Here's the fundamental equation of Obamath: OM (/$=+$)
The basic principle behind Obamath is that we can improve the lives of Americans by forcibly redistributing their wealth. Taxing one person (or borrowing from their future taxes) and handing cash to someone else (in the form of health care, car rebates, etc.) will somehow add value to the economy, or organize it more efficiently than the free market. That's the theory, at least.
The problem is that it can't work.