Do you take lemon in your tea?

The NY Times' Krugman turns sour--we have lemon socialism. For once I agree with him. James Pethokoukis, US News, "Rick Santelli, The Man Who Talked Back":

Which, do you suppose, would be the bigger draw right about now: a) a Barack Obama house party supporting the housing bailout package, or b) a Rick Santelli-inspired "Chicago Tea Party" opposing the bailout package? Well, given that a) more Americans oppose the plan than support it, and b) Obama's house parties in support of the stimulus package drew mere dozens of Obamaniacs in major cities around the nation, "tea time" it is.

In the Tribune, local reaction to Santelli in Phil Rosenthal's column. The porkulus debt trap for states. WSJ. Plus caution on politicizing financial institutions--does anyone believe the government would run anything well?

Do you take lemon in your tea?

Chicago Tea Party this Friday at 11, not sure the location in Chicago but presumably downtown. Other tea parties simultaneously around the country. Sign up to RSVP and get updates.

More: Heritage Morning Bell:

The Heritage Foundation does not believe in Keynesian economics. We do not believe that massive government spending has a "multiplier effect" which turns the initial amount of money spent by the government into an even greater increase in national income. Economic studies of projects claiming to have a "multiplier effect" have shown that the claimed additional economic benefit from government spending simply never materializes. But the White House does believe in Keynesian economics. And President Barack Obama's entire economic plan is grounded in the belief that massive new government spending is the key to economic recovery. So the Washington Post reported Saturday:

President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

So while the Federal Reserve is predicting that unemployment from our current recession will remain high through at least 2011, President Obama plans to raise taxes on small businesses, corporations, and all Americans who invest in the stock market. What will this do to our economy in 2011? Uber-Keynesian Paul Krugman offered his explanation of what happened when President Roosevelt enacted the same policies in the middle of the Great Depression:

Roosevelt got the economy moving somewhat. By 1937 things were a lot better than they were in 1933. Then he was persuaded to balance the budget or try to and he raised taxes and cut spending and the economy went back down again and then it took a enormous public works program known as World War II to bring the economy out of the depression.

In other words, unless President Obama is planning to fight World War III, Obama's own Keynesian supporters believe that his tax raising spending cutting budgets will only make our economy worse. As we noted at the time, the Congressional Budget Office predicted the Obama Administration's stimulus plan would only deepen the recession: "in the long run it will lower aggregate output (GDP) by 0.1 percent to 0.3 percent." Obama's tax hikes will only make this recession deeper. Economies simply don't recover while staring down the barrel of a 12-gauge tax hike.

More: Rasmussen poll: 55% say government mortgage plan rewards bad behavior. 65% among investors, 60% among independents. Kudlow with more.