, according to a survey by the North Coast Ventures (NCV), the Cleveland-based investment fund that focuses on early-stage businesses in Ohio

In a survey of more than 100 of its 250-plus investors, 58% of the respondents said the COVID-19 environment has not affected their investment decisions at all, while only 7% said they have cut off all their investment activities. Another 24% said they had cut back investing moderately, while 11% said they cut back investing significantly.

"Northeast Ohio's startup investors are not on the sidelines," managing director Todd Federman said in an email. "Almost 60% of them report no change to their personal startup investing activities."

The results of the survey were announced at the organization's annual (though virtual) barbecue on Tuesday, July 28. It was conducted over 10 days earlier this month. NCV has invested over $60 million in more than 50 young companies through four seed funds and two venture funds.

Federman said that at least five of its portfolio companies have raised seven-figure rounds of financing since the pandemic hit.

"Investors know they have to support their portfolio companies and have largely been responsive in the current environment," he said.

The survey also found that respondents make 60% of their early-stage investments in companies that are within 100 miles of their home.

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Confusion And Inconsistencies On Going Back To School: The Good, Bad, And Ugly Of The Week’s News - Houston Public Media

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A lot can happen in a week. Some of it good. Some of it bad. Some of it downright ugly. When faced with intriguing developments in the week's news, we turn to a rotating panel of "non-experts" to parse The Good, The Bad, and The Ugly of it all.

This week, our panel weighs in on these stories:

Our panel of non-experts this week includes:

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How Bad Was Second Quarter GDP, Really? - Forbes

Ellen DeGeneres' bad year broken down | Gallery - Wonderwall

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First Call: Notre Dame-ACC football deal not as bad as some conference fans believe - TribLIVE

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For Friday’s “First Call,” we take a closer look at ACC football’s sudden addition of Notre Dame this year.

And we try to dispel some of the knee-jerk, negative reaction to it.

Although it’s totally understandable. I mean, c’mon. It’s Notre Dame.

Ugh.


On Wednesday, a torrent of anti-Notre Dame sentiment erupted among fans of ACC schools. That’s when it was announced the ACC was going to allow Notre Dame to be a one-year conference member for football because of the nationwide coronavirus-induced scheduling fiasco.

Notre Dame was on the verge of losing at least seven or eight games from its schedule because other conferences — including the ACC — wanted a “conference only” format for 2020 because of the pandemic. Doing so allows for more streamlined decision making in terms of testing, policy, procedures, cancellations and travel.

But, since the Fighting Irish annually play a partial ACC schedule (as an independent) anyway, Brian Kelly’s team was already slated to take on six ACC teams in 2020.

So, the ACC decided to go with a 10-game conference schedule, with each team allowed to schedule one non-conference game. Notre Dame has been adopted as a conference member for this year only. They are eligible for the ACC Championship Game and title.

That additional game and crown could clearly aid the Irish in a quest to make the college football playoff.

Notre Dame’s concession is that its coveted $15 million NBC television contract will be added to the conference media revenue pool and divided equally among all of the ACC member institutions. Plus, five of Notre Dame’s remaining six games have to be against ACC teams.

To me, that’s a good deal for both sides. Many on Twitter disagree.

Would it? Would it really?

Please! It’s 2020. Everything is an anomaly. Is anything really real anymore?

With revenue plummeting for college athletic departments because of the college sports shutdown since March, raw dollars are more important than ever. Getting the NBC money out of Notre Dame is good even if it’s split 15 ways.

You may not like it as a fan of another ACC school, but there is a relationship between the folks in South Bend and the conference itself. What positive is there for the conference to tell a school in good standing for all of its other sports to “go kick rocks” at a time like this?

Would it “feel good” to leave Notre Dame football out in the cold for a year? Sure. But the conference looks at them as a partner for everything else and that supersedes spite.

Although I do enjoy spite in most cases concerning Notre Dame.

Plus, games against Notre Dame that aren’t on NBC will draw higher ratings for the ACC Network and ESPN than otherwise would have been the case. If the ACC had shut out the Irish, maybe athletic director Jack Swarbrick would’ve dropped their six scheduled ACC teams in 2020 as a retort and somehow linked on with SEC schools instead. Thus, that could’ve complicated the ACC’s already difficult re-scheduling process.

Avoiding that situation was smart. And perhaps not coincidentally, the SEC announced on Thursday it was capitulating to the coronavirus reality as well and going with a conference-only format, too.

A lot of the complaints seem to be about principle over practicality. “Don’t let Notre Dame push you around! Don’t let the Irish play for our championship.

