Why bother to save and be prepared for the unexpected? The biggest grasshopper of them all, Big Daddy government, is there to bail you out if things go bad.
And unfortunately that's exactly what people will expect from gvt when if things go belly up. The result: huge transfer payments from those who saved to those who squandered.
Such is always the case w/ socialism. Perverse incentives like that are preciswhy why its less productive than capitalism.