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.
CROM CARMICHAEL:
Michael, I thought it would be good to just review where Speaker McCarthy has said that the House Republicans are going to pass a bill that increases the size of the deficit. But included with that bill will be substantial cuts in spending.
But it won’t get it to zero because the amount of deficit in this fiscal year is $1.1 trillion in just six months. So you’re not gonna be able to pass a budget that balances the budget by pure spending cuts all at one time. I think it’s useful to understand where we are in the grand cycle of things.
Because after World War II, we went through a long period where we had a relatively young workforce. We had women joining the workforce. They joined the workforce in World War II, and then they continued to increase their numbers in the workforce after that, and up through somewhere around the year 2000. Then the percentage of women in the workforce more or less leveled off.
Then in 2000, the baby boom generation started to retire. And so the number of people working versus the number of people in our society who are either too young to work or too old to work, are incapable of working, we leveled off at about 62 to 63 percent. And now that percentage as the baby boom generation ages will be smaller.
And so the main point of this is that when you increase the number of people in the workforce because they were young and the society was younger, the baby boom generation after it was born and new women coming into the workforce for the first time, this increased the household income dramatically.
When you stop doing that when you have two adults in the household working, there aren’t three adults in the household. So you stop at that point. And then if you have people who are retiring and then if you add to that, the increase in just the sheer size and power of government, we can begin to see why A, our standard of living has peaked and is now slowly going down.
And B, why deficits are the rule of the day because one party is the party of government, and that’s the Democrat Party. The Republican Party has not become the opposition party per se. The Republican Party is the party of nibbling around the margins, trying to make things better, but not by much, and certainly not by any kind of a paradigm.
And so we are now in a situation where in the next 90 days, the debt ceiling, all of the tricks that the administration is playing to not have to raise the debt ceiling, but continues to spend all of those things will stop and the dead ceiling will either be raised with the spending limitations or the Democrats claim there will be a default on the debt. Which, of course, is not constitutionally correct.
But what we are learning in today’s society is that laws matter only if they are convenient to the Democrat Party. You see the videos of the mayhem that’s happened in Chicago, and then you see the response. Truly, the response to the Democrat Party to that was that wasn’t that much.
It was just an expression of poverty and hunger which was anything but that. And so we’re at a point now where the next 90 days we’ll go a long way toward telling the tale about what the next 18 months are going to look like.
Listen to today’s show highlights, including this Crommentary:
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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.
