To choose to give to those in need is charity. To be forced to give excessivley is socialism.
Despite our current problems, free-market capitalism has been extremely succesful in the United States. An incentive of high-rewards breeds motivation for hard work. Obama has said flat-out that he does not appreciate the way the constitution is set up, because it does not allow much room for wealth-redistribution (a form of socialism). He wishes to infuse elements of a contrary economic system into a functioning (although weakened) capitalist economy.
Admitedly, I am not an expert on economics, but I know enough to understand when I am about to get screwed.