Quarantine the small percentage of people who are most likely to die: over 65 with underlying medical conditions (97% of deaths)
Most people have NO symptoms and many only have mild symptoms.
Let everyone else go back to work and herd immunity to develop.
It’s working in Sweden. They will have immunity soon and left most of economy untouched, closing only very large gatherings and reducing restaurant/bar capacity - all voluntarily.
Without herd immunity, there will always be a spike when lifting lockdowns.
It is not feasible to shut down so much of the economy waiting for a vaccine. The best alternative is to isolate and protect those vulnerable to death, especially since this group is mostly the non-working retired or disabled.