Is social distancing and cancelling public life - are we doing the right thing?

Social distancing, self-isolation, school closures, public life entirely shut down. Does the reaction to coronavirus / COVID-19 seem a bit extreme? What about the economic impact? This video is for those unsure about whether we're embarking on the right course of action.

A point I would've liked to have made clearer is that the economic downside of social distancing is considerable and has been considered when forming advice, but bear in mind the economic impact of unchecked viral spread - it would be incomparably worse.

Edit post video upload:

I don't know how long this will last. I want to make it clear that I am not in favour of an extremely prolonged period of lockdown (eg a year), the public simply won't tolerate it and the economic effects would be too grave (quite a few people suggested I'm blind to the individual and widespread economic effects which is not at all the case). We don't know what the future holds, but we do have data suggesting a way to drastically slow things over a few months (3-6) which, I hope (this part is just my personal opinion) would offer some time to mitigate the effects, and develop a gradual return to normality. I am not blinkered to the huge negatives of social distancing simply because my job is safe - a very close family member with disability's life will be horribly affected, plus I won't be able to see him; my wife's job is under threat and many friends will struggle.