The basic premise of socialism is that one sector of society produces, and the other sector of society survives by leeching off that productive sector. In the best of worlds, such a silly premise may work, but in the real world if fails miserably for any number of obvious reasons. Those reasons are all rooted in dis-incentivization, and two of the most stark of them are-

Socialist politicians tell the electorate that the odds are stacked against them, and without govt intervention, they will never prosper. This message destroys the will to succeed and dissuades people from even trying. Much easier to sit back and agree that its all too much, so we’ll just accept our lot and rely on govt subsidies grants and handouts to chase what will really never be more than the illusion of success. The country ends up with a population of habitual dependents and losers, instead of movers and shakers.

The productive sector is also dis-incentivized by being forced to provide for an army of dependents, many of whom work in the govt or associated corporates and exist to regulate and restrict and otherwise hinder their productivity. The message is if you work hard and prosper, we will tax hell out of you, and use that tax to employ more otherwise unemployables to make your life even more of a hell. So what movers and shakers do exist are always in a dwindling state of being.

So given those two disincentives, and the fact that they converge at the point where no one is doing what they should anymore because its just too hard or just not worth it, there is then an unavoidable economic collapse. See Soviet Union of Venezuela for an historic example.

Socialism until it collapses is sustained by propaganda, lies and illusions, all designed to conceal the obvious disastrous outcome. Look at New Zealand. It so obvious this is the end game, you’d have to be deaf blind and dumb not to see it.