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Larry Kudlow on Free Trade

 

 


Ex-Im is the perfect example of corporate welfare

Stop corporate welfare and crony capitalism. Why in the world would Congress want to reauthorize the Export-Import Bank? Known as "Bank of Boeing," Ex-Im is the perfect example of corporate welfare, crony capitalism, fraud, and corruption. Get rid of it. It's a government-sponsored menace that actually damages American business competitiveness and reduces jobs at home.

Voting against Ex-Im should be a no-brainier. For those who may not be following this story, Ex-Im is a government-run bank that finances foreign competition with the use of loans and loan guarantees to buy American goods.

For example, in fiscal year 2013, Ex-Im backed a $117.5 million loan guarantee to support Boeing 737 purchases by Dubai. Dubai is a wealthy country. This is a state-run airline. Why does the US have to subsidize it? And with our economy growing at a snail's pace, why should taxpayers subsidize Boeing? I don't want to knock Boeing. It's a great company. But it does not need corporate welfare.

Source: National Review, "Just say no to Ex-Im", by Lawrence Kudlow , Jun 27, 2014

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