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.
Even if 99% of the population was wiped out, 76 million people would still exist, the world will keep moving.
What that would look like, we have no idea, but it's not "the end of the world" for a long, long time yet.