The idea that this virus already was spreading is believable. Without a doubt, many more people have it than is known.
Then again, Italy and Spain are overwhelmed. Even if the percentage of hospitalizations is small, this virus is still severe.
But, I hope it really is reaching an end soon...
Italy has 1/4 # of beds per capita as we do and a much bigger backlog before hand. Spain similar, and both are much older than the US