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.
The Wisdom of Bastiat, as Revealed by Great Moments in Federal, State, and Local Government | Daniel J. Mitchell