There is some logic to that approach. The virus only kills a few percent of the people. If we let it burn through the population FAST, we will have a higher death rate, but the overall economic damage may actually be less. The quicker we let it burn through the population, the sooner we can get back to work. Plus it disproportionately attacks the weaker and older segments of the population which probably have a lower economic contribution, anyway.
I don't actually believe that the above is ethical or something we SHOULD do, but it does have a good degree of logic to it. I am so tired of hearing people say we can not put a dollar value on a human life.. That is ridiculous, we do that all the time when we decide where and when to deploy safety devices, hiway guard rails and many other safety related infrastructure investments.
At the very least we have to acknowledge that we are NOT trying to stop the spread (or "protect" all people from it), out current goal is to CONTROL the burn rate through the population. The question becomes, how hot can we allow the "controlled burn" to get?