Skip to comments.The Export-Import Boondoggle
Posted on 05/09/2012 4:10:36 PM PDT by Congressman Tom McClintock
The Export-Import Boondoggle House Chamber, Washington, D.C. May 9, 2012
The Export-Import Bank dragoons American taxpayers into subsidizing loans to foreign companies, making it cheaper for them to buy products from politically-favored American companies which in turn use those products to compete against less-favored American companies.
Past beneficiaries include such upstanding enterprises as Solyndra and Enron. Since 2007, almost half of its money has gone to support that plucky little start-up called Boeing. Air India got $5 billion to purchase Boeing aircraft allowing them to undercut American carriers like Delta with their own tax money.
Were told we need to compete with other nations that do the same thing. If other nations want to impoverish themselves in this manner we dont need to imitate them.
Were told this doesnt cost taxpayers that in the last several years its actually turned a profit. That what they used to say about Fannie Mae and Freddie Mac until they blew up in our face.
Legitimate companies have plenty of access to private capital and dont need these subsidies. The illegitimate ones shouldnt be propped up with the hard-earned dollars of working taxpaying Americans.
I have talked with my import/export expert, Art Vandaley about this same problem. He is thinking of quitting the exporting, and just focussing in on the importing.
This is causing a problem, because, why not do both?
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