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Export-Import Bank « Rogue Politics

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Donald Trump: Making Corporate Welfare Great Again

Created during the Great Depression, the Export-Import Bank (Ex-Im) of the United States has been in operation as a financier to facilitate the purchase of American goods and services by foreign businesses and governments. While allegedly self-sustaining, the Ex-Im Bank…

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The Disgusting Corruption of America’s Political Class

Back in March, I asked why Republican presidential candidates were willing to openly violate federal anti-bribery law by supporting agriculture subsidies in exchange for campaign loot. My question was merely rhetorical, of course, since politician supposedly aren’t violating the law because the money goes to their campaigns rather than their personal bank accounts. But that […]

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The Corrupt, Cronyist Export-Import Bank Was Not Re-Authorized, so Let’s Celebrate a (Hopefully Permanent) Victory over Corporate Welfare

Advocates of economic liberty, free market, and small government haven’t enjoyed many victories in the 21st Century. Government got bigger and more expensive during Bush’s reign, starting in his first year with the No Bureaucrat Left Behind legislation and then ending in his final year with the odious TARP bailout. Then Obama came to office, […]

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Congress should end Ex-Im Bank’s corporate welfare program

Ex-Im, or the Export Import Bank, was created by Executive Order in 1934 by Franklin D. Roosevelt to make loans to the Soviet Union and aid trade with Cuba. With the Export-Import Bank Act of 1945, Congress made Ex-Im an independent agency and required that Ex-Im be reauthorized every four-to-five years. Ex-Im’s current authorization expires on June 30. Ex-Im has historically enjoyed bipartisan support. However, the need to cut spending—coupled with watchdog reporting—brings reauthorization into question. Under the Obama Administration, Ex-Im lending has increased 248 percent. Taxpayers now hold nearly $140 billion in Ex-Im exposure. The Ex-Im website states: “EXIM Bank is more critical than ever to small businesses.” A few weeks ago, while at the Smuttynose Brewery campaign stop in New Hampshire, Hillary Clinton bragged that she wants to be “the small business president.” Pushing for Ex-Im reauthorization, she said: “The idea that we would remove this relatively small but vital source of funding for businesses to compete is absolutely backwards.” “Embarrassing” is how she described Republican candidates who oppose reauthorization. While Clinton wanted her small audience at Smuttynose to believe that Ex-Im is, as the website says, critical to small business, a recent report from American Transparency (AT), […]

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How Big Government Sabotages Poor People and Enriches Well-Connected Fat Cats

I don’t like coerced redistribution. When the government uses the threat of force to take from Person A to give to Person B, it simultaneously reduces Person A’s incentives to produce while also luring Person B into dependency. But not all coerced redistribution and government intervention is created equal. I don’t like welfare programs, for … … Continue reading

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Corporate Welfare: Can Republicans Kick the Habit?

I periodically try to explain that there’s a big difference between being pro-market and pro-business. Simply stated, policy makers shouldn’t try to penalize businesses with taxes, mandates, and regulations. But neither should politicians seek to subsidize businesses. That’s why I’m against bailouts, subsidies, and other distortions that provide special favors for politically connected companies. I […]

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Debunking the Sloppy and Inaccurate Economic Argument for Export Subsidies

The Export-Import Bank is noxiously corrupt example of crony capitalism. It never should have been created. But that’s something we could say about most government programs. So the real question is how to reverse the damage. If we reform a big program such as Medicare, you can’t end it overnight. You have to deal with […]

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