He won’t extend the Bush tax cuts, which puts him against just a small fraction of people in-the-know. Like economists, businessmen, multiple Democratic Senators and Congressmen, the Republican caucus, and his own former budget director. Basically he’s in line with Nancy Pelosi and few others.

What does all of this mean? The wealthiest of Americans, individuals who are responsible for major investments and spending that leads to jobs, will have more money taken away from them by Uncle Sam. So instead of the money going to purchase pricey items from the private sector or to invest in the expansion of companies, Washington will be wasting the money on pet projects.

The Obama Administration is taking more money away from the private sector in the middle of a recession, reducing expendable income and subsequently costing jobs. All in the name of sticking it to the “rich” and providing Congress with more taxpayer money to waste. Craptastic.

(I doubt this will be the final tax increase, either. We’re likely to see higher taxes for small businesses and even the middle class.)

Expect unemployment to continue ticking upward, especially now that the private sector will be left with even less money to spend. And you can thank Barack Obama and his tax-and-spend allies for that.