I'm repeating myself, but the socialism vs capitalism debate is dumb because it's not a binary decision.
A completely socialist economy is prone to all kinds of issues as has been proven time and time again historically, and laissez faire capitalism absolutely screws everyone but a select few people who control all power/capital.
It's about finding a balance between government control/regulation and the flexibility of capital-driven innovation and growth.
With respect to Venezuela, anyone who didn't see that their self-proclaimed socialist utopia was utterly doomed from the start doesn't know history. It's virtually irrelevant to the United States except as a cautionary reminder that if you cede ultimate power to a select few it ends badly every. single. time.
Similarly, there are many moderately socialist states in Europe that have big problems right now that we don't have... but we also have issues that they don't have. Who is truly better off? It's more of a complex question than many are willing to appreciate.
Sweden is great, sure. They also did ethnic-fucking-cleansing of their citizens with "undesirable genetic traits" for 40 years through compulsory sterilization. It sure if easy to have a society of productive, responsible people when you eliminate all the substandard ones over multiple generations...
Denmark is great, sure. They score excellent in many categories, including happiness "surveys"... they're also actually depressed, suicidal, alcoholics, don't have any children, have absurd amounts of personal debt, etc.
My point is simply that there are always pros and cons to everywhere. One of my best friends did his Mormon mission in Scandinavia, and I've met many of his Scandinavian friends who work over here, some as diplomats. It's not perfect over there, not even close. Most I've talked to have said they have no interest going back if they can avoid it, but others think the US sucks. All of it is personal opinion and perspective.
Venezuela doesn't mean socialist principles "suck," and Scandinavian countries don't mean socialist principles are "great." The truth is that they're necessary and the question is which ones best fit your populous.