Socialism can work on a very small scale — like a coop. It can work on a somewhat larger scale, like a European nation, which is somewhat analogous to a US state. It cannot work on a scale the size of the US — remember the Soviet Union? Perhaps “today’s kids” should read about the Soviet Union — the older generation remembers it well.
If we want socialism, we need to deconstruct the US into the true federation of states that it was in the beginning. Also, even if we were to do that, it would be better, but there would be severe issues. The root problem is human greed. As a whole, a large percentage of humans are highly competitive and they will endeavor to take from others — socialism or no socialism. Nepotism and special interest privilege will always exist as long as humans are humans.
It is also important to remember that the European countries that do well with a mild form of socialism have external sources of income, such as oil. Those that don’t are struggling.
I think that instead of socialism, a better alternative might be something like a hybrid: replace the legal structure of the for-profit corporation with a co-op approach, so that all employees are shareholders who vest over time. The problem with capitalism is that people can own but not contribute, and most contributors don’t own. There would still be nepotism, but I think that things might improve somewhat. Socialism is not the answer, though. The government is often worse than a corporation, because one has not escape from the government.