I am starting to get optimistic about omicron being less deadly. You'd think the deaths per day would start dropping soon.
Based on trends, I can see the US reaching 700,000 new cases per day in short order.
However, even with that high number, I do not think we will experience the hospitalization challenges nor deaths that we saw early on, and likely not even what Delta caused. From all accounts hospitalizations are a small fraction of total cases, and the percent hospitalized who need oxygen is lower as is the amount of oxygen used. The mortality rate is still very much unknown, and as always questionable due to underlying issues, but it seems that there will be fewer daily deaths than Delta caused despite having many more total cases. We will likely see US total cases reach 60 million before the total deaths reach 900,000. If those numbers are reached at the same time, the all time Covid mortality rate would be 1.5% and Omicron would have a mortality rate of 1.06%. Current indicators are Omicron will actually be below 1.0% though.
For instance, in the UK they reported on Dec 1st a 7 day average of 43,000 and they hit a 7 day average of 50,000 on Dec. 12. Their reported 7 day average daily deaths for Dec. 21st is 112 (which is down from 122 on Dec. 1st). Again, there is a percentage of non-Omicron variants likely skewing the daily deaths higher...but even if we take the 112 and divide that by 43,000 that yields a current Covid mortality rate of 0.26%, so roughly a quarter of one percent...and that appears to be dropping as Omicron increases in dominance.