Socialism is a dictated economy (I have been saying that forever) and is the economic model in which Communism operates.
Er, that would be, no. You are obviously about as knowledgeable about Marxist theory as you are about the New Left of the 1960s-70s.
Of course, the OP is trying to equate Obama with Communism, which is even more absurd than you are, but never mind that.
The theory advanced by Karl Marx is that economics determines politics and history in general, and is characterized by class struggle. Societies go through predictable phases driven by the conflict among the various classes.
First, a feudal society with an agrarian economy dominated by the aristocratic class is challenged by the rising capitalist class or "bourgeoisie," which overthrows the aristocrats and establishes a capitalist economy.
The capitalists simplify and maximize the efficiency of economic production, resulting in the reduction of remaining classes to two: the capitalists themselves and the proletariat or working class.
The proletariat then rebels against the capitalists, overthrows them, and establishes a socialist economy. The socialist economy distributes wealth equitably so that no one does without and all work pays a living wage. This creates a classless society and ends the class conflict that is the source of history and the justification of the government. The motto under socialism is "from each according to his ability, to each according to his work."
Without a reason to exist, the state withers away, leaving a communist economy in which everyone shares all the wealth equally. The motto under communism is "from each according to his ability, to each according to his needs."
Other ideas of communism have been advanced and even put into place on a small scale, but that is the Marxist conception in a nutshell.
