If a man swipes your wallet, he’s a thief. We don’t ask whether the pickpocket ultimately spent the cash on a worthy cause. Yet, supporters of corporate welfare would have you believe that as long as the companies receiving welfare prosper, you shouldn’t care that the government snatched your money to make it happen.
In fact, some people pushing corporate welfare are so dedicated to the ideology of political cronyism that they’ll euphemistically describe wealth redistribution from regular Americans to politically connected businesses as “economic development.”
On June 30, regular Americans won a big victory with the expiration of a particularly egregious example of cronyism, the Export-Import Bank, also known as Ex-Im. Recently, President Barack Obama and congressional Democrats have been cheerleading for Ex-Im. But in 2008, then-Senator Obama called Ex-Im “little more than a fund for corporate welfare.” He was right.
Ex-Im subsidizes the exports of mostly large, well-connected corporations. The top beneficiaries of Ex-Im’s support in 2014 included Boeing, General Electric, and Caterpillar — hardly companies in need of taxpayer assistance. Boeing alone received more than 68 percent of the benefits from Ex-Im’s long-term guarantees in 2014, which is why people derisively refer to Ex-Im as “Boeing’s Bank.”
Ex-Im uses your money to fund loans and guarantees to foreign companies that buy products from particular U.S. exporters. This transfer of money from you to them doesn’t create jobs; it destroys jobs. (Read more from “Keep Export-Import Bank in Its Corporate-Welfare Grave” HERE)
TED CRUZ HAMMERS EVERYONE IN WASHINGTON FOR EX-IM BANK PLOY: ‘WASHINGTON CARTEL AT ITS WORST’
By Matthew Boyle. In an exclusive interview with Breitbart News, Sen. Ted Cruz is firing away at President Barack Obama, Senate Majority Leader Sen. Mitch McConnell, House Speaker Rep. John Boehner and pretty much everyone else in Washington for hatching a ploy to try to reauthorize the Export-Import Bank, which expired about a month ago.
“The Ex-Im Bank is the Washington Cartel at its worst,” Cruz said when asked about the emerging ploy by career politicians in D.C. to reauthorize the bank.
The Washington Cartel consists of career politicians in both parties who get in bed with Washington lobbyists, with special interests, and enrich those interests at the expense of the American taxpayers. The Ex-Im Bank consists of taxpayers providing hundreds of millions of dollars of loan guarantees to a handful of giant corporations, each of whom has armies of lobbyists that write campaign contributions to Democrats and Republicans who campaign in support of free markets, who campaign in support of turning around our deficit and debt, who campaign in support of principles like welfare reform. Now is the time to decide whether your principles matter more than campaign dollars.
Cruz had specific messages to every rank-and-file Republican, every rank-and-file Democrat and the two top GOP leaders on Capitol Hill, McConnell and Boehner, that he wants to make clear ahead of any Ex-Im effort.
“To every Republican: Are you going to join with Barack Obama in perpetuating the cronyism and corporate welfare of the Export-Import Bank, or are you going to stand up and honor the promises you made to the men and women who elected you?” Cruz said. (Read more about the reauthorization attempt of the Export-Import Bank HERE)