It is not self-sustaining.
As Margaret Thatcher said “the problem with socialism is that you eventually run out of other people’s money.” Like cancer, socialism needs a host.
In a revealing article called “Cuba Could be Venezuela’s Biggest Loser” from NBC news, Silvana Ordonez says:
Without Venezuela and its oil and subsidies, “industrial production, trade, transport, agriculture, and the whole economy would be affected dramatically. Medieval nights of the ’90s would return, with blackouts of up to 14 hours in some areas…
In other words, as Venezuela becomes more like Cuba, it becomes unable to be the socialist island’s host, propping them up with subsidies previously produced by a more capitalist economy.
In the United States, the host is the US taxpayer. However, as Thatcher’s quote reminds us, there’s a point at which the host is used up. As with cancer, when enough of the healthy cells have been consumed, the body dies. Given that 70% of all US government spending is now wealth transfer payments, I fear we are getting close to that point.
The laws of economics continue to hold sway, ideology notwithstanding. Universal socialism is an impossibility. For once everyone is socialist, there’ll be no one left to pay the tab.