You know there are a lot of buglamps out there that have no rich parents but simply live off welfare and foodstamps. Point is, if you give out even more handouts people will abuse it because they sure as hell won't work if they don't have to. You say you should be able to get higher education and other things, but guess what. a lot of people do not want to they simply leech of the system and are content being a buglamp (even though his case he's just leeching of his parents). If you had a way to somehow motivate everyone to contribute to society, then yes socialism would work, but honesty every type of government would work if that were the case.
foodstamps = socialism