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
Mr. Speaker:
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.
We’re told we need to compete with other nations that do the same thing. If other nations want to impoverish themselves in this manner – we don’t need to imitate them.
We’re told this doesn’t cost taxpayers – that in the last several years it’s 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 don’t need these subsidies. The illegitimate ones shouldn’t 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?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.