@Spin - Socialism as most people would like to understand it does not really exist in a modern western world due to the international capitalistic frame we are all part of therefore any arguments about it working in this country or that are flawed from the off.
@JK - Venezuela is arguably an example of socialism failure although there is a failure of the government that has worsened the crisis, many people counter any criticism of the Socialist setup been the cause by throwing the oil price crash into the loop which on reflection seems a very reasonable argument to make as 95% of exports was oil and that was 25% of the economy, but here is the thing, when prices rose and recovered somewhat back up in 2017 it should have seen the country gaining traction and getting back out of the mess it was in but it didn't and this in part is directly to do with the socialist model, in fact the economy carried on in decline, there are many interesting negatives about taking over all your industries and one is investment and external support, if you think about it, which company is going to go in looking for new oil deposits knowing that when they find any the government will just take over, this analogy is true with many aspects of socialism, it pushes away the very people that can invest in your economy, boost it and push up living standards, when you are sheltered under a capitalist umbrella then at least you are protected from the rain to some degree.
In sum, socialism spends what capitalism earns.