As Hayek noted in 1944, "In place of individual liberty, socialism offers security. [Doctrinal Socialism] promises protection from personal economic necessities and restraints, and an equality of economic well being." It does not promise individual liberty, or any real economic equality outside of massive power structures.
With a more sophisticated political economy I think we would be OK. One that encourages individual liberty and provides sources of employment and productive labor and balances the two.
If only we would follow the Constitution, I think we would be OK. Sigh.