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Speaker 2: Northbound seventy five continues to run close to an extra
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Speaker 2: fifty five krc the talk station.
Speaker 1: A thirty here fifty five KRCD talk station, that little
Speaker 1: bumber music saddens me because, in spite of the fact
Speaker 1: that I'm pleased at Phil Kirpin from American Commitment on
Speaker 1: the program, I heard media aviation expert Jay Radliffe is
Speaker 1: not here because his father passed away. Again. Prayers to
Speaker 1: Jay Ratliffe and his family. American Commitment dedicated to restoring
Speaker 1: protecting American commitment to free markets, economic growth, constitutionally limited government,
Speaker 1: property rights, and individual freedom. Amazing concepts those which are
Speaker 1: fast eroding. It's led by Phil Kirpin, who is a
Speaker 1: leading free market policy analyst and advocate in Washington. Before
Speaker 1: his involvement with the American Commitment, he worked with a
Speaker 1: group we were talking to earlier, Americans for Prosperity, was
Speaker 1: there for more than five years. Also he was with
Speaker 1: the Free Enterprise Fund, Club for Growth, among other things.
Speaker 1: Welcome back to the fifty five Carese Morning Show, Phil Kirpin,
Speaker 1: any my pleasure again. It's Americancommitment dot org for my listeners.
Speaker 1: Want to strongly recommend that they check out your information there.
Speaker 1: Let's talk about the interest rate. They did lower it
Speaker 1: half a point yesterday. Since you deal so much with
Speaker 1: the economy and matters economic related, what is your reaction
Speaker 1: to it? Was it necessary to I know most people
Speaker 1: are going to say great the interest rates lower, but
Speaker 1: what impact do you think it's going to have? And
Speaker 1: was it necessary to lower the rate.
Speaker 3: Well, I think that it was probably time. I probably
Speaker 3: would have just done a twenty five.
Speaker 4: Basis point, not the fifty basis point.
Speaker 3: And they're forecasting two more cuts this year now they
Speaker 3: sort of telegraphed and additional cuts next year. I mean,
Speaker 3: the inflation outlook has improved pretty significantly, and there's.
Speaker 4: A lot of economic weakness and the fundamentals, and.
Speaker 3: So the case for cutting was pretty good right now.
Speaker 3: The reason I think they may be being too aggressive though,
Speaker 3: is there are still some mixed signals on inflation. In particular,
Speaker 3: the gold price is very high in rising and I'm
Speaker 3: very concerned about the lack of discipline on the fiscal
Speaker 3: side of spending. That they're going to do another massive
Speaker 3: onto the spending, though most likely later this year. They
Speaker 3: can't seem to break their habit of doing that almost
Speaker 3: every single year, and especially depending on the outcome of
Speaker 3: the election. I mean, we've got Kamala Harris has endorsed
Speaker 3: Biden budget that spends seven trillion dollars. I mean, if
Speaker 3: something like the only thing that's rending that from happening
Speaker 3: now is that you get a Republican House that's sort
Speaker 3: of giving a little bit of gridlock that's flowing some
Speaker 3: of those ambitions, but you know, we get democratic control
Speaker 3: of everything, and they're also the races I'm spending.
Speaker 4: Again, Inflation is going to shoot back up.
Speaker 3: There'll be a lot like what happened in the seventies,
Speaker 3: where you know, we had one episode that came down
Speaker 3: and we had an even bigger episode, kind of back
Speaker 3: to back, and so there are risks in both directions.
Speaker 3: But I do think that some cut it was probably
Speaker 3: time because the economy softening and we want to maintain
Speaker 3: economic growth. We don't want to go into a recession,
Speaker 3: and the inflation measures for the moment have been pretty
Speaker 3: muted with the exception of that gold price. So I
Speaker 3: would have cut a quarter point myself. I think they're cutting,
Speaker 3: probably more aggressively than the data would dictate, because I
Speaker 3: think they want to get a more of a short
Speaker 3: term boosts the economy, because they probably favor the Democrats
Speaker 3: because Trumpet said he would fire j.
Speaker 4: Powell. So that's my take.
Speaker 3: I would have cut, but not as much as they did.
