I agree with how you describe it in the first paragraph. Depression is a complaint of privilege. But like you said, it is changing.

I think it is the slow creeping dread that has blanketed the world.

The pandemic was just a catalyst that sped up the process by a few years. I think that for the most part, we were well on the way already. It was like a nail in the coffin for many.

I think it will only get better once the rich realizes that this downward spiral can't continue forever.

They realized long ago - they know that As long as they can survive, it is fine.