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The issue is that the powers that be did learn their lesson and they learned it well. If you keep the masses JUST sufficient enough that they still have something "to lose" they'll be to busy chasing that to be able to mount any kind of resistance to their exploitation. It's the splash and dash mentality. It's also why they are so against abortion. they frame it as a moral issue, but it's really about ensuring a good crop of fresh people to exploit when the current crop wears out. It's a common fascist tactic: Concentration Camps were usually billed as "work" camps where people would be set to menial or meaningless tasks, so they would waste away on purpose, and the deaths could be logged as "by natural causes" and not murder. (only what the regime defined as "undesirables" were sent to be euthanized.)
Competing Lords owned the land and extracted labor from the peasants, and this was feudalism. Then peasants overthrew the lords so they could seek ownership of those lands, but that only benefited those who already had the means to fill the vacuum left by the lords. Capitalism only shuffles the deck of Feudalism. it doesn't solve the underlying flaw in the game, namely that there will always be someone with more means than you extracting value from people whose only asset to sell is their labor and time. Eventually a group of gentrified individuals will emerge that fill the rolls that the old lords did, and given that nepotism is rampant in industry, it's not even really that different at all from feudalism. The idea that a CEO should be president of a democracy is such a perversion of the idea of public rule that it is anathema to it. Extreme wealth should be disenfranchising in of itself, as if you are that wealthy, you no longer need the protections of a popular government, but rather, you are what that kind of governance is supposed to be protecting against.
For years I've held the view that slavery never ended, they just made the entire country and most of the world of the plantation, with the illusion of mobility and free choice. All you are really free to do is choose what cog to be in their machine, and as soon as you are used up you are replaced with another. I agree with you on abortion, but I think it also goes deeper. Parents have even more to lose, and are more likely to be good little wage slaves to protect their children in the short term, unable to see the long term.