I agree that he's in over his head, but I don't think he's clueless on his intentions. This came from a member of his transition team(emphasis is mine):
Jarret told Brokaw that "given the daunting challenges that we face, it's important that president elect Obama is prepared to really take power and begin to rule day one."
This is exactly what he has tried to do. His apparent ineptitude with the economy is only superficial. I believe he's deliberately trying to destroy the free market system in order to establish a socialist replacement.
I think you are correct... what we are hearing is in the SOTU is only going to make the economy worse.