Capitalism works, but not as just "let the market handle everything." I'm working on transitional plans for a new economic strategy that makes capitalism actually work (permanently); I already have the end state, and also have proven that it works both in the end state and in transition. There is risk due to variation--an improper transition can actually not work--so I need to work out that kind of stuff and set up a full end-to-end plan that follows a path that works.
Fortunately, changing an economic system is a simple project. It works like any other project, and you can rely on all the stuff normal projects are bound by. For example: All the risks in transition fall away as you pass them. For example: I have to spin social security, food stamps, and HUD down. I also want to eliminate unemployment *and* minimum wage; these carry less risk.
Unemployment carries approximately zero risk: nobody on unemployment will come out receiving *less* income, so you can just cut it off. Likewise, repealing minimum wage carries little risk: I'm transitioning from a strategy of avoidance to a strategy of transfer and mitigation, and the risks of low wage are largely shifted onto the employers rather than the employees. These are easy.
Social security can't be cut off immediately: people rely on planned finances, and will face an economic situation they can't compensate for if faced with a significant reduction in income. To handle this, I have to avoid the risk: Social security is grandfathered for 15 years; anyone who isn't of retirement age in 15 years isn't getting social security. That actually carries a risk of high tax, but it's 6.8% (social security is currently 12.4%; I'm reducing OASDI to 6.8% immediately, but still providing the full benefit until everyone who starts collecting before a time 15 years in the future dies). That risk stays around for probably 30-40 years, but scales down after 15. Risk strategy: avoid.
HUD not so easy: the housing subsidy is less predictable, and will invoke market forces. Food stamps, EBT, WIC, same deal. These require complex transitions, and *any* transitions put people at-risk. The design requirements here explicitly require not putting people at-risk, but also require not raising taxes. Grandfathering is an immediate avoidance strategy: the additional tax burden for HUD is under $50 billion, about 1/10 of social security. Food security around twice that.
As people leave the grandfathered systems, risk decreases. HUD is small, and quick: the turn-over in WIC, EBT, and the food stamp program is bigger than Social Security, so it'll fall off in 5-10 years. Likewise, the tax burden from Social Security rapidly decreases after 15 years. HUD falls somewhere in the middle, and carries a long tail: working-age people are supported by HUD and come in and out, but some of the young ones will *never* exit until they die; thus there will be a short period of rapid cost decrease, followed by a very slow decline.
See? It's all temporary risks; and, as you pass the risks, you gain more flexibility to handle further risks. Just have to minimize the risks, move the easy ones up-front so they can be culled quickly, then manage and control the remaining risks as they shrink slowly.
I'm pretty sure I could get this started, technically (not politically), in under a year. At that point, immediately, taxes are *slightly* lower; give it another 1-3 years and nobody goes homeless or hungry in America ever again.