One theory I've heard about the accelerating of the worsening conditions of western proletariat is that the USSR used to provide a bulwark against things getting too bad. People would point at the USSR and the illusion that capitalism was better for individual prosperity would collapse in comparison. Then, with the USSR gone things have been deteriorating for the past ~30 years.
If that is true, even somewhat, why haven't we seen a similar effect from China's example? Is the theory simply wrong? Maybe western capitalism is just unable to even offer scraps from the table at this point. Maybe people are unaware of how things are in China? Could we dare to expect that China's example will force a lifting of the boot from our necks?
The ruling class was overly confident of their victory in the 90s over communism. They are high on their own supply to this day and think China will collapse any time now. Essentially, they don't believe they need to give significant concessions because, in their view, there is no alternative, and workers have no choice other than capitalism. It's not just our politicians who think there is no alternative, but many ordinary people as well.