It turns out
that issuing taxpayer-backed loans and loan guarantees for Boeing jets and
other U.S.-made goods is very profitable. The Export-Import Bank of the United
States, a federal agency, reported a $1 billion profit in the last year, the
agency reported today.
Ex-Im has
operated for years at no direct cost to taxpayers, which is why I didn't
include it in my prescription for how conservative budget hawks should target
corporate welfare. The 10-figure profit
is better than a taxpayer loss, but it's hardly an argument for keeping the
agency. Here are three very quick points:……Ex-Im won't be profitable forever. Fannie Mae didn't cost taxpayers
money until it did. What if we get an aircraft bubble?
Taxpayer will be left on the hook.…..To Read More…..
Editor's Note: Carney is the author of, "The Big Ripoff: How big business and big government steal your money", where he discusses this issue with the Ex-Im bank at length. I highly recommend this book to everyone. I can assure you that you will find it eye opening.
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