Llewellyn added that Republicans have historically called opponents "socialists" in order to increase opposition to moderate reforms -- a misinformation/ignorance tactic that's been deployed before. In the 1930s, President Franklin D. Roosevelt was called a socialist for implementing New Deal reforms, including Social Security, the nation's now very popular retirement income program.

The U.S. Congress does contain one socialist. Senator Bernie Sanders, I-Vermont, is a self-described democratic socialist. Because Sanders does not belong to a formal political party, his designation is listed as an "independent."

Economic Analysis: So far, President Obama has shown few hints that he does not believe in both a market economy -- one where the private sector dominates -- and in corporate capitalism. However, Obama does believe in a social safety net, and in needed reforms to it -- including health care reform -- that both lift more Americans out of poverty and that will ensure that basic needs are met. Obama also believes the federal government can be a tool for good -- an "activator" -- as opposed to being merely a "regulator" -- the conservative view held by many congressional Republicans. Moreover, it's those two differences -- belief in a social safety net and in government as a tool for good -- that together form a system called mixed capitalism and that are the source of much Republican opposition, as the moderate/liberal views imply a larger role for government in economic affairs.

But don't misunderstand: mixed capitalism -- at least mixed capitalism before the financial crisis does not mean government ownership of key sectors, or even key companies, on a permanent basis. And the sense here is that after the effects of the financial crisis have dissipated (this may take five or more years), the U.S. government interventions will be phased-down, and the American system will revert to its largely private sector-dominated economy.

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Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.