At a very basic level, Socialism is people wanting to live off of someone else’s money. It needs people willing to work to support others. You end up with a predatory government looking to swoop in and take anything that the productive citizens create, thus strongly discouraging them from producing anything.
As others have said, socialism is never about wealth CREATION, it is always about forcible “re-distribution” of what producers have created. The political left is always trying to seize the output of all who produce in order to provide someone’s ideal of benevolent re-distribution.