socialism

Socialism as become a big debate these days. This is one blog I'm gonna ask people to comment on. I'm interested in hearing your opinion. Socialism - based on the belief that all, while contributing to the good of the community, are equally entitled to the care and protection which the community can provide. Straight from my Webster's dictionary. Now that you know the definition of socialism, how do you feel about that?
I want to hear your opinion, is it good or is it bad?