While Obama's scorched earth jihad against "the rich" is bad economics, will it be good politics?

Comrade O has made it clear that he's digging in and will keep pimping the welfare state and leftist ideas that have failed miserably no matter how many people need to suffer. Obvious to anyone capable of thinking that it's bad economics. But will it be good politics? Will enough people buy in to Comrade Obama's scorched earth jihad and deomonization of productive people to let him keep the keys to the White House for four more years of torture?