Comment It's just many times before and has failed. (Score 1) 917
This is just another euphemism for Communism. ("From each according to his ability, to each according to his need" - Karl Marx).
The first fatal flaw is it effectively wipes out the incentive to succeed; since someone can be handed a living with zero risk and near zero effort. The success of capitalist nations is because people are willing to risk their savings and comfort and to work much harder if success returns them material comfort. 95% of all small businesses fail even in the best of time. So this approach says that if someone risks everything and loses, the loss is their own. But if they are part of the 5% that succeeds, the government will seize most of what they made and re-distribute it to people that risked nothing.
That failed in the old Soviet Union, it failed in China (who have now introduced capitalism just to create enough GDP to feed their citizens, it failed in Cuba, in failed in North Korea, etc. The British tried 95% top tax rates to give away more free handouts and too many of their biggest and most successful risk-takers took their show to other countries.
If you want to lift the country; you need to provide incentives to increase the percentage of people willing to risk their own money and work hard to succeed; not guarantee the comfort of those who aren't motivated.
The second fatal flaw is that it puts the government in charge of deciding who gets virtually all wealth created by effort. And in such countries, the main beneficiaries are government officials and their accomplices.