It all depends on HOW it is done. For example, the "Jesus Camp" people go about that very same issue in a way I find wrong.
The way I look at it, kids tend to pick up the attitudes of their parents. Sometimes they rebel against the attitudes of their parents.
Sure, go ahead and teach your children all about your politics and your religious beliefs. However, what is even more important is to teach your children to learn, and to think for themselves. Treat kids like little robots, and you have a child that can not think for themselves, and are vulnerable to those who would prey upon their beliefs.
If you teach your children what you believe, why you believe it, and expose them to being able to think for themselves, yes, you risk having your children not follow your religion or your politics, but they will be more self sufficent in the long run. I think that is the
better trade off.