Yeah that guy is utterly clueless. A lot of people are. I listened to only the first 30 seconds, that was enough.

From a philosophy site, because politics is too polarized and rife with disinformation, psyops and general obfuscation:

I. Definition Socialism is an economic philosophy based on the need for regulations on capitalism. Unchecked capitalism, most economists agree, can create serious problems in the long term, since short-term personal profit does not motivate companies to take care of infrastructure, the environment, or their workers. Socialists emphasize this fact and argue that only the government can solve the problems created by capitalism. Other economic philosophies generally acknowledge the problem, but advocate other solutions to it, while only a few extremists deny that there is any problem with absolute capitalism.

Although many people think that socialism and capitalism are completely incompatible systems, the fact is that most developed nations operate on a combination of both. For example, nearly every major city in the developed world has some system of government-run public transportation, such as bus lines or a subway. There are also laws against child labor, unsafe workplaces, and reckless pollution, and government programs that help provide education, food, and healthcare to the poor. All of these are socialist ideas that exist in relative harmony with capitalist economies. Capitalism vs. socialism is a question of balance, not an “either/or” question.

Source

Basically, there has been a century-long brainwashing operation using COMMUNIST PROPAGANDA to destroy people's understanding of the term. As such, its meaning is now often confused with meaning communism and/or Marxism. This is a brilliant move by the organizers of this PsyOp: making most of the English-speaking population believes this brainwashed definition of the term.

It is the first implementation (that I know of) of Orwellian Newspeak: by removing the meaning from the word, people are now rendered unable to think the full spectrum of socioeconomic thought, because now we don't have a word for "tilting the balance back from the fatcats to joe average", which is what the term has always meant up until Marx himself, the commie-in-chief, said "Socialism is but an intermediary step to communism". Which is an absolute lie of course. But since it comes from commies, it shouldn't be surprising.

And yet many misinformed would-be opponents of communism repeat this same COMMUNIST PROPAGANDA as part of their positioning.

Why would there need to be a term called "socialism" to mean communism, when there is already Marxism, Leninism, and communism? And what about its use before Marx? For the term is about a century older than Marxist bullshit. It was first used by libertarians and anarchists as part of their view on a less destructive society. And also, let's not forget the National Socialists, the greatest defenders against the plague of communism. EVER.