Live from Music Row Friday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – host Leahy welcomed the original all-star panelist Crom Carmichael to the studio for another segment of Crom’s Commentary where he discussed seeing a 70s redo of inflation, Joe Biden’s loyalties, and a Democratic Party of grifters.
Leahy: Now for our newest feature at The Tennessee Star Report, we’re really looking forward to this one today. Crom’s Commentary, brought to you by the original all-star panelist Crom Carmichael. Crom, what is your commentary for today?
Carmichael: Michael, it’s interesting when we look at what prices are doing and you hear some people who are commentating that this is a function of supply and demand. And that the reason that prices are going up is that there’s a shortage of supply and therefore prices are going up.
There’s a scarcity and supply and demand are a real thing. Except, in this case, you don’t have just prices going up with some things. You have prices going up with all things or virtually all things.
So let me just run down the list from The Wall Street Journal from just a few days ago. The headline is, Cotton Prices Surge to Highest Level in a Decade. So that means that anything made of cotton, you’re going to see go up.
That’s not a function of a shortage of cotton. That’s the function of inflation, of too much money chasing, chasing essentially the same amount of goods. Then you have food prices.
If you go to the grocery store, virtually all prices in the grocery stores are going up three anywhere from three to ten percent. Some of them even more than that.
But as a general rule, when you go to the grocery store, you’re going to be paying depending on what you’re buying that day, anywhere from three to 10 percent more than you were paying just a year ago. Here’s an interesting one.
OPEC prices. When Biden took office, the price of a barrel of oil was $48. The price of a barrel of oil now is approaching $80. So you have an increase of 75 percent at the price of a barrel of oil, which is reflected at the gas pump.
Natural gas prices. When Biden came into office, natural gas on a BTU basis was $2.50. It just passed $5. That will hit us this winter with our natural gas bills. So let’s look at the other things. Housing prices are up more than 10 percent.
Health care costs continue to rise. Let’s look at the main things. Food, energy, housing, clothing, and health care. All of these things are going up. And what is Biden doing about it? He’s trying to make it worse.
He’s trying to pass more bills to drive our deficit even higher and higher. And he’s doing it through more and more spending. But he also wants to impose giant taxes on producing people.
And so that will have the effect of moving us toward a more hyperinflation model that we had in the 70s because that’s exactly what happened in the 70s.
Let me just remind our listeners that in the late 70s you reached the 70 percent marginal tax bracket at $59,000 of income. $59,000 of income and you hit 70 percent. And what happened during the 70s is you had tremendous inflation.
And so people went from one tax bracket to the next, higher and higher and higher throughout the 70s. Not because they were becoming wealthier, but simply because they were making more money because of inflation.
But the taxes started at 30 percent, and then it grows and grows and grows. And so I fear that if Biden’s policies do pass that we’re going to have the late 70s redo.
Leahy: And there is Crom’s Commentary today. Very interesting in Crom. I want to ask this question of your commentary. Are you ready?
Leahy: Is Biden merely incompetent or is this intentional?
Carmichael: It’s both. It’s both. You don’t have to choose between those two. Biden is a grifter in the truest sense of the word he is a grifter. The only things that he will do are to benefit him, his family, or the Democrat Party.
Leahy: Grifter in Chief.
Carmichael: Exclusively one of those three. This means that no matter what his policy is, it harms a whole lot more people than it helps automatically. And that’s Nancy Pelosi. And that is Chuck Schumer. The Democrat Party has become the party of grifters.
Leahy: Yeah, exactly. The information that you just shared about the price of a barrel of crude oil going from, $45. a barrel back when he was inaugurated to, like, $80. And then a BTU of natural gas going from $2.50 to $5. It’s almost double.
And you could see this a mile away when the first thing he does is shut down the pipeline going through North Dakota. And then opening up the pipeline for the Germans to the Soviet Union.
This is obviously going to increase our reliability on unreliable foreign sources. Even a fifth-grader, a third-grader would realize this. Your point is quite right. I think he is cogent enough to understand it. But not care.
Carmichael: Oh, he’s never cared. This is not new for him. His entire life has been choosing one of those three things, and he won’t support anything else.
But to your point, though, why is he doing what he’s doing with domestic energy? Well, that’s to help the Democrat Party and to help the billionaires. Truly, the billionaires who’ve invested in renewable energy. The private sector.
Leahy: I’ve heard that for.
Carmichael: It’s exactly what’s going on.
Leahy: The solar energy guys. All the renewable energy people and all of these privately funded companies are being funded by billionaires. And what it does is when you double the price of fossil fuel, then you make renewable energies affordable because you’ve destroyed the competition.
Leahy: It’s a very important point you make. It’s a grifter policy.
Carmichael: Yeah sure.
Leahy: Grifter in Chief. I like that description, Crom. I think it’s accurate.
Listen to the full second hour here:
– – –