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Make sense of this if you can.  On the very day that the Labor Department released the June jobs report showing the unemployment rate ticked up to 9.2% and new jobs for the month was an anemic 18,000, Nancy Pelosi says that whatever Congress and the White House finally agree on to reduce the deficit, it must "not harm our economic growth." 

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Editor's note:  Politico.com asked me if "closing tax loopholes" as proposed by Barack Obama to raise revenue amount to a tax increase?  My answer is below and can also be found in the Arena on their website.

Whatever a politician chooses to call it, when the government takes more money from a business or and individual, it is a tax increase. Additionally, how can government - even a president - determine what is a "fair" portion to confiscate of income earned by someone else? 

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