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Wednesday, March 21, 2012

Axe the Ex-Im Bank

The Export-Import Bank is an unaccountable government created entity that has doled out hundreds of billions in corporate welfare.
Billed as “the official export credit agency of the United States,” the Ex-Im Bank is an independent agency that was created decades ago to provide “aid in financing” to foreign entities and “to facilitate exports of goods and services, and in so doing to contribute to the employment of U.S. workers.”... Yet given the pseudo-socialist world view that’s come to dominate decision-making in Washington, D.C., it’s not surprising that this vestige of Old Keynesianism is being given a costly New Keynesian spin. Created during Franklin Roosevelt’s New Deal for the purpose of making loans to the Soviet Union, the Ex-Im Bank became a standalone government agency in 1945. Since then it has doled out hundreds of billions of dollars in foreign loans with little to no accountability. And while the bank claims that “in excess of 80 percent of our transactions directly benefit U.S. small businesses,” in reality it is nothing but a slush fund for politically-connected multinationals.
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