Monday, March 16, 2015

The Export-Import Bank Subsidizes the Already Wealthy

By Veronique de Rugy

The case against the Export-Import Bank is simple: The government has no business subsidizing gigantic and well-connected American corporations, well-heeled foreign buyers, or the international financiers that profit from the loans.

The Export-Import Bank represents the kind of crony capitalism that is wrong whether its beneficiaries produce green or dirty energy, or whether the firms that receive government privileges are small or massive. What’s more, it doesn’t make economic sense.

Defenders of the bank tout several misleading claims about how it is critical to promote small businesses, jobs, and exports. In each case, the data shows otherwise.

Read the rest here.

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