the problem with socialism is lack of incentive. you go socialist, people get lazy as why work hard if you get pretty much the same stuff as someone who works hard even if your lazy? the answer is you wont work hard. you will just sit back and let others do the work even if you dont realize it. that, or your children that are born into socialism will and so will their children and so on. except, everyone will be relying on everyone else to work hard and no one will be working hard so the economy would fall due to everyone being lazy. pretty soon, there wouldnt be much left. theres a famous quote that goes "capitalism is the worst economic system, except for all the others". capitalism may suck, but its better than everyone being really poor. theres another quote that explains what i was talking about earlier that goes: "socialism is great, until you run out of everyone else's money"
likewise, the problem with capitalism is that the rich just fill their wallets without regard for the average person.
the solution? a balance. in a perfect world, socialism or even communism would be great. but atlas, humans need incentive. maybe once we reach the "AI singularity" thats predicted to come in 40 years we can have socialism. until then, your stuck with a capitalism/socialism mix im afraid.
also, its not about making their life better than others necessarily. there just needs to be a reward for doing so or why bother? why bother researching and nerding out when you could have some quick fun on itch io instead of waiting 10 years for your nerdy hobbys to pay off? or doing your hobbys 24/7 and never do itch io? same reason socialism wont work: lazyness and/or a need for incentive/reward in a relatively short time period to do work. or at least to do more than the minimum
btw, sorry i took so long to respond. haven't been on in a while.