That’s just circular reasoning! All socialist countries fail because all of them will fail if they haven’t already. What?
What’s the deal with your Mississippi statement? A quick search shows Mississippi with a median income of about $20,000, and France (for example) at over $30,000.
I would be happy if I am wrong on this one example: I do not wish anyone to be poor. However, wikipedia says median income for MS is 40k now, cf https://en.m.wikipedia.org/wiki/List_of_U.S._states_by_incom...
While for France, it is 20k according to http://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=ilc_...
My numbers may be wrong, as other sources say it would just be above the 12 poorest, see https://mises.org/wire/if-sweden-and-germany-became-us-state...
If France median income is not lower than the poorest US state, but on par with the bottom 1/5 of the states, that still speaks volume. It's burdened by a system that can't work.
You appear to be comparing Mississippi’s median household income with France’s median individual income. The former is of course much higher.
The issue is sustainability. Besides pensions at the local level, nothing to worry about for us in the US.
Those in France, Germany, Sweden must deal with major issue, including homegrown terrorists, low economic activity, decline in population, lack of control of their monetary policy. They will crash, as all socialistic country do, when their ressources are exhausted or when their population stops believing the dream their government sells them.
How many of the top internet companies are located there? Which of the top blockchain comparies are located there? Unless you think it will be different for the next technology, they will keep missing the boat and falling more and more behind.
Average income in Mississipi, the poorest US state, is higher than in these countries- look at the price of gas and electronics here vs there - and so on. Here buying a tiny car, without AC or automatic transmission would be weird. People did that a long time ago, but we can afford better now. There, it is still the norm.
It is just a question of when they fail