Hey - Spanish Flu II - it has a ring to it.
True - this is definitely a factor. Even while the raw percentage of total people remains low, the number of people with substantial vulnerability and who have not yet been exposed to the virus remains comparatively high in most U.S. states.
In May, it was really only New York state that was somewhat of an exception. Now, New Jersey has joined it, and to lesser extents - Massachusetts and Connecticut. This is not to say that there are no really vulnerable people left in these states - there certainly are, but we’re more aware of the age factor and other conditions like obesity, diabetes, etc., that make people vulnerable.
In the states where the number of cases is substantially increasing, deaths can be expected to rise in the future, though probably not proportionally, due to the increased cases being more prominently among younger, less vulnerable people.
Another mitigating factor may be changes in the virus. The most common occurrence is mutation into less-lethal forms, rather than more-lethal, and thus far that seems to be happening with Covid-19.
There’s a representation of different virus strains in North America.
Good website - you can see analyses for the whole world or regions of it, and see the changes over time as the virus has spread.