Socialism isn't evil, it simply isn't American. Nazism, Fascism and Communism are evil.
The simple fact is that in the United States pure socialism doesn't really exist any more than pure capitalism does. Most Americans, when pressed into a corner, admit that the current mixture and balance of socialism/capitalism works just fine in the United States.
What frightens most is when that balance gets skewed too far in either direction. Under Reagan/Bush Sr. and Clinton/Gore that balance was, for the most part, maintained. Under Bush/Cheney, and now Obama/Biden the pendulum has swung out-of-control first in one direction and now the other.
Hopefully, once Obama moves out after 4 years some sanity can return after 12 years of madness and the balance can be returned.......hopefully.