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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?
My theory in that is that the West is experiencing late stage capitalism: the majority of capital is sitting in finance and assets. China is just another destination that does allow capital to directly flow in, within certain rules.
For example, major international hotel chains are all in China. This is a form of property investment even though it does employ people who provide services. It is assessed as property by capitalists. While the Chinese property market is deflating, that just means capital may leave. That's not a threat that requires any concessions to everyday Americans or Westerners.
I chuckle at the idea that capitalists can't afford concessions. They can. They choose not to.