No, a significant part of the protest you see in the Tea Parties is not about policy, its about the traditionally most powerful groups expressing their fear as they lose the power.
You aren't reading closely enough. I'm not saying that people go around proclaiming "I don't like Obama because he's black." Rather, they say that Obama represents the intersts of the people who always have a hand out asking for something for nothing, that he is entrenching a bottom-up mentality into the relationship between the government and the economy.
The Tea Party folks -- not all but some -- have this outrage they can barely express sometimes. Its fear. As they watch the country change before their eyes into something far different than Ozzie and Harriet and Leave it to Beaver.
They see all of it as related. And no, I am not speaking for them. Look at the threads on this board. Its all there.
Racism used to be fairly apparent. Its not being experessed in those terms any more.
My best evidence, yet.
For the vast majority of folks, including Republicans, it is, and will be in 2012, the economy.
But a large segment of the Tea Party is simply white middle class America, afraid, and pushing back.