A socialist system cannot work in the current human society. People are too selfish and this includes the government as a body of human beings. It wants to grow and it wants to protect its own self-interests. This is true of the political class as well. They want to be handsomely rewarded and even live a luxurious lifestyle by being highly paid for their contributions and, to be sure, they have some special economic burdens in needing to travel to Washington or to a state capital, as the case may be, a large part of the time and often need dual residences to support the lifestyle of government service, but that is only a small part of the picture. There simply are not enough resources to have the government be the sole provider of many key necessities of life like education and health care along with things like subsidizing income or providing a guaranteed income at a basal level for all citizens without essentially having everyone work for the state quite directly. This would stifle private initiative when money is taken from you but everyone expects to be supported by the government.
This will end in a financial collapse sooner or later because people cannot easily be forced to work if there is not an economic incentive to do so and people, being essentially corrupted to be selfish, will take the easy way out and not share the load but become a burden. So the means of generating wealth will fall to an increasingly smaller portion of the citizenry and this will undermine the goal of benefitting all equally and fairly. There needs to be a corruption-free citizenry who are all in divine alignment and see a clear duty and personal responsibility they are willing to accept, not only without trying to game the system in any way, but with great joy and personal pride and satisfaction in their ability to contribute greatly to the benefit of others as well as the self. That cannot happen when people have a self-serving perspective that comes through being disconnected from the divine and in an environment that is highly competitive and working for the self is necessary for survival, let alone having a high standard of living where one can have the enjoyment of some luxuries and not be simply eking out a basal level of survival.
There will be a future where this is the standard way of doing things but it is extremely hard to do in a practical way as physical beings because of the many limitations of the physical form and its fragile nature. It is much easier as light beings when there is great independence and the ability to manipulate energy, which is available readily and directly by each individual, and anything one wants can be self-created so there is no need for money simply to exist and have the basic needs met. So, in a sense, the lofty ideal of a socialist system is a carryover from the awareness of higher perspectives and living in that mode, but it does not translate readily to the physical realm to begin with and, given the nature of human society where people are so heavily corrupted by the influence of dark spirit attachments and the overlay of extraterrestrial interlopers truly controlling things for their personal benefit and subjugating humanity while draining away their resources and the fruit of their labor to a significant degree, it is premature to strive for an ideal governance when there is a bigger problem, being that you are not in control of your own world.