While all the predictions were somewhat negative, but realistic about the economy, to use the term "scary" is media sensationalism at its finest.

Objectively, we all need to prepare ourselves to weather this economic storm. Whether or not that's "scary" is a personal opinion. Personally, I'm not scared. However, I'd like to believe that I will continue to react to the situation in rational ways (unlike the political classes, unfortunately, who seem to be in full panic mode).