Not "Incompetence", not on BO's part any way. He is very shrewdly using the Financial mess that the Dems created, to push through spending bills disguised as "Stimulus", Nationalization of key industries,and heightened class and racial tensions, to put America more in line with European Socialism. "Obamacare" is just another facet of that. Unfortunately America is not the one that will benefit from this, it will remove all the advantages for European money to invest in America that have existed while America remained basically a free market economy and Europe, led by France, became ever more Socialist.
His objective is to disenfranchise the top 25% of Income earners who currently pay 86% of taxes, but under the BO plan that will increase to 100% leaving the remaining 75% of population no reason to care about the tax burden, debt, or budget deficits.
And even before FQ starts his Bush bashing BS, I will point out that after 9-11 GWB, with a Republican Congress staved off the potential economic disaster that the WTC attack could have triggered. It was not until a DEMOCRATIC majority got in that we started getting into troubled times.