What would be the downsides of a Democratic Socialism?

By democratic I mean that all people are equal participants in the government, therefore all interest are considered, and no one is granted any special power above another. By socialism I mean that everything is shared, and everyone contributes, unless voted otherwise by the people. What would be the downside of such a society? The basic goal I had in mind when thinking of the government is eliminating greed, things often found in dictatorships and capitalism.