America has been semi-socialist since the 1890s.
Most of Western Europe and Japan as well are socialist. They've been very successful.
You're right, the Democratic party does not support "Full-Blown Socialism".
However, that doesn't change the fact that the President does not have the power to control the economy.
We would have to increase our level of socialism by a lot before that became possible.
Perhaps the private sector could improve our economy. Perhaps we should blame the private sector for inflation and the high housing costs.