I Do Not Support Socialism, at least not in the old Marxist planned economies system where a group of “comrades” control the lives of all others. If by socialism, you mean more the western European model, with a few adjustments, I support that.
I do support policies that create micro capitalists and a strong safety net, be it through basic income or some other mechanism. the biggest problem I see is that we have allowed the useful task of capital aggregation to become all consuming. if we had tax and social policies that made sure a wealth creator kept, say 90% of the wealth he/she created, and the capitalist got a small cut for his/her activity of arranging the capital for whatever project was at hand, we would have the best of both worlds. There is no reason why we cannot make sure those who do the work, who create wealth are rewarded proportionately to the wealth they create.
(My ideal method of creating the basic income/safety net is to add a 15% surtax to every dollar earned in the USA by individuals or corporations, and then pay EVERY person living in the USA $500 per month, with an additional $500 for heads of households. This payment would go to homeless unemployed as well as millionaires and would neither be taxable income, nor would it effect any supplement any low-income person currently qualifies for.)
This means a family of three would receive $2,000 per month, plus any wage or support they were already receiving. Meaning the lowest they could every earn s $24,000 per year, and as most of America works and earns between $15,000 and $50,000 per year, very few Americans would have less than $39,000 in household income. This would automatically eliminate poverty and insure a vigorous and continued consumer driven growth in the economy.
The idea that “labor” is a commodity to be paid $5 – $50 per hour, and the capital aggregators and labor managers should receive ALL the profits over and above that labor fee, is nuts.
If I work on an assembly line, along with 1999 other workers, building Chevys each making $33.00 per hour we earn $2,640,000, collectively, per week, building 2000 automobiles cost in material $17,500 each, and these cars are worth $32,000 each, after money costs, (remember, the capitalist rarely brings much of his own money, and if he does, the cost of that money is not profit) development, marketing, insurance, and transportation costs are added in, this means the workers earned $1800 each combined for each car, leaving a “profit” to the capitalists is $2,100.00 per unit! (See Chart)
Why shouldn’t the workers get say $1 ($1.00 x 2000 employees = $2000 to the wealth creators) for each person per car, and the capitalists get $100.00? There is no reason. There is no reason the worker and the capitalist should not each $1.05 per car, with the capital aggregator getting a salary like the line workers of a base of around $68K, but that is a system that would surely find little support among the underpaid workers of America!
Now, the men and women who build the car and create the value earn the same $68,640 base, plus $100,000, or $168,000 each, while the capitalist would still earn $10,000,000. Note, the costs of money are calculated in the cost items, so this profit goes to the “owner”
The truth is, most car companies would have several such plants and sell more like 1-2 million cars, producing about 15 times as much total profit, after the costs of investments, or a total profit of around $150,000,000 for the stockholders.
This proposal seems outrageous to the American mind, yet, it is not socialism, nor is it anymore unreasonable than having them earn 68K and the capitalist to earn 210 million dollars!
Of course, the $68,640 wage for autoworkers is already high, by comparison to many other workers in America, and these other workers should also see an effective sharing of the wealth they create. Remember, McDonalds and Walmart would make nothing if there were not employees in both factories and in their retail/restaurant locations. If every worker walked off the job next week, none of these great capitalists, for all their automated systems, would not make any money.
Of course, if line workers were making hundreds of thousands of dollars, on highly productive organizations, we could have a good tax plan that took a fair chunk of that to make sure no one went without food, shelter, healthcare and education. The superrich would still pretty damn rich, and successful wealth creators would be rewarded.
If every worker in American had the same paycheck, it would be over $100,000 per year! Now, in a capitalist system, we do not expect everyone to make the same, but if the range was from about $60K to $150K no one would be poor, and there would still be plenty of incentive to motivate the average wealth creator.