Look at Venezuela from the 1990s vs Venezuela in the 2000s-2010s to now for a preview of what's to come. Over-tax what's left of your ambitious productive earners and businesses until they flee or become poor and government dependent. Overspend and print currency to devalue it so everyone gets more poor. As if those weren't enough, import more government-dependent voters.
The political elite in the socialist party and bureaucrats, who control education, academia, and mainstream media, are the only ones who prosper under socialism. They'll keep convincing the masses we need these millions and millions of mass migrants per year and a wide open border is a good thing and they'll continue not caring about citizens' safety because the regime just wants permanent power.