A good example of what socialism will do to a country can be seen in Venezuela. I lived there in the 70's and 80's prior to the rise of Hugo Chavez who came to power in a coup. It has always been a third world pit of corruption without a sense of the rule of law. That country has every natural resource including an ocean of oil and could be the powerhouse of South America with even mediocre management.
Chavez maintained his grip on power by giving to the large lower class through socialism. Central planning was instituted and any business that insisted on being profitable,beyond what the government thought acceptable, was nationalized.
Today the inflation rate is so high it's actual rate is unknown, basic food and supplies, including toilet paper, are not available. Price controls have destroyed nearly all business except the black market and even there little is available.
Virtually everyone is poor, exactly as in the illustration in the original post. Everyone except the daughter of the late Hugo Chaves who is the richest citizen in the country. She, of course, has never worked a day in her life.
Can't happen here? It's just a matter of time.
Last edited by Tumpleweed; 11-08-2015 at 09:26 PM.