I like the sentiment, but the meter in lines 1 and 5 is attrocious. First line needs an extra syllable somewhere before "commie"; either "There ONCE was a..." or "There was a mad commie...". The last line is suitably anapestic but two feet (six syllables) too long; I don't see any good remedy unless you want to include a self-effacing jab about the meter: "If I am elected I must be respected; I'll do nought but talk and at actions I'll balk, so the terrorists will all be merry."
Not to be pedantic, but metrical problems are a pet peeve of mine.