Public policy wrt Covid basically occurs at the intersection of epidemiology and economics. The epidemiologists can help tell you what will happen under different scenarios, and the economists can tell you what will happen economically speaking in those same scenarios.
We're basically balancing the economic impact directly attributable to sick days and to COVID-19 deaths, with the impact of the shutdown itself.
As you already know, my conclusion is that the latter is far more severe. But that balancing act is of course precisely what all the debate is about.