America found out long before we were a nation that socialism is an abject failure. In fact we had to discover it twice, the epic failure of socialism. First at Jamestown and then at the Plymouth colony. They found out the hard way. If not for capitalism, America may never have come into being.
But don’t take my word for it. History professor Larry Schweikart, for Prager University, gives a brief but concise accounting of pitfalls of socialism.