I can't really make out a single word the kids are saying (other than "Barack Hussein Obama") thanks to the ominous synthesizer drone dubbed over the top of it. That's actually a good bit of subtle psychology by whoever uploaded the clip.
But anyway, the first song was so simplistic, I get the impression that it was written by one of the kids. I also would bet that this is either being rehearsed because (a) Obama is visiting the school and they want to put on a little show or (b) it's a patriotic style America-pageant, in the manner of the "
Mediocre Presidents" song number from the Simpsons.
I also realize that by discussing this seriously, I'm just lending creedence to the OP's conspiracy theory, but oh well.