While it is significantly better than what people have now, it still has the capitalist greed within, I've mentioned it before but here's why I don't agree with this idea
1: the standard of living still relies on the exploitation of the global south/third world countries.
2: The profit motive is tamed at best, but not abolished. That means that corporations and capitalists will still use the state to implement the laws they want.
3: A welfare state with good worker rights and social democracy is not permanent, reforms can always be taken away if the threat of revolution weakens. People used to have something like this in the past but it got rolled back precisely because of the weakening of this threat.
4: why I believe any form of lenient capitalism is inferior to communism is because the goal of communism is a stateless, classles society in which the free development of the individual is the condition for the free development of all, That would include people choosing their own economic future and keeping the fruits of their labour, without the dangers of the ruling class sweeping in and taking everything back.
@Apollo is right though. It's highly unlikely to happen in our lifetime as corporations will influence governments to take action