Last week, Franklin Delano Roosevelt and Lyndon Baines Johnson – America’s 32nd and 36th presidents, respectively – once again ruled the day in Washington. On back-to-back days, House Republicans joined with their Democrat colleagues to extend, expand and fund New Deal and Great Society programs.
A 1932 creation of President Franklin D. Roosevelt, the Export-Import Bank was meant to facilitate trade between the United States and other nations.
When they hear the words “U.S. Export-Import Bank,” many Americans might be led to believe this federal lending agency is all about giving struggling U.S. companies a better shot at competing on the world business stage.
In 2010, congressional Republicans unveiled their Pledge to America. Its purpose was two-fold; first, show swing voters that they had an agenda; and second, reassure conservatives they would not repeat past mistakes, which left conservatives hungover from an era of big-government conservatism that included everything from earmarks and disastrous highway bills to Medicare Part D and No Child Left Behind.
I posted last month about why it’s important to shut down the corrupt subsidies at the Export-Import bank. This story is a good example of why handouts for big companies are a carousel of sleaze.
America, with its constitutionally protected freedoms and entrepreneurial spirit, has generated prosperity at a level which is unique to the human experience.
The Export-Import Bank is a government agency which is responsible for aiding in the export of American goods and services. They accomplish this by employing a number of programs including loans, guarantees and insurance. The Ex-Im Bank is supposed to engage in these activities in a way that doesn’t harm American corporations or produce job losses, yet that is exactly what they are doing.