I believe we should do our best to learn from history. In 1918, when America went through the H1N1 influenza pandemic, which killed almost 700,000 U.S. citizens, many of whom were healthy males in their 20s and 30s, unemployment actually dropped to 1.4% and the stock market did not plummet. This is because the country kept working. In fact, the massive number of deaths among the young to middle aged men in the country actually created a labor shortage. The nation didn't simply wallow in misery and do nothing. The nation adapted and overcame. One vital aspect to our survival in such a troubling time was when the U.S. Supreme Court ruled Child Labor laws to be unconstitutional in June of 1918. This created an influx of labor and also put food on the table for many families. Our course of action not only forced the country to build herd immunity, it also helped build work ethic in young children and helped America become the most productive country in the world. It was the foundation of the "Roaring 20s" and the greatest stock market boom in history.
In short, we need to keep businesses open, close schools early for the year, suspend child labor laws, and get the entire nation back to work.
You didn't mention that there was a war going on which had a major impact on how America responded to the epidemic. Wilson's war cabinet saw any national response to the flu as a detriment to the war effort. In Congress, the epidemic was referred to as the Grip. Laughingly, a Senator suggest that the best treatment was a good shot of hot whiskey and getting back to work. In munition plants, posters emphasized the importance of working even if you were ill. A newspaper, made a worker who died of influenza while packing a munitions carton a hero. A US Senator suggested the 1918 Sedition Act could be used to silence those spreading rumor about influenza. The war ended in 1918 and the number influenza cases were on decline in 1919. 116,700 Americans died WWI and 675,000 died due to the influenza.
There is another side to story to consider. In 1918, the cause of the disease was not understood and the only treatment was to relieve the symptoms. There were no antivirals to destroy the virus and no antibiotics to treat the bacteria pneumonia that often follow the influenza. There was only one weapon know to stop the spread of the epidemic and that was separating people.
Most cities made little effort to quarantine or stop the transmission of the virus. Like today, unemployment was low and the stock market was doing well. Suggestions of stopping the great parades for troops returning from war was considered unpatriotic. Closing businesses was met by stiff resistance from Washington and business owners. However, one city was determine to stop the virus.
In St. Louis when the first outbreak occurred, the mayor wasted no time closing the schools, shuttering movie theaters and pool halls, and banning all public gatherings. There was a push back from business owners, Washington, and the public but the mayor held his ground. When infections swelled as expected, thousands of sick residents were treated at home by a network of volunteer nurses which the city organized. Because of these precautions, St. Louis public health officials were able to “flatten the curve” and keep the flu epidemic from exploding.
What American should have learned is that we should not ignore an epidemic. We should plan for them and we don't allow political pressure or economic consequences from dissuading us from winning the battle.
How U.S. Cities Tried to Halt the Spread of the 1918 Spanish Flu