Live from Music Row Tuesday 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 Grassroots Engagement Director of Americans for Prosperity-Tennessee Grant Henry in studio to weigh in on the trillions of dollars being spent on so-called infrastructure and the price of inflation.
Leahy: Andy Ogles, the mayor of Maury County, and Grant Henry, grassroots director for the Americans for Prosperity of Tennessee. Good morning, Andy.
Ogles: Good morning. How are you?
Leahy: We’re great. Grant Henry!
Henry: How’s it going, y’all? Good morning, everyone.
Leahy: He’s gonna bring it, folks. He’s gonna bring it! What have you got? What have you got?
Henry: I want to start with a headline here from The Tennessee Star. Of course, here’s the headline, if you want to follow on commentary, Inflation hits 5.3 percent in July as the $1.2 trillion infrastructure bill easily passes with a $3.5 trillion stimulus expected in September.
I kid you not, Michael. I was looking for some decent commentary on just this point over the last couple of days. Regardless of where I checked, there’s not a better report out there than this one on The Tennessee Star.
You can also check this one. Commentary: The Biden Inflation Tax, Made Clear in One Chart. But suffice to say, here’s the first paragraph. The unadjusted Consumer Price Index, as measured by the Bureau of Labor Statistics, was five point two percent for the month of July.
Slightly lower than the five-point three percent, but still measuring the highest inflation on record since July of 2008. All right, now let me break down a little bit what this actually means.
The $1.2 trillion spendathon is something that got us there. Right around the back corner of this three $5 trillion plan. This reporting, one of the reasons why I love it so much goes into catalog and dialogue or dissect how we got here saying, and now, with the clock running out for the 2021 Fiscal Year, House Democrats are pushing yet another stimulus plan, and it all comes down to this budget reconciliation.
They go on to say that apparently the reason why the Senate is allowing this is because Elizabeth McDonahue has allowed this yet one more time!
Leahy: The parliamentarian.
Henry: The parliamentarian.
Leahy: Trying to keep her job. That’s really what she’s trying to do. By the way, folks, I offered Grant some coffee this morning, and he told me, and I think, Andy, you’ll agree? He said, no, thanks. I don’t need any more coffee. What do you think, Andy?
Ogles: He is fired up.
Leahy: That guys fired up! Whoo! Bring it! (Laughs)
Henry:Â Part of the reason why I fired up is that I’ve just reached the point of no return with some of the spending stuff. And I know it’s not exactly the most politically sexy topic, but let me put it down this way, all right?
If President Biden were to propose a five percent tax on, say, the poor, the left would absolutely lose their minds. Yet Biden and the Fed devalued your dollar by over percent in the last year, and the left is actually calling for more!
I don’t understand the mathematics. I don’t understand the logic and the philosophy escapes me. And it’s not just me that’s saying this.
Warren Buffett was famous for saying the arithmetic makes it plain that inflation is far more devastating tax than anything that has ever been enacted by our legislature. The inflation tax has a fantastic ability to consume capital.
All of this recent spending that we’ve done has been consumed by inflation. Warren Buffett goes on to say this: A poor widow would find outrageous a 120 percent income tax but doesn’t seem to notice a five percent inflation.
It is the economic equivalent. That’s exactly where we are right now. Milton Freidman told us that inflation is taxation without legislation. And one more time if I can implore the audience if you’ll allow me, Michael Patrick Leahy.
Leahy: Yes, you are allowed to implore the audience Grant. (Chuckles)
Henry: Senator Blackburn and Senator Hagerty, especially those two, in particular, call these folks 202-410-2685. Call these folks and thank them for how they stood against this $1.2 trillion bill that unfortunately just passed.
But more importantly, and maybe even most importantly, Senator Hagerty’s coming up next here. Thank this man for what he’s continuing to do to stand against this $3.5 trillion boondoggle. It was arguably him alone, that caused some of the stall for stuff that’s happening now.
Leahy: So let me agree with the general sentiment there, but let me add this asterisk. We’re not stopping anything.
Henry: Yeah. (Leahy chuckles) I hear you. I hear you.
Leahy: This is the general problem and Andy Ogles here in studio. The broader question I have here is we have this, as I call legal but not legitimate administration, and it’s driving the country to ruin. What are the options that we have in 30 seconds or less? (Laughs)
Ogles: When it comes to buying, I don’t know that we have much in the way of options, but we do have an election coming up in 2022. I am predicting a red wave across the country and a red wave here in Tennessee.
We can take the Congress. We can take the Senate. And we have the opportunity to sweep general assemblies and the governor’s offices.
Leahy: A very good point.
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Tune in weekdays from 5:00 – 8:00 a.m. to the Tennessee Star Report with Michael Patrick Leahy on Talk Radio 98.3 FM WLAC 1510. Listen online at iHeart Radio.
Americans For Prosperity is only for already rich people.