If that was done as part of a public school exercise then I agree it probably isn't appropriate (I can't understand any of the lyrics beyond "Barack Hussein Obama" but I'll assume for arguments sake that they're some version of "we wish you were a religion so we could kill people in your name").
That said, this video and nothing I see in the comments identifies the context in which it is being done. For all I know those are all the children of the local Democrats for Pissing Off Republicans getting ready to perform at a $1,000/plate Obama fundraiser. Still annoying to see children put through that but of a different type.
So, any information out there on the actual specific context of what is going on?
ETA: Though whether this particular video is an example of indoctrination the fear I hear from you really reminds me
of this (the Bush part is about 1:40 in).
I'll admit I fear what was in that video much more than the possibility of politically indoctrinating our children and producing a new Hitler (not that I'd like that to happen). At least Obama will eventually die.