Hardly, when meant as a pejorative the way you use it.
Look TEA Party people tied teabags to their hats and naively called themselves tea baggers. If you were sympathetic to their views and used the term in the intended connotation, then fine. Using it as a pejorative is akin to the disconnect with blacks calling each other nigga and the shit storm I'd stir up if I used the word in anger here.
Feel free to call me teabagger. It doesn't hurt me a bit. What should I call you?
actually, Ernie, nobody would be shocked if you used the N-word given all the other racist shit you say all the time.
Of course, the problem with the teabaggers was not that they were too stupid to know they had used gay sexual slang for their knickname, it's that they were too stupid to realize rich people were manipulating them into voting against their own economic interests.
"I totally want my Insurance company to have the right to call my terminal cancer a 'pre-existing' condition because I had acne as a child, because, um ... freedom!"
Actually, not knowing what "teabagging" meant doesn't sound half as stupid.