July 25, 2014

JOHN FUND: Moment Of Truth On Corporate Welfare: By choosing to end the Export-Import Bank, the GOP can zero out a destructive government program. “It seems like decades since Republicans have been able to permanently zero out a government program of any size. The tea-party base often doesn’t take seriously the GOP’s commitment to shrinking government and has accused the GOP of ladling out benefits to the elite and well connected. If Republicans in Congress simply do nothing, the New Deal–era Export-Import Bank, which guarantees loans so that American multinationals can sell products overseas, will vanish at the end of September. Last year, the bank backed $37.4 billion in loans, loan guarantees, working-capital guarantees, and export-credit insurance, the vast majority of which went to mega-companies such as Boeing, General Electric, and Caterpillar. . . . Democratic champions of Ex-Im include such self-proclaimed tribunes of the poor as Senators Elizabeth Warren of Massachusetts and Sherrod Brown of Ohio.”