Fasten your seatbelts, folks. The debate over huge taxpayer subsidies for Boeing and other corporate high-fliers is getting more turbulent by the day.
At issue is whether Congress ought to reauthorize the Export-Import Bank, which provides subsidized financing for export deals involving billionaire businesses such as the aforementioned aerospace conglomerate as well as General Electric, Caterpillar, John Deere, and Bechtel.
Allowing the bank’s charter to expire is the rational course of action. But with opposition to this particular form of corporate welfare on the rise, Ex-Im officials have turned to dirty tricks to undercut their critics (not unlike their bureaucrat-brethren at the IRS).
A great letter to the editor today in the Chattanooga Times Free Press
. Mike Budnick from Winchester, Tennessee called the end of the Export-Import Bank “long overdue.”
Congress will soon consider whether or not to reauthorize the Export-Import Bank. Like many well-intentioned government programs, the bank has morphed into a cronyism stash for well-connected special interests.
Liberals, including President Obama’s Treasury Secretary Jack Lew, are fawning over a new left-wing manifesto that is now #1 on Amazon. The Federalist’s David Harsanyi explains
what it means and why we should care:
[Thomas] Piketty, a professor at the Paris School of Economics, argues … only a massive transfer of wealth could make our nation whole again. … But how does a book that evokes Marx and talks about tweaking the Soviet experiment find so much love from people who consider themselves rational, evidence-driven moderates? … Despite the extremism of his positions, Piketty has already become a folk hero to inequality alarmists everywhere. So if his popularity tells us anything, it’s that many liberal “though leaders” have taken a far more radical position on economic policy than we’re giving them credit for.
IRS. The perverse incentives of the federal government continue. The Associated Press reports the IRS rewarded employees who owe back taxes:
On Friday, the U.S. Export-Import Bank will hold a “Small-Business Exporter Boot Camp
” at their 2014 annual conference in Washington, DC. The description of the session excitedly states
Learn from successful small business exporters how they are using Ex-Im Bank financing to grow their business profits and sell their products globally. Great for first timers!
It’s true. Some small business owners are perfectly content benefiting from taxpayer-backed loans to foreign companies if it means they can export their products without taking the financial risk other exporters take.
The Heritage Foundation explains
why the Obama Administration’s decision to delay the Keystone XL pipeline is bad for both the environment and jobs:
The Keystone XL pipeline, which President Obama just delayed again, has received an environmental green light multiple times—from this administration.
State Department impact reports have concluded “that the pipeline, a Canada-based project to deliver up to 830,000 barrels of oil per day to Gulf Coast refineries, would pose no significant environmental risk and would not contribute substantially to carbon dioxide emissions,” says Nicolas Loris, Heritage’s Herbert and Joyce Morgan Fellow.