Memes

Welfare in nordic style social democracies is paid for via exploiting the global south, protecting capitalist superprofits while also throwing the domestic working classes a bone in the form of free healthcare and other nice things. Welfare isn't fascist, it's possible to provide good welfare without relying on imperialism, you just have to become socialist.

The meme is about how socialdemocrats entire ideology is built upon “reforming” capitalism by implementing a welfare state to more evenly spread the profits of the super exploitation of the periphery. When those profits dry up so too does the welfare state which inevitably pushes them right or left to deal with the heightened contradictions. The meme is pointing out the unfortunate pattern of it almost always ending in a rightward shift (due to many factors). (It is also possibly a reference to the SPD and how them unleashing the freikorps on the KPD directly helped bring Hitler to power)

Social democracy is the left wing of fascism.

The European welfare state is built upon the exploitation of the global south and has historically always led to fascist dictatorahips when this system of exploitation eventually collapses in on itself.