But: 1-1/R0 assumes universal, uniform susceptibility and uniform contact graph, which aren't true-- so it's pessimistic. And some people have caught the virus already and are no longer susceptible through that means.
Many computational models put it at about `25% of people infected will result in herd immunity with normal behavior, and the US is presently at about 16%. Unfortunately, getting the "right" additional 9% of people will require vaccinating much more than 9% of the population (we're not as good at selecting the most susceptible and most involved in spreading as the virus itself), but substantially less than 70%.
Further, R0 is based on baseline behavior. I suspect a decent chunk of us will be much more careful for some time, which effectively changes the required decrease in susceptibility to cause a case count decay.
> Latest COVID-19 infection totals come to about 16 million. https://www.nytimes.com/interactive/2020/us/coronavirus-us-c...
Current COVID-19 infection total estimate per CDC is about 53 million infections so far. https://www.cdc.gov/coronavirus/2019-ncov/cases-updates/burd...