There is always a tradeoff.
The virus will kill X and reduce the quality of life for Y people. The economic disruption will kill Z people and reduce the quality of life for Z2.
There is a difference between trading my life, or trading a new laptop now instead of saving for it. That is what we are looking at here.
So even if my quality of life goes down, food/health/shelter contributes the majority to that, probably 85%. The rest is all worthless junk.
If the economy is failing to the extent that food is in short supply - that is different. There is no indication that will happen.
Economic conditions have real and immediate health consequences too. For example, in 2010 US unemployment briefly grew about 6% to a total of 10% in the US and there were 40,000 additional deaths from cancer alone[1]. When you consider heart disease, other indications, drug abuse, and suicide, the numbers are much greater. The often cited number of 40k for each percent unemployment may not be far off if these factors are taken together.
This trend also holds true in the OECD where social programs are more common because there are still budgetary constraints on centralized healthcare.
[1]https://www.thelancet.com/journals/lancet/article/PIIS0140-6...
His parents had a house, with a yard. There was air conditioning, cable TV, and each child had his own room. I distinctly remember a nearly-server-class PC much better specced than anything my family owned (a dual-processor desktop in the 1990's!)
Poverty stats don't tell the whole story, especially if they're only based on income levels. A wage that would have you living out of your car in SF might allow a squarely lower-middle-class lifestyle in the rural Rust Belt.