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Some people usually think "I will work hard to earn money, and the government will just give it away to lazy non-working people", but this is not the case, and it shouldn't be. It is not about the State taking over and controlling everything, like some countries did.
But I do believe there is need for some wealth distribution, because you just can't have allways growing profit, or others will have allways decreasing income. There are no money trees, someone's gain is someone's loss somewhere...
And I don't mean just giving money aaway, but maybe if the government invests more on quality public health care, quality public education, creating jobs, that's a fair distribution, that in the long run will benefit the whole nation, and maybe even reflect on America's foreign policies. It is not a full social-democracy, just a hint of it... 
BTW, I'm not familiar with Obama's policies or political past, so I'm not sure they reflect what I said. I'm just saying that he may not be the big bad socialist many seem to fear...
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Hey tewald, we just had a socialist president! George W. bought AIG for $85 billion, bailed out the Wall Street elite at the cost of $700 billion, inflated the national debt from $5.7 trillion in 2000 to $10 trillion in 2008, and spent over $845 billion "rebuilding" a Persian Gulf nation that still doesn't have reliable electricity and water.
I seriously doubt that Obama could mis-manage and mis-spend our money any worse than that alcoholic cowboy who has made us Americans drop our pants and grab our ankles.
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Forgive me If I talk about my country, but now I'm green of envy:
United States of America has now a young, cultured, slender, intelligent, clever president that talk about future, innovation.
We, in Italy, where the more important enterprises are mafia, camorra and ndrangheta... who command us? that little dwarf!!! 
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saavik: "...but this is not the case..." Says who? Obama promises big bucks to people who don't work, and he wants to take it from "the rich"; this is classic class-warfare, one of Marx's favorite themes. As it happens, the top 2% or so (in terms of wealth) already pay almost 50% of the taxes in this country. I am not among them by a long shot, but I believe they pay WAY more than their share. This removes the incentive for the rich to continue to earn money (frequently by means of creating jobs for others) and for the poor to even try to earn money (if they can get enough by doing nothing).
cdare, I'm afraid you don't seem to know what socialism even means. Also, the banks failed to a great extent because they gave loans to people who were not loan-worthy. This was done during and following the Clinton years. Buying your own home is a priviledge, not a right; I have worked many hours per week for many years to buy my home, and I am careful to make my mortgage payment every month. Why should I now have to pay someone else's mortgage, too?
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Tewald, I think that making more money is incentive enough by itself, you shouldn't worry about that, not with the rich or for the poor. I do worry that they want so bad to make more money that are willing to explore the workers (even though they create the jobs) both in the States and off-shore. 
I say that this is not the case, because even if he wanted to, a President alone do not have this kind of power, unless where there are dictators. The change can only be as wide as people and congress allow him.
And, if you think about how much tax money was spent on 'preemptive strikes' and foreign occupation, it will probably be only half as bad. You may feel safer since the 'strength show' as you called, but attacking civilians half way around the globe is bad not only when happens close to your home.
The point cdare made about the socialism, though really exagerated, makes sense if you think that when the banks had profit it was shared only with the stackholders, but when it came to the losses they were shared with everybody.... So it is kind of a reversed socialism! 
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