Economic realities mean the socialist state would need to utilize the same method of discounting wages as capitalists do. The only difference is that under socialism, bureaucrats would do the "exploitation."
If Biden is elected, we will hear the same “redemption” storyline that was trumpeted when Obama replaced (temporarily) disgraced George W. Bush. The media will insist that Biden's inauguration purifies Uncle Sam.
Historically, Europeans had few qualms about conquering and enslaving other Europeans. This presents some problems for the narrative claiming that injustices committed by Europeans are motivated primarily by racism.