Also, critics point out that Notre Dame will still come out in the black on the conference membership end of things, even after the forfeiture of exclusive NBC rights. That’s because they’ll still be absorbing football revenue as full members of the ACC and maintaining their usual payout of the college football playoff money. The Associated Press reports that sum to be $3.19 million — even if they don’t get selected.

Fair. But here’s where ACC fans need to be pragmatic over principled.

If Notre Dame doesn’t join, there isn’t a single team in the ACC besides Clemson that has a shot at the College Football Playoff. Even if the likes of Pitt, Virginia Tech, Miami and North Carolina are as improved as some people think, it’s a pipe dream to suggest they’ll be 10-1 or 11-0 at the end of the regular season.

Clemson and Notre Dame play each other in the regular season. Would it shock you if the loser of that game won the other 10 games on its schedule? At least nine?

I’d bet on that.

That AP story points out “The ACC champion, or another ACC team if its champion is in the playoff, is guaranteed a spot in the Orange Bowl. Notre Dame normally has access to many of the ACC’s bowl tie-ins, but not the Orange Bowl. … Additionally, a conference receives $6 million for each team it places in the semifinals and $4 million for each team it places in non-semifinal New Year’s Six game.

It’s tough to envision a scenario where both Clemson and Notre Dame are shut out of the College Football Playoff. It’s even harder to dream up one where both teams aren’t somehow included in the New Year’s Six.

That’s at least an extra $4 million coming to the ACC via Notre Dame’s full member presence. If those two teams split their two games and both wind up 11-1, maybe they both make the playoff, and a third ACC team jumps into the Orange Bowl for a total of $16 million.

Or, it’s even possible Clemson goes to the playoff, Notre Dame gets paired in a glamour matchup with another team in the Fiesta Bowl, and a third ACC team gets the Orange Bowl slot anyway.

However you slice it, the Irish could be good for another $4 million-$6 million for the conference in the form of bowl money.

Look, I get it. Unless you like Notre Dame, you hate Notre Dame. And the thought of Notre Dame finally being forced to join a conference while still benefiting in the end drives you crazy.

Me, too.

But ACC football is better off with this deal than it otherwise would’ve been.

You just can’t escape 2020. On any level.

Tim Benz is a Tribune-Review staff writer. You can contact Tim at tbenz@triblive.com or via Twitter. All tweets could be reposted. All emails are subject to publication unless specified otherwise.

Categories: Penn State | Pitt | Sports | Breakfast With Benz | WVU

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Thursday, July 30, 2020

How To Implement Design Thinking In Your Startup - Forbes

Founder of ill-fated Syracuse startup charged with tax evasion after fling with ex-stripper - syracuse.com

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Syracuse, NY -- The founder of an ill-fated Syracuse startup has been indicted on charges that he failed to pay income taxes on more than $850,000 in revenue that investors say he stole from the company.

Glen Zinszer, 50, of Liverpool, is accused of pocketing $852,184 from the startup, Brazzlebox, from 2014 to 2016. The Franklin Square company had created a Facebook-like social media platform for businesses.

He used the money to pay for his lifestyle and that of an ex-stripper, with whom he had a relationship, according to Syracuse.com’s previous reporting. Feds say the money -- some of which was supposed to be paid in taxes -- went to mortgages on personal properties, stays at hotels and spas, as well as cash for personal use.

“He’s paid every single thing,’' the former exotic dancer told Syracuse.com in 2016. “My housing expenses, my vehicle, all my clothes, to get my hair and nails done.”

RELATED: Investors: CEO of Facebook copycat Brazzlebox stole $1 million for himself, ex-stripper

Zinszer convinced investors to fork over large sums of money by making outlandish promises, including creating a company worth $100 million in its first year and internet traffic growth faster than Facebook, according to a previous lawsuit. He was later removed as president by the company’s board, and sued by investors and a vendor.

That lawsuit, from 2017, fizzled out. But lawyers estimated that Zinszer stole $990,000 from company coffers during his tenure. That’s not far off from what federal authorities say Zinszer took.

Of course, the Internal Revenue Service isn’t interested in internal corporate disputes. Instead, they’re going after Zinszer by accusing him of not paying taxes on the income he pocketed from Brazzlebox.

The feds charged Zinszer with failing to report income of $207,532 in 2014, $372,574 in 2015 and $295,807 in 2016.

Brazzlebox closed its offices in 2016 and is no longer in business.

But Zinszer was arrested twice on domestic violence related charges, once involving his mistress in 2016 and again involving another woman in December 2017. The outcome of those cases was not immediately available.

