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Yes, we know. There is no doubt that the number of people with the virus is much larger than the number of confirmed cases. That is because, again, we're only testing people suspected of having the virus.
However, it is highly unlikely we're off by multiple orders of magnitude. For example, the hospitalization rate for COVID-19 is anywhere between 10% and 20%. If 35 million Americans had COVID-19 right now, with a 10% rate there would be at least 3 million people in hospitals right now, and we're at less than 20,000.
Even if the hospitalization rate was 1%, that would be 350,000 hospitalizations. That's roughly a hospitalization rate of 0.06% -- which is lower than the mortality rate for the flu. That just doesn't add up.
There is no question this will spread quickly -- if it continues to spread at its current rate, we'll have 35 million confirmed cases by the end of April -- but it's not the measles. (R0 for COVID-19 is around 3, and for measles it's around 18.)
How are we "off by orders of magnitude"? We've only tested 900,000 so far. The bottom line is that we don't know how many Americans have it right now. So there is no way you can say we are "off by orders of magnitude". Perhaps millions of Americans have not shown any symptoms yet. But they will and very soon.
It could be 35 million as I estimated, but maybe it's only 5 million right now. But it's going to keep spreading, that's the bottom line. 1 million deaths this year is a definite possibility.