What's wrong with Socialism?

Seriously? And I mean this in the most innocent way possible.
Do you attend a church?  I do.  And this was the story told with a talk a couple weeks ago:
A city in Mexico (or South America somewhere) had a drought, but most of them were prepared with extra provisions from the year before.  All except one family.  For some reason, this family was not prepared.  So, what happened?  The church family, or church members provided for that family, making sure that they had enough to eat to make it through the coming months.
Isn't this Socialism?  Isn't this what most churches teach?  The church family will provide.  That body of people will make sure that the family without provisions is able to survive in a time in need.
If you are a believer and attend church on a regular basis, do you believe in Socialism?  Why or why not?
You can say, "Well, they were full tithe payers, so, they deserve the help!"  But that isn't always true.  I know a lot of churches out there that help anyone, member or not, tithe payers or not.
I'm starting to lean to a Socialist society.  I know people abuse the system. A LOT OF PEOPLE.  But I mean the people that aren't.  The ones that need insurance.  The ones that need food and clothing.
I know the difference. After a stint of working at Walmart in college, I could tell the difference between a family that was really trying to get by, and the Hautian (a person from Terre Haute, IN) screaming at me, because the beer and cigarettes were not covered by the state debit card.
There are also people that don't only abuse the system, but abuse church programs that help families out.  I knew a family when I was in elementary school, that had the children join the LDS church.  That way, they could receive food from the Bishop's Storehouse to help them out.  That arrangement didn't last long, but it happened. I'm sure it's not the first or last time either.  
If you're a believer or a Christian, are you for or against socialism and why?