The right is projecting its shadow onto Obama. The same qualities that make him a saint to the left make him the devil to the right - he is easy to project onto.
That is why he is the out of control spender when they sat on their hands through all of Bush's malfeasance. That is why his talking to schoolchildren is dangerous when our government wiretapping its citizens wasn’t. That is why saving the financial system from years of Republican regulation is taking away our future. The more evil revealed about the right’s excesses on torture, or wars of choice, or nearly destroying the economy, the more evil Obama will look in their eyes, as they cannot tolerate owning responsibility, because in their own minds they are only good.
That is why he is the Fascist/Communist/Socialist/Muslim… that is the list of our shadow projections over the last 60 years. In their minds he is now the USSR ("my grandchildren will have to stand in line for toilet paper!") or even the Anti-Christ. The Obama they see is a projection of their own psyche, not that actual man in the White House. Missing birth certificates, death panels, indoctrinating children, these are all the projections running in their own heads, not things happening in the real world.