Especially when you consider things like the dramatic drop in reported mortality from things like heart disease the last few months according to the preliminary data.
But preliminary data isn't very good quality ever, so it is hard to tell how much of that is just bad data, how much is coronavirus killing people that were going to die in only weeks anyway, and how much is misreporting.
But in six months or so, when the data start to settle down, we will find out which direction we are miscounting in. (Clearly we are miscounting in both directions by significant amounts, but it's hard to tell the comparative magnitude)