Here's my take. Without the stay at home orders and steps that have been taken to curb the spread of the virus, we would have more U.S. cities experiencing what NYC has going on. If you isolate NYC's numbers, there have been 3500 deaths out of 132,000 cases with a population of 8.7 million. That's a 2.6% mortality rate. Now I realize less densely populated areas would have a lower rate, but just considering our major cities like Philadelphia, Atlanta, Houston, Phoenix, Los Angeles, San Francisco, New Orleans, etc., we would have considerably higher numbers for both cases and deaths.
And yes, I do understand that the economy is currently taking a major hit, but an uncontrolled pandemic would do damage to it as well. The Fed Gov't seems to have a reasonable idea on how to minimize the damage, and since this is Global, we'll be working through it with other nations. People keep saying they're optimistic that this will be less severe than the predictions and estimates. I'm optimistic about that also since we've taken these social distancing measures. But I'm also optimistic that the Global Economy will heal if all the affected nations take the appropriate actions to correct the damage to the economy. We've been in worse situations, and we survived those only to become stronger.