Academic economists are boring. This we know. They don't get quoted on the nightly news (unless they're Obamanomics apologists like the neurotic Paul Krugman). The linked post below takes a thorough detailed, deeply researched-based look at taxes versus spending and the conclusion is; Obama is killing our economy.
In the end, the middle class will scramble to simply survive. Obama is creating a new America alright - the very rich and the very poor.