The supposed Conservative-led coalition government in Britain has raised taxes in a recession, along with cutting expenditures, and hoped to move the country to prosperity and fiscal responsibility. Well, the pain has been felt, but there has been no benefit. Turns out (as per the Supply Siders, led by Art Laffer) that raising taxes may depress revenues rather than increase them.
This is what we are in for in the United States if our government remains the same: some budget restraints (including cuts in defense. though not in entitlements, accompanied by an end to the so-called Bush Tax Cuts of a decade ago and a 3.8 percent tax increase on the "rich" and a "penalty/tax" ("Whatever you want to call it," according to Nancy Pelosi) on mostly young people who don't have health insurance now. Throw in the virtually arbitrary regulatory powers of the Consumer Finance Protection Board and you will have an economic decline in full swing.