0.6% die, and some rather rubbery number end up with symptoms lasting from 6 weeks, or 6 months, or something. The rubbery number is sometimes quoted as 1/3 of people who enter hospital, which if 5% enter hospital would mean about 2% of the population die or are so incapacitated they can't work for some number of months. By comparison, just about everybody hospitalised for flu is fully recovered in 2 weeks. https://www.medicalnewstoday.com/articles/long-covid

2% is getting up there. Even if 75% avoid that fate by getting vaccinated, incapacitating 2% of the remainder will be enough to send us into a deep recession.

Hospitals hit capacity and run out of beds and ventilators. This is a hard threshold. Once you pass it, mortality goes through the roof.

For every person in the hospital due to covid is another person not able to receive care.

Hospital beds aren't unlimited.

ICU beds full? Someone has a heart attack? Well, sucks to be them.

That's the part of covid everyone is ignoring: it creates an additional burden on the health care system, hospitals that normally are booked solid for surgeries can no longer handle those cases due to the emergency influx from a pandemic spreading like wildfire.