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April 5, 2012: The Export-Import Bank

Every year, Washington spends more than $90 billion on corporate welfare – giving taxpayer dollars to private businesses. The Export-Import Bank is one of the most flagrant corporate welfare programs. A vote to reauthorize it recently failed both Houses of Congress, but will likely come up again soon. Vice President for Strategy Iain Murray thinks the Export-Import Bank should become an ex-bank.

3 Responses to “April 5, 2012: The Export-Import Bank”

  1. Bill Miller says:

    You don’t have the facts, but you have strongly worded conclusions based on a lack of facts. For starters, you’re all wrong about “every year the government spends $90 billion on corporate welfare – giving taxpayer dollars to private businesses.”

    First of all, $90 billion refers to the Bank’s exposure — the amount of loan guarantees and loans that the Bank can offer coverage for at any one time… not an annual amount… that’s an enormous difference.

    Second, that’s not money that the taxpayer has paid for… the Bank doesn’t get any tax dollars… it runs completely on the fees and interest that it charges the companies that receive financing. That’s NOT corporate welfare, that’s a sound government program that makes those that benefit pay for the benefits.

    You’re also wrong when you claim, “A vote to reauthorize it recently failed both Houses of Congress….” The only vote that was held was in the Senate, and that was a cloture vote, not on the reauthorization bill itself. The House has not yet considered Ex-Im Bank’s reauthorization.

    Here’s the facts: both the Senate Banking Committee and the House Financial Services committees unanimously approved Ex-Im Bank’s reauthorization and sent the bill to the floors of both chambers, where it awaits action.

    Ex-Im is an agency that creates or maintains U.S. jobs, costs the taxpayer nothing, and actually earns a profit for taxpayers ($1.9 billion in the last five years alone). Reauthorizing Ex-Im Bank is a no-cost jobs bill.

    If you’re going to oppose a government agency that’s your right and what makes this country great. But at least reach your conclusions based on facts, not on information that you apparently obtain from biased or questionable sources.

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  1. [...] Bankby Ryan Young on April 5, 2012 · 0 commentsin Economy, Podcast, Politics as Usual Tweet Have a listen here.Every year, Washington spends more than $90 billion on corporate welfare — giving taxpayer [...]


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