We squandered the fruits of that on peak socialism.
I think you meant to write peak corporate welfare, because at least in US social nets were/are being cut at least since Reagan era, if not earlier.
Multiple sources, like the US government, report that > 1/3 households are on means tested assistance (e.g. welfare). If you add unemployment, social security and other government pensions, you are at or near 50%. Is that more, or less, than when Reagan cut welfare? Or, was that (Bill) Clinton that that reformed welfare?
The government would get money.
Because the government never does foolish things with the money they receive.
Put not your trust in money, but put your money in trust.