Now, Zinszer faces three federal tax evasion charges, punishable by up to three years in prison, per charge. He remains free pending trial.

Staff writer Douglass Dowty can be reached at ddowty@syracuse.com or 315-470-6070.

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Europe Turns America Into a Bad Example on Fiscal Policy - The Wall Street Journal

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European Parliament President David Sassoli discusses the Covid recovery plan in Brussels, July 22.

Photo: Francois Lenoir/Associated Press

The European Union’s fondest fans are more or less thrilled with last week’s major coronavirus spending spree. Leaders of EU member states agreed to pour €750 billion into fiscally strapped members such as Italy.

Those fans should be warier of getting what they’ve wished for. A similar aid package is proving controversial in the U.S.—the fiscal union where Europeans mistakenly believe this sort of thing is easy.

Europeans have long looked across the Atlantic with envy. America boasts a single currency and also the ability to redistribute tax money and borrowed cash from prosperous zones of its continental economy to those that are less well-off. True believers in the EU argue their bloc requires the same to function economically and politically.

The Covid-19 pandemic has provided an opportunity for European integrationists to go for broke (figuratively and in time perhaps literally) in emulating what they think is the U.S. model. The European Commission will issue bonds backed jointly by all EU members, and then apportion the proceeds to governments partly as grants and partly as loans based on national need.

There’s only one problem. America’s fiscal system works nothing like the way the Europeans seem to think it does.

It’s true that Americans are at least somewhat willing to let the federal government spend a lot of money in a crisis—a trillion dollars here and a trillion there in a pandemic. This mostly takes the form of the sort of “stabilizers” that discerning European economists desire for their continent, meaning the suite of social-welfare benefits and federally funded public-works projects intended to smooth out consumption during a recession.

Yet while this money may be laundered through block grants to state governments, it amounts to a form of aid from U.S. taxpayers to individual fellow Americans in need. Even then Americans rarely agree on the dollar amounts and specific forms of aid, and that sort of haggling is what we pay Congress to do.

This isn’t what the EU will do under its fiscal plan. The EU lacks the political consent to create and the bureaucratic ability to administer its own continentwide spending programs. It must instead assess the need for each member state to stabilize its own economy and then weigh that government’s capacity to fund itself. Those governments found most wanting will receive the most aid.

This is the type of fiscal union the U.S. conspicuously avoids. A member country’s “capacity” to fund itself is always a function of local political decisions. Germany two decades ago undertook difficult economic reforms and then made a concerted effort to pay down its national debt; now Berlin enjoys the fiscal room to pay for a large pandemic spending spree. Italian voters and politicians did none of those hard things, and now don’t have any of their own or anyone else’s money to spare on virus relief.

The EU plan amounts to a subsidy for bad decisions made by someone else’s government. Americans almost never do this.

New York City’s bailout in the 1970s is the exception and came with the sort of strict policy conditions that annoy indebted European governments. Stockton and San Bernardino, Calif., in 2012 and Detroit in 2013 didn’t receive bailouts in the wake of the 2008 financial panic and filed for bankruptcy, as have more than 600 municipalities since the Great Depression.

This model has worked well for the U.S. Most important, America avoids the fiscal food fights that have addled Europe since it began bailing out its economic laggards a decade ago. Those bailouts always come with meddlesome policy conditions (sometimes wise, often not) designed to mollify donor taxpayers. Utah’s governor should be grateful not to have to micromanage New Jersey’s public-employee pensions in the way Germany’s Angela Merkel set conditions on Greek spending. Why New York Gov. Andrew Cuomo would welcome the sort of fiscal scrutiny once visited on Spain is a political mystery, although New York taxpayers might benefit.

Even now, a proposal by blue-state Democrats in Congress to bail out their state-level confreres is proving controversial. Democrats would love to slip such a bailout into the newest coronavirus spending spree as a sop to the public-sector unions whose bloated salaries and pensions have caused blue-state fiscal dysfunctions. Republicans are resisting.

Europeans and Americans have lessons to teach each other here. America’s long history of federalism, properly understood, could serve as a model if the European Union ever decided to create the political institutions to match its fiscal ambitions.

Europe’s more recent miserable and acrimonious fiscal debates, meanwhile, offer a timely reminder to Washington of the dangers of subsidizing bad local decision making. U.S. progressives say they want to emulate Europe’s political economy. In this regard, with apologies to H.L. Mencken, they should take care lest they get what they want good and hard.

Potomac Watch: In Congress’s latest race to throw money at the virus, Republicans lose sight of first principles. Image: Olivier Douliery/AFP via Getty Images

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