This pretty much sums up what I spent a lifetime opposing for the very best of reasons. What we called communism oozed into socialism and then to liberalism and finally to progressivism. It ruins everything it touches and leaves nothing but slime behind.
It happened to the Athenians and the Romans and on and on throughout history. It happens here too. When governments are designed to force business to fail and to maximize human misery, it is no surprise that they succeed at that, if nothing else. It's an interesting contrast Norway with its North Sea largesse and Venezuela with the fifth largest oil reserves in the world.