How do you convince skeptical congressional Republicans and their even more skeptical conservative constituents to reauthorize the Export-Import Bank in the fall? The Ex-Im Bank has just made two new hires, who they think will make the task easier.
Without questioning their qualifications in communicating ideas, it’s notable that they are liberals whose roots are in party politics.
Today, Sen. Mike Lee (R-UT) 100% spoke at the Heritage Foundation about America’s crises of economic immobility and insecurity, and he offered some specific prescriptions on how to change this, not the least among them ending the Export-Import Bank.
At the heart of the change, he suggested, needs to be ending cronyism and corporatism, by which “elite special interests” get bailed out and subsidized while the rest of America has to play by the rules.
The Export-Import Bank should no longer exist on a fundamental level because, rather than leveling the playing field as it claims, it picks winners and losers. And that’s not the government’s job.
The Heritage Foundation’s Diane Katz, a research fellow in regulatory policy, expounds upon the Bank’s many flaws in her most recent issue brief, which is full of unsettling revelations about the Bank’s mismanagement of taxpayer money. All of this has been documented for years by Ex–Im’s own inspector general and the Government Accountability Office (GAO).
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.