In the past, concessions would be given to workers to stave off talk of revolution. Think of the new deal, etc.
These days, whether through incompetence or ideological intent (the end result is the same so the distinction doesn’t matter much to me), the ruling class just will not allow any pumping of the brakes, any tiny release valve to stop the pressure building.
I find it a fascinating phenomenon that they are incapable of doing something positive for society, even to save their own skin. It baffles me, especially considering how successful it has been in the past.
When I say God, I mean it in a very fashy 'divine right of kings' way that is tied up in money and power. You're probably right that it's not truly sincere belief, but rather a coping mechanism to absolve themselves of guilt and responsibility.
They don't want to (and don't think they should have to) give up any power to those they see as lower than themselves. Anything that would save capitalism would mean giving up power that they see as rightfully theirs and theirs alone, and it would also mean giving the poor more tools to fight back. Which in turn, might also mean they might face punishment or even death for crimes against humanity that their power and money previously protected them from.
They are so afraid of this, that to them it's worth risking the destruction of countless lives, the environment and society, as they reason that as long as they have all the money and power, they'll still be in the best position to build back afterwards.