What is needed is socialism with brains and pragmatism, not dogma. More wealth is created when people’s natural desire (for better or worse) to improve their lot is given some slack.
This individual urge to create wealth is like a nuclear reactor – it has to be controlled, and excess (the bankers – Exxon etc) avoided. However, socialists cannot keep their hands off the control lever and end up regulating and taxing everything. (see France, Britain …)
The consequence is LESS wealth. This means LESS to spend on socialist goodies, such as billions on idiotic wasteful projects, quangoes, vast pensions for mandarins etc.
… AND of course the NHS, education, housing, infrastructure ……
This is the problem with “socialists”. They don’t know when to STOP and let the people get on with creating WEALTH. They kill the golden goose and the camel collapses.
We ALL would like to spend an INFINITE amount on the NHS, education and so on, but you have to EARN THE DOSH FIRST. Socialists usually put the cart before the horse.
Bleedin’ obvious, innit? But not apparently to the British Labour Party.