He's slightly off. It's a fascist trojan horse.
No one within reach of the reigns of power in any developed country, not even the Chicoms, are actually socialists any more. The collapse of the Soviet Union thoroughly validated the critiques of socialism offered by Hayek and vonMises even in the minds of would-be totalitarians. No one is going to have the state take control of the means of production, everyone is happy with some getting rich. They may interfere in the market for non-economic reasons involving social control, but they will not abolish it.