Former Arkansas Gov. Mike Huckabee (R) alleged that the U.S. is retreading the New Deal-era expansion of government experienced during the Great Depression.

"This was a two-lane highway under FDR; this is a six-lane expressway," Huckabee said during an appearance on the conservative Sean Hannity's television show. "The Obama speech could essentially be summed up this way: the only thing we have is fear."

Huckabee warned that Obama's strategies verge on fear-mongering, and fail to provide a sense of leadership for the country.

A 2008 presidential candidate, Huckabee is rumored to be considering another bid for the White House, challenging Obama in 2012.

The former governor also criticized the proposed nationalization of banks, asserting that the U.S. would lose its moral standing to criticize socialist countries such as Venezuela.

"I have no confidence that if we nationalize these banks, we'll ever turn them over to the private sector again," Huckabee argued. "It is not the role of government to pick the winners and losers in the free marketplace."