Speaker 1: What's your reaction and probably low hanging fruit for you,
Speaker 1: Phil Curvin, but your reaction to Kamala Harris's proposal to
Speaker 1: tax unrealized capital gains. I think that would ultimately be
Speaker 1: found to be unconstitutional. But what is your take? What
Speaker 1: would the real what would the how would the market react,
Speaker 1: and what impact would it have on the American economy
Speaker 1: if she got what she wanted.
Speaker 3: Well, let's think about this, right If if all of
Speaker 3: these big holders and they say, oh, it's only for
Speaker 3: the one hundred millionaires or it's only for the billionaires.
Speaker 4: I think the proposal is it's over one.
Speaker 3: Hundred million a network something like that, and you say, oh, well,
Speaker 3: it's only super rich. They want to say, oh, it's
Speaker 3: only super rich, you don't need to worry about it.
Speaker 3: But those are the people that hold massive amount of
Speaker 3: shares and all the most successful companies in the country,
Speaker 3: the founders, the early investors and so. And if you
Speaker 3: tell them you've now got a huge tax building you
Speaker 3: have to pay whether you sell your stock or not,
Speaker 3: they either need to take out huge loans to not
Speaker 3: sell their stocks and pay the tax are more likely.
Speaker 3: What will happen is you'll have a selloff. And that
Speaker 3: means everybody who's in all of these companies is going
Speaker 3: to suffer the consequence of you know, that sell off
Speaker 3: and they're gonna lose value. Also, I think it's completely unworkable.
Speaker 3: And of course, you know, the other aspect of this
Speaker 3: is every tax starts only on.
Speaker 4: The super wretch, and the income came in was only
Speaker 4: on the.
Speaker 3: Super wretch, and then of course it starts to creep
Speaker 3: down over time. And you know, so when people say,
Speaker 3: oh my god, this is terrible, they're gonna end up
Speaker 3: having basically a federal property tax on my house when
Speaker 3: the value goes up. And then then you know, the
Speaker 3: fact checkers say.
Speaker 4: Oh, no, no, no, this is only for super rich.
Speaker 3: I think the normal people that are worried about this,
Speaker 3: they're smarter than the fact checkers telling them not to
Speaker 3: worry about it, because if they get this in, they
Speaker 3: will move it down the income chain over time.
Speaker 1: That's what we've happened without question. And I think oftentimes
Speaker 1: people who are embrace this class warfare mentality, oh, they're
Speaker 1: just the evil billionaires of the world. I think they
Speaker 1: quite often forget who their employer is. It's those evil
Speaker 1: rich people who make that much money are the ones
Speaker 1: that create jobs and offer opportunities for folks and invest
Speaker 1: that money that evil profit into businesses. And create even
Speaker 1: more jobs. Without them, a lot of us wouldn't be working.
Speaker 3: Yeah, and just make our lives better in a lot
Speaker 3: of ways. Like you know, especially you know you talk
Speaker 3: about these tech billionaires. I mean, like you know why
Speaker 3: the Google guys made billions of dollars because now you
Speaker 3: can find literally any information you want in a second,
Speaker 3: free of charge by going on their website. You know,
Speaker 3: It's like, if we create an economic system where we
Speaker 3: don't reward creating things.
Speaker 4: And venting things, making new things, making.
Speaker 3: People's lives better, we're going to get less of all
Speaker 3: of that, and we're gonna have, you know, worse lives
Speaker 3: as a result of that.
Speaker 1: Okay, before we part company, feel curbent American commitment. Energy
Speaker 1: prices are gone through the roof. I know locally, Duke
Speaker 1: Energy was seeking a rate hike. We've already experienced a
Speaker 1: thirty percent increase over a year. It looks like it's
Speaker 1: going to continue to go up. This is the direct
Speaker 1: consequence of and I think the product of a sort
Speaker 1: of a win for the left. I mean, you know,
Speaker 1: I always go back to Barack Obama. The price of
Speaker 1: gasoline will necessarily go up. That is not because of
Speaker 1: market forces, that is because of legislation and regulation and
Speaker 1: denying us access to an energy resource we need. This
Speaker 1: is a high energy prices or a win for the left.
Speaker 1: I mean, I can't look at it any other way.
Speaker 1: Is there any solution to it? Can we go back
Speaker 1: to when we didn't have such a heavily regulated, green
Speaker 1: focused energy production.
