Tuesday, May 27, 2014

Export-Import Bank costs taxpayers $2 billion a decade

By Timothy P. Carney May 24, 2014

“Can the government justify keeping a program that transfers money from taxpayers to Boeing?”

Opinion,Timothy P. Carney,Columnists,Budgets and Deficits,CBO,Boeing,Corporate Welfare,ExporThe Obama administration and the business lobby defend the Export-Import Bank of the United States by claiming it “makes a profit” for taxpayers. But this “profit” is an accounting fiction, a top federal budget agency recently found.

Ex-Im is a federal agency that subsidizes U.S. exports through direct loans and loan guarantees to foreign countries. Ex-Im’s charter expires this fall, and conservative Republicans want to let the agency die. In its defense, officials at Ex-Im and the White House — joined by lobbyists for manufacturers and banks — typically assert that Ex-Im is free.  “The Ex-Im Bank doesn't cost the American taxpayer a dime,” the U.S. Chamber of Commerce posted on Twitter on May 20. Ex-Im “pays for itself and makes a profit,” Ex-Im President Fred Hochberg likes to say.

False……To Read More……
 
My Take - EX-IM was a creation of the FDR administration with the supposed goal of helping American manufacturers, but the real story was the EX-IM bank was created by executive order to give the President power to circumvent the Congress and give aid to Joe Stalin and the Soviet Union, a government that every President since 1917 except Roosevelt refused to recognize.  EX-IM has now become the bank for Boeing, and the only real supporters of it are it's employees, and those who benefit from dealing with it.  The question is why should American taxpayers be found in a situation which can be best described as Robin Hood in reverse.   Oh, one more thing.  Does anyone besides me find the U.S. Chamber of Commerce is full of ......welll.....you can supply the appropriate term. 

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