Even if a handful of smaller companies like Miss Jenny’s Pickles marginally benefit from the taxpayer assisted financing, the true beneficiaries of Ex-Im largess remain large, politically-connected corporations, both nationally and internationally. In 2013 the top 10 beneficiaries received over 76 percent of all the taxpayer dollars doled out by the Ex-Im Bank -- more $20 billion. This is not a recent trend as the bank routinely fails to meet its mandate that 20 percent of financing go to small businesses.
If the blatant misrepresentation of who the Ex-Im bank supports wasn’t enough, a recent study from the non-partisan Congressional Budget Office found that the bank will actually cost tax payers over $2 billion over the next 10 years. The claim that the bank saves taxpayers money is as fictitious as the bank supports small business.
Miss Jenny’s Pickles is not an Ex-Im success story. It is a clear example of how American ingenuity and entrepreneurship, not government subsidies and corporate welfare, lead small business owners to international success.”
Despite the public relations offensive by the bank’s spin doctors, the bottom line remains that the bank is largely a tool of big business cronyism.
It is time the American public demanded their tax dollars stop being spent to subsidize the well-connected in Washington and break the bank.