First of all, let's be clear that flattening the curve WILL save lives, even if the same number of people ultimately get exposed to the virus. Not only will we avoid overrunning hospitals, we also buy ourselves valuable time to ramp up production on equipment like ventilators, necessary medicine and protective gear, find better treatments and cures, and perhaps develop a vaccine.
So, is saving lives worth the economic impact? I think the answer is very simple.
I did account for the death rate when the healthcare system is overwhelmed; I have no doubt it will save lives.
Then, as I also said, if you are 60 and your very old mother is on her death bed, and you get to buy her one more week of life by eliminating your entire retirements savings, would you do it? If not, after that we are so to speak just haggling about the price.
Oh, and what if I came for your retirement savings because they could save my mother, that you don't even know?
There are trade-off on another level too. Recessions have very real human consequences that I mentioned in another comment. Many of them involve deaths, but many more just involve ruined lives. I'd sooner let one 80yo die than make one 40yo miserable for the rest of his life.
So, is saving lives worth the economic impact? I think the answer is very simple.
Would you rather lose your job or your parents?