Thursday, July 24, 2014

It Turns Out Elizabeth Warren Loves Subsidizing Big Businesses and Wall Street

Veronique de Rugy writes:

In the little time she’s been in Congress, Senator Elizabeth Warren has made a name for herself as a populist who talks tough about Wall Street and other large corporations. But is she going to do more than just talk about it?

At the end of last week, Warren confirmed that she still supports the Ex-Im Bank — a government agency that hurts many U.S. employees of companies not lucky enough to benefit from it and consumers who face higher prices as a result of the subsidies, all for the sake of lining the pockets of the biggest corporations in the country. Here’s what her office told Bloomberg:
Senator Warren believes that the Export-Import Bank helps create American jobs and spur economic growth, but recognizes that there is room for improvement in the bank’s operations. She looks forward to reviewing re-authorization legislation if and when it is introduced.
Her position was confirmed when she turned down an invitation from the conservative group Heritage Action to talk about “ending the Export-Import Bank and the political favoritism it engenders.”...

Warren’s support for the Ex-Im Bank is totally inconsistent with her otherwise populist stands, and it’s hurting the people she represents.

The biggest Ex-Im beneficiaries are U.S. giant corporations like Boeing, GE, and Caterpillar and their very wealthy foreign buyers. These companies don’t need the bank, but they love it. It allows a select number of U.S. exporters to increase their profits and transfer onto taxpayers risk that the companies should be shouldering. 

1 comment:

  1. "Senator Warren believes that the Export-Import Bank helps create American jobs and spur economic growth" Might as well say, "our economy depends on sending all of our real goods overseas in return for paper".

    That's funny, I just made a video about Elizabeth Warren today. More of a statist vs statist vid, but nevertheless a great coincidence.