The primary characteristic of socialism is that the government controls an ever increasing share of the economy. That applies to both spending and to control of the means of production and distribution.
If we are not yet a socialist nation, we are well on the way.
While socialism is bad enough, our government - admittedly encouraged by an electorate that seems to believe that there is such a thing as a free lunch - is operating in the worst possible way. We have excessive spending matched by low taxes and high borrowing.
Were we to continue the present level of spending, and pay for it through taxation, then there is a chance that citizens might rise up and say "enough". For those, however, who labor under the delusion that the so-called rich can pay, there is not enough money to cover the current deficit - even if the governement were to tax all income over $250,000 at 100%.
Perhaps President Obama, and the Congressional leadership, of both parties, should take note of these two thoughts:
"The problem with socialism is that eventually you run out of other people's money." Margaret Thatcher
"Nobody, no individual or country, can indefinitely spend more than he or she earns." Raul Castro
Those that are conservatives may find Lady Thatcher's thoughts more acceptable, while liberals and so-called progressives can get the same message from Raul Castro. Either way, it is time to return to our roots as a nation of producers and savers rather seekers of entitlements who borrow recklessly to support out of control spending.