That doesn't sound like panic to me. It does sound like he's refusing to sugarcoat things. He was talking about the lack of PPE as well as of treatment resources like ventilators, and the PPE may actually be the more important component because it keeps hospital staff from falling ill or becoming a vehicle for the virus to travel from the known-sick to presumed health people outside of the hospital setting.
I really hope we do start seeing more measured responses to the economic impact, based on actual risk assessment rather than the idea that we can literally shut the whole country down for a couple weeks and this will somehow miraculously go away.
DH just got word today that under the terms of the governor's new stay at home order, he may not be allowed to continue working as he and his boss had planned. Production in his plant shut down last week and the whole building was closed for one day for a deep cleaning, similar to what they do when they have a caustic material spill, before maintenance was allowed back in. His team is four people - his boss and IT guy, who both work remotely more often than not under ordinary circumstances, him and his assistant, who do the physical repairs. He's literally the only one in the building right now, and his assistant is the only one in their second plant. They developed a detailed plan to keep the two of them working for at least the first couple weeks of the shutdown without ever encountering another human - if the assistant can't handle a particular repair, they switch locations for a day to allow DH to do the more complicated tasks. Even the parts supplier they use for supplies they don't keep on hand went to contactless delivery a week ago, so there's absolutely no human exposure in continuing to work. But because the governor's order doesn't exempt their entire industry (for good reason - social distancing on a production line is impossible), they may be forced to scrap this whole plan and just lay the guys off instead.
But hey, there are a half-dozen restaurants, from McDonalds to high-end seafood, serving take out and delivery in my town, and the governor says those are essential.