Live from Music Row, Wednesday 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 edition of Crom’s Crommentary.
Michael, I look at our country, and I look at our state, and I look at our city. So let’s start with the city first. We have a mayor, when he ran, [who] said that he would be a fiscal conservative, and he was opposed to property tax increases.
And now he’s pushing an amendment – Amendment One – he’s pushing an amendment to take away from voters any opportunity to correct mistakes, i.e., tax increases that the council and that the mayor will pass.
And so for all of our listeners, if you do care about your own property taxes, you need to vote against Amendment One. If you want property taxes to go up, then of course, by all means, vote for it, because you will see your property taxes, in my opinion, over the next five years, I think they’ll double because that’s what this administration is all about.
At the state level, Michael we’re well-run. It’s exactly the opposite of the city. And then at the national level, it may be as pathetic as it has ever been. And what I did was I sent you two YouTube videos.
One was President Reagan’s farewell speech, which I thought was prescient, and I would encourage all of our listeners to go to YouTube and then just put in the search “Ronald Reagan’s farewell speech.”
But then the other thing I would do is I would type in “Ronald Reagan’s first press conference,” and for the first five minutes, he made some comments before he took questions. And what he did was he told the press what he was going to do to address the economic woes of the country at that time.
So let’s remember what was going on at that time. We had terrible stagflation. We had interest rates through the roof. We had a collapsing economy. We had falling real wages, and we had a terrible recession, okay?
Now, what I didn’t say is, at that time we had exploding deficits and we had massive federal debt, because we didn’t. We had issues, economic issues. But what we didn’t have was massive federal debt and massive federal deficits.
But here’s what Reagan said in his comments. He said that he was going to fix, his administration was going to address the problems, that were causing the terrible stagflation at the time. He said, I’m going to cut taxes to free up the private sector. I’m going to cut regulations to unleash innovation. I’m going to cut spending because there’s so much spending in Washington that’s wasteful.
And he said, and I’m going to raise the debt ceiling. Get this, I’m going to raise the debt ceiling $80 billion, which he said was unconscionable that he had to do that. Now, here’s what’s interesting.
$80 billion today is two to three weeks of deficit spending. That’s what it is. Biden wants to raise taxes. He wants to raise 36 taxes in his budget. He is increasing regulations at an Olympian pace, and he wants to increase spending, so he wants to do everything exactly the opposite of Reagan, while the circumstances are similar.
But the problem we have today is massive federal deficits and massive federal debt, and an economy that is being overwhelmed by the government.
So anyone who expects things to get better under the policies of Biden, and frankly, the Democrat Congress is smoking pot or something along those lines. We’re not going to see anything change between now and the midterms.
The Democrats are still trying to pass every spending bill they can. They’re not going to be able to increase taxes as much, but they’d like to.
But federal deficits are now going to continue to go up, and the economy is not going to recover in any meaningful way. And it could head into a very steep recession, even worse than things are today.
Listen to the Crommentary:
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