Bank of America recently announced that it will impose annual fees on some of its cardholders.  This is in response to the CARD Act (Credit Card Accountability Responsibility and Disclosure Act of 2009), which effectively shifts costs to responsible people from irresponsible people, forcing banks to increase charges to responsible credit card holders.

The CARD Act has also wiped out many cash-back and rewards programs and rebates on credit cards, something earlier chronicled here.  Despite that fact, its passage was trumpeted by President Obama…

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“The budget deficit increased by $192.3 billion in March, and is near $1 trillion just halfway through the budget year.”

It’s going to get worse. The Obama Administration’s proposed budgets would produce $9.3 trillion in red ink, more than double the $4.4 trillion in red ink that would have been produced by Bush’s already huge budgets. Economist Michael J. Boskin estimates that Obama’s plans will result in $163,000 in increased taxes in the future for the typical tax-paying family.

Balanced budgets won’t…

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