Speaker 3: I sure hope so. And you know, the the amazing
Speaker 3: thing about what the Democrats have done on energy is,
Speaker 3: you know, like ninety percent of it was not done legislatively.
Speaker 3: It was done through abusing regulatory towers of the various agencies.
Speaker 4: And that famous quote from Obama about how I'm going.
Speaker 3: To make your electricity prices necessarily skyrocket. He was talking
Speaker 3: about his cap and trade legislation that he had proposed
Speaker 3: to Congress, which passed the House barely even with a
Speaker 3: huge Democrat majority, and then crashed and burn so hard
Speaker 3: they never even voted on in the Senate. And if
Speaker 3: our systems government were working the way it's supposed to,
Speaker 3: they would said, oh, it didn't pass, I can't do it.
Speaker 3: Instead he said, I have kind of phoned the EPA
Speaker 3: is going to cap it instead.
Speaker 4: We're gonna do it.
Speaker 3: We're gonna have, you know, a million regulations to accomplish
Speaker 3: all the same things, and Trump turns a lot of
Speaker 3: those off, but Biden gets in, turns all of them
Speaker 3: back on and then some We actually have regulatory costs
Speaker 3: now in access of what we had under Obama, which
Speaker 3: I thought he was there, gonna be the world champion forever.
Speaker 4: I didn't think his records could be beat and Biden
Speaker 4: has beaten them.
Speaker 3: And of course now we've got this strange spectacle of
Speaker 3: Kamala Harris claiming that she's gonna be totally different than
Speaker 3: Biden and she's going to solve all our problems. But
Speaker 3: she supports all the policies that have caused this situation,
Speaker 3: particularly with respect to energy and the obsession with global
Speaker 3: warming and the green energy stuff and anti oil and gas,
Speaker 3: and you know, we are all seeing the consequence of
Speaker 3: that in our electric bills. I'll add another part to
Speaker 3: that also, which is the Democrats want to repeal the
Speaker 3: Trump tax cuts, which means higher corporate taxes, which also
Speaker 3: will directly mean higher utility builds because when we cut
Speaker 3: the corporate tax, dot cut utility built.
Speaker 4: Because they did they passed those savings on. They actually
Speaker 4: have to in most states.
Speaker 3: As a regulatory matter, pass those federal tax savings.
Speaker 1: On Oh, you have a choice, it is in November,
Speaker 1: and its Phil Kirpin points out the better choice is
Speaker 1: Donald Trump if you're concerned about your energy, build a
Speaker 1: national debt and everything else. Although I got to point
Speaker 1: out Phil, donald Trump wasn't exactly a deficit hawk.
Speaker 4: He's not great. I didn't look. I don't want to
Speaker 4: lie here. He's not great.
Speaker 3: He's not great on spending, that's for sure. I think
Speaker 3: he was very good on tax he was very good
Speaker 3: on regulation, he was good on energy. He was very
Speaker 3: bad on spending. But Democrats are even worse. So it's
Speaker 3: not it's a problem. It is a problem. And I
Speaker 3: don't know what to tell you other than we're going
Speaker 3: to keep trying to make the case that we've got
Speaker 3: to have some some spending restraints and some.
Speaker 4: Discipline on the on the budget.
Speaker 3: But you you know, if all they do every year
Speaker 3: is do nothing all year and then in December pass
Speaker 3: some gigantic monstrosity, it's very tough.
Speaker 4: To get to fight any of the specifics.
Speaker 3: And then I don't know they've been doing it every
Speaker 3: year for how long that it's a mess. It's really
Speaker 3: a disgrace because every time a new speaker comes in,
Speaker 3: what does they say, Oh, regular order, we're gonna funk this,
Speaker 3: We're going to fix the institution, and then what happens.
Speaker 1: Nothing changing, continuing resolutions and kicking the can down the
Speaker 1: road is the order of business these days. Phil Carpenton.
Speaker 1: Find them online. Check them out the website. It's Americancommitment
Speaker 1: dot org. Fild's been great having you on the program.
Speaker 1: Serve best of health, all right, you eight forty fifty
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Speaker 1: only one who could be critical of Trump, Ernie. I'm
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Speaker 1: am voting for him and I do support him. One
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