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| We are in Debt! Why are we paying for this? If I am paying, Where is my return? |
RED STATE’S ERICK ERICKSON
“The Export-Import Bank is a federal agency whose sole reason for existence is to use your tax dollars to subsidize sales of American manufactured goods to foreign buyers. It is nothing short of corporate welfare, and its business model (providing loans and loan guarantees at below market rates) is virtually identical to that of Fannie Mae and Freddie Mac.
“Almost half of all Ex-Im loans wind up lining the pockets of just one company: Boeing. General Electric is another top beneficiary. That’s right. Your tax dollars are underwriting a profitable company that didn’t pay any federal income tax in 2010 and whose CEO is Obama’s chief spokesman for more stimulus.
“And if these loans go bad, your tax dollars are legally obligated to bail them out. It also has the perverse result of actually costing U.S. jobs.”[Erick Erickson, “Will Republicans Vote to Raise the Debt Limit for the Fannie Mae of Corporate Welfare?” RedState.com, 3/5/2012]
WALL STREET JOURNAL
“The bigger issue is that the bank by its nature helps some companies at the expense of others. ExIm, for instance, helped its biggest client—Boeing—win airplane contracts in 2011 from Air China, Air India, Cathay Pacific and others. That's great for Boeing, which accounted for 45.6%, or $40.7 billion, of ExIm's total exposure in fiscal 2011.
“But this subsidy means that foreign airlines can then buy newer aircraft more cheaply than their U.S. competitors. This gives them an advantage in the global air transportation market. In a letter to Congress last month, Delta estimated that ExIm cost the U.S. airline industry up to 7,500 jobs and $684 million a year.” [“The Export Subsidy Boomerang,” Wall Street Journal, 3/3/2012]
HERITAGE ACTION
“Next week, the House may vote reauthorizeand expand the federal Export-Import Bank. The ExIm Bank provides taxpayer-subsidized loans to American exporters. The Heritage Foundation has described ‘the ExIm Bank as Fannie Mae for exporters’ which ultimately means taxpayers end up ‘holding the bag for bad loans.’
“…The Wall Street Journal summed up the fight on the ExIm Bank perfectly: If the GOP wants to have a principled battle about fiscal waste and market distortions, this is a good one.
“The bank should be eliminated, and conservatives around the country will certainly be watching.” [“Ex-Im Bank: The Fannie Mae for Exporters,” Heritage Action, 3/3/2012]
CLUB FOR GROWTH
“The Export-Import Bank's actions are nothing more than market-distorting subsidies that pick winners and losers in the private sector. Market forces should dictate trade flows, not bureaucrats and politicians.” [“Key Vote Alert - "NO" on Export-Import Bank Reauthorization,” Club for Growth]
WASHINGTON EXAMINER’S TIM CARNEY
“In its latest act of venture socialism, the Obama administration has offered a novel taxpayer backstop to General Electric, the multinational industrial conglomerate that is famously close to this administration, and that spends more on federal lobbying than any other company. The government accessory in this instance is the Export-Import Bank of the United States, a federal agency that finances U.S. exports at taxpayer risk.” [Timothy P. Carney, “Big banks binge on Bush- Obama 'venture socialism,’” Washington Examiner, 11/13/11]
HOT AIR’S JAZZ SHAW
“[T]here is a coalition of people working to keep Ex-Im in it’s current form, including Republican Gary Miller and Democrat Barney Frank. Now, I don’t know about you, but when I see a pairing like that, my first response is to reach for my back pocket and make sure I still have my wallet.”[Jazz Shaw, “Time to dump the Ex-Im Bank?” Hot Air, 3/3/2012]
Tags: mounting debate, re-authorization, Export-Import Bank, American tax dollars, financing U.S. exports, Gary Miller, Barney Frank, picking winners and losers, Corporate Welfare To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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