Crom’s Crommentary: ‘Democrats Seem to Have No Ability to Constrain Their Spending at All’

Live from Music Row Monday 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 original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.

CROM CARMICHAEL:

Michael, the world is a strange place and it gets stranger every day. Bloomberg Businessweek, March 21st, reports, ‘Beijing announces a $2.5 trillion tax cut for this month for the fifth year with such a reduction. The taxes in China have gone down, accumulative $9.7 trillion their currency, the Yuan.

And that’s equivalent in U.S. dollars to $1.5 trillion, which is equal to Trump’s tax cuts. So you have the Chinese Communist Party cutting taxes. You have the Democrat Party wanting to essentially take over private property and raise taxes.

But here’s what’s interesting in Washington, you would think, okay, we raise taxes because we don’t have enough revenue. Well, this is from The Wall Street Journal, March 28th. The Biden administration has rolled out its fiscal proposal to spend $5.79 trillion.

Now, the amount of spending in 2019, Michael, was $4.4 trillion, just three years ago. And now this is post-COVID. This is for next year. He wants to spend essentially $5.8 trillion. What’s interesting is the CBO estimates that revenue this year will be $4.5 trillion.

So if we were just reasonable with our money and return to where we were pre-COVID, we would have essentially a balanced budget. But that’s not what Biden wants to do. But here’s what’s so remarkable. The five-month fiscal year begins October 1st.

Receipts through February are up 26 percent from a year ago. So it’s not as if our economy isn’t producing tax revenue. And I could go on and on with statistics that are very similar to that in terms of 25 and 30 percent increases in revenue from all these different categories, including personal income taxes.

And here’s the clever thing that the Democrats do with inflation. They push people into higher and higher tax brackets. And so you make an extra dollar. People say a penny saved is a penny earned.

That’s not true. A penny saved is worth a whole lot more than a penny earned because if you’re in the 25-to-30-percent tax bracket, plus Social Security and Medicare, you have to make two pennies to save a penny.

And the Democrats just seem to have no ability to constrain their spending at all. If somebody wants money and they say, I’ll vote Democrat if you give it to me, heck, that’s worth a few million dollars just to say you’ll do it. It’s very sad.

Listen to the full interview:

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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.