The Export-Import Boondoggle
House Chamber, Washington, D.C.
May 9, 2012

Mr. Speaker:

    The Export-Import Bank dragoons American taxpayers into subsidizing loans to foreign companies, making it cheaper for them to buy products from politically-favored American companies which in turn use those products to compete against less-favored American companies.

    Past beneficiaries include such upstanding enterprises as Solyndra and Enron.  Since 2007, almost half of its money has gone to support that plucky little start-up called Boeing.  Air India got $5 billion to purchase Boeing aircraft allowing them to undercut American carriers like Delta with their own tax money.

    We’re told we need to compete with other nations that do the same thing.   If other nations want to impoverish themselves in this manner – we don’t need to imitate them.

    We’re told this doesn’t cost taxpayers – that in the last several years it’s actually turned a profit.  That what they used to say about Fannie Mae and Freddie Mac – until they blew up in our face.

    Legitimate companies have plenty of access to private capital and don’t need these subsidies.  The illegitimate ones shouldn’t be propped up with the hard-earned dollars of working taxpaying Americans.

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