More the latter. This is an opinion piece by a physician (not an epidemiologist) with scarce data. He also qualifies everything by saying this COULD become a global health crisis eventually.
If you want to consume some content from the "dire" end of the spectrum:
It's Okay to be Smart is a science education video channel, I enjoy watching it with the kids. They just did a nice piece on the realities of exponential growth:
This piece took a modeling approach to explain why it is necessary to enforce some pretty harsh restrictions right away:
The latter piece really has a doomsday feel where they paint the worst-case-scenario, which I hope would not be very likely. But they say all of this is manageable (even the economic side) if we react strongly now before things get too bad.
Some point out the fact that China and South Korea have gotten things under control as reasons for why we DON'T have to respond harshly. However, those countries got things under control BECAUSE OF harsh restrictions. In the case of S. Korea, the restrictions have been much less harsh than others (China, Italy, Spain, France, etc.), but they were able to do that because of their extensive testing and tracking, and because their populace took the social-distancing recommendations seriously (largely
due to previous experience with '02/'03 SARS pandemic). There are still quite a few people in this country who think this is all made up.