Innovation? IMHO we dont need more inventions and scientific break throughs. We have enough technology, we have enough resources, medicine is advanced enough (cancer can be treated in different ways, high cbd treatments, going after the root cause, ect.). I think most scientists working in medicine will still work in medicine for the good of all people and because they enjoy science. Even if innovation becomes stagnant, realistically why do we need to advance any more? We dont need rapid advancement, we need a better quality of life for all people in this country. Thats what socialism has as a goal.
Lets talk about classes. People say there wont be any motivation under socialism, I dont agree. IN a socialist system, the lower class would be for people who dont work, cant work, or only want to work 8-16hrs a week. They could still sustain themselves, having guaranteed food clothing and shelter. This would be the smallest class.
The middle class would be the biggest. This would include most working people, unskilled labor more so than skilled. If you work had 16-32 hrs, you should automatically be in this class. This would be pretty kushy, with enough to have hobbies, a nice house, a nice car, ect. The upper class would be skilled or highly educated people- scientists, doctors, lawyers, ect. These people would make more than the middle class but not a lot more- only a moderate amount. Basically all jobs would land people in the middle-upper class. There would be no upper 1%. This would not be allowed, the money would be taken from anyone who earns that much and redistributed through profit sharing or taxation.
#3, we are already prosperous. We are going downhill because the rich are greedy and hoarding all the resources. These super rich are building their empires on war money, oil money, and exploitative business models. IMO socialism would generally make all decisions for the good of all people, restructuring business models through wealth redistribution across the board.