Since when was Obama socialist in any way? Maybe that's the joke when I think about it.... But it's not very clear Obama is really capitalist but he is still less capitalist than the republican politicians so they should have made the song about some republican. But of course it is much more fun to make fun of the president I guess.
I swear whenever I hear that tune I instantly jump up, salute, grow a beard and turn into a Stalinist until roughly 20 seconds after it's finished, whereupon I sit down again, regain my senses, and have the song stuck in my head for the rest of the day.