Any vote in the House on the continued existence of the Ex-Im Bank will show pretty clearly which members are on the side of the cronies and which are on the side of the taxpayer citizens. I sure would’t want to be a Congressman who voted with the cronies and the lobbyists. That could be a real political liability.
(From The USA Today)
Take the bank’s role in financing the sale of commercial airliners to international customers — the bank’s biggest function in terms of dollars spent. Yes, this benefits domestic manufacturers, but it simultaneously harms domestic airlines. The Air Line Pilots Association has estimated that Ex-Im’s support for just two airlines — Emirates and Air India — eliminated some 7,500 American jobs. Whether it’s airlines, mining, or any other industry in which Ex-Im is involved, the global economy is simply too complex for the bank to accurately claim that it helps the U.S. job market.
No wonder the Export-Import Bank has become a major political issue in recent years. It encourages the sort of government-sponsored cronyism that only lobbyists and their clients could love — and that the rest of us see and despise.