Socialism: (sō'shə-lĭz'əm) n. Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.In other words, The government, or some other collective organization, owns the means of production. The gov't owns the factories, stores and everything else producing economic results.
Socialism does not mean government handouts, bailouts or welfare.
IF ANYBODY TELLS YOU OUR GOVERNMENT IS SOCIALIST, THEY ARE TRYING TO SCARE YOU INTO BELIEVING THEIR BULLSHIT.
People are throwing the word "socialism" around a lot lately, and it is EXCLUSIVELY being used as a scare tactic. You can be relatively sure that anyone that uses that word in any form of political discussion lately is completely full of shit.