Imagine a Present Sanders imposing wage and price controls to remedy the runaway inflation caused by massive government spending for social welfare programs and free stuff. This after tax revenues dropped because of his massive tax increases drove the rich to leave the country taking their money with them and the economy skidding to a halt due to lack of investment. America could quickly become just like Venezuela.
I hate to say it by I think the reality will be the USA going down a road much like you described.
Oh, yes. And inflation doesn't even have to be involved. Sanders could decide, for example, that bread prices hurt minorities/the poor/the proletariat. Therefore, by executive action, no loaf of bread can cost more than 15 cents. The result will not be cheap bread. It will be no bread.
And when the rich leave, the middle class will pick up the tab.