President Obama's announcement this morning to raise taxes on banks and financial institutions, under the guise of repaying TARP money (already repayed by many banks) is a blatant attempt to further class warfare. However, this tactic is indicative of reality arriving at 1600 Pennsylvania Avenue.That reality is the high unemployment and stagnant economic growth will continue for the foreseeable future. Those factors will cause the annual deficits for the upcoming years to be overwhelming as the tax revenue to the U.S. Treasury will be much less than projected.The conundrum the Obama Administration finds itself is: how do we increase revenue and continue our profligate spending ways?President Obama and his fellow travelers in Congress will now embark on searching under every rock in an attempt to find more income for the Federal Government. The initial target will be business. However, those costs will be passed on to the beleaguered consumer who in turn will have less to spend. ...(Read Full Post)