So nice that Boeing, now with its huge taxpayer underwritten subsidy in hand thanks to many Republicans who abandoned the free market to support crony capitalism, slashes a bunch of jobs. The company had threatened to slash jobs if it didn’t get an Ex-Im renewal, but in the end it got rid of thousands of jobs anyway.
Crony capitalists do not operate on good faith or anything close to it. Remember this for the future.
(From The Daily Caller)
Last fall, conservative lawmakers in Congress successfully brought about the first lapse in the Ex-Im Bank’s authorization in its entire 80-year history. Unfortunately, special interests thwarted their efforts, and managed to resurrect the crony institution just a few months later. In that fight, corporations like Boeing, who benefit from Ex-Im, spent millions lobbying to keep the corporate welfare flowing, while companies like Delta Airlines, who are disadvantaged by the bank, spent millions to prevent it. These are millions of dollars that could have been put to productive use, creating value for customers and society, but were instead sucked into the black hole of special interest politics.
Unfortunately, after Boeing’s layoff announcement last week, it is now clear that we are back where we started. Enough is enough.