1. You can't shut down the economy indefinitely. At least not if your goal is to minimize fatalities. And if you don't do that, your "quarantine" is not going to be effective
2. You can't maintain quarantine for more than a month or two, after which your epidemic simply re-starts, and you don't get to re-impose the quarantine then because the first quarantine "failed".
3. Vaccine is over a year out in the best case, assuming it works at all. If it's anything like the flu vaccine, chances of it working reliably on mutated strains are approximately nil.
4. Younger people tolerate the disease much better, and if they build up immunity to it while the senior population self-isolates, the overall number of deaths could be minimized.
5. Due to how widespread and virulent this is, it will just become the "new flu", and it will come back with mutations every year. We can't do what we're doing now every year, at least not if the goal is to minimize deaths.