You have answered your questions partly yourself. You love your wife and by heart don't want to hurt her by words or otherwise. This is a good starting point in any marriage mediation or discussion.
Both of you are teachers and she is pregnant.Please put aside the thoughts of divorce. Try and see what's going wrong. Many married couples have disagreements and major fights in the first 2-3 years of their married life. It is often related to finance, job or relationships. Yours is related to a job and you are not alone, there would be many such people on both sides.
Forget the issue for a couple of weeks, she is pregnant, both of you take time to go to a temple or a place of faith, for a movie, for a dinner outside. Go along with her for her medical checkups and pregnant classes. Pick her up and drop her. Try to think, discuss about good things in life.
Then, be frank and write down the list of issues from both sides and instead of just hearing your wife, try to listen without thinking about her viewpoints. Marriage is all about give and take and both husband and wife are equally important with respect to their dreams, ambitions etc.
She wants you to try for a government job. She would be correct because, the family is getting bigger, there is a new addition on the way, expenses would be higher. These days many people look desperately to get a government job as the career is steady, earning, pensions and a sense of security is good. This may be the reason she is insisting on it.
Give it a thought and a tell your wife that, yes let's try it. look at your qualifications, can do complete an additional degree by distance mode and apply for a government job and try your luck.
Give it a few months time, then once your child is born, your issues would get better. It is unfair and most unfortunate for a child to come into this world without both father and mother to take care him or her. If needed both of you can seek family counselling help to tide over this difficult time. If nothing works, then you can consider your option to separate.