Let Export-Import Bank go

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It has been asserted that the U.S. Export-Import Bank is necessary for the U.S. nuclear industry to be competitive, and for success of the South Carolina economy. This is not supported by the facts.

From 2007 to 2014, just 0.8 percent of South Carolina exports were backed by the bank, which shows how robust our state’s export economy is without the help of Ex-Im.

Regarding our nuclear industry, Washington, D.C., should get rid of expensive and onerous regulations currently in place under the Nuclear Regulatory Commission, and end market-distorting technology programs.

Given that only 2 percent of U.S. exports have Ex-Im backing, is this slush fund even necessary?

Given that 80 percent of Ex-Im subsidies go to large companies such as Boeing, GE and Caterpillar – companies large enough to pay their own lobbyists and to secure private financing – is the taxpayer being properly served?

Given the shoddy accounting provided by the Ex-Im Bank, is another financial “bubble” in the making that will require a taxpayer bailout similar to the housing bubble crisis in late 2007?

Congress should simply let the bank’s authorization expire at the end of September, and eliminate this blatant corporate welfare. Big Government needs to break up with Big Business and get our free market back by lifting onerous regulations, and quit picking winners and losers in the marketplace.

Tell your congressman it’s time to end corporate welfare, and let the Export-Import Bank expire.

Teri Sullivan

Aiken, S.C.

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gaflyboy
4788
Points
gaflyboy 08/28/14 - 07:35 am
5
0
Here! Here!

Very good letter!

And while we're at it, let's get out of the U.N. and get the U.N. out of the U.S. It has morphed into an org that gives far too much power to dictators and despots and no longer meets the goals for which it was established.

Then we can turn out attention to the Federal Reserve.

But, as the writer so eloquently stated: Ex-Im must be dissolved next month!

hoptoad
8995
Points
hoptoad 08/28/14 - 08:55 am
5
0
Many folks are ignorant of

Many folks are ignorant of this immense amount of our taxpayer monies being used to subsidize this slush fund.

If citizens were given a comprehensive itemized listing of the destination, purpose and amount allocated of our tax money, this country would see an immediate shift in policy created at the ballot box.

deestafford
27412
Points
deestafford 08/28/14 - 10:07 am
3
0
Do y'all remember when candidate Obama came out...

Do y'all remember when candidate came out and said the Export-Import Bank should be shut down? Well, he did when he was running for his first term and now he has "evolved" to the position he now supports it.

I'm not as up to speed on this as many people but I'm opposed to it for two reasons. It's not good for the country and it is unconstitutional as far as the responsibilities of the federal government are concerned.

Many who support it say such things as, "But, the 'X' Billions we spend on it gives the economy a return of '4X' billions. One of the things that bothers me when I hear an analogy like that is that the first bit of money comes from the taxpayers' pockets and the "return" is to the nebulous "economy'' and not back to the taxpayers' pockets.

ultrarnr
910
Points
ultrarnr 08/28/14 - 11:15 am
0
0
Question
Unpublished

Why is the Ex Im Bank corporate welfare when cutting the corporate tax rate is not?

Truth Matters
6745
Points
Truth Matters 08/28/14 - 05:39 pm
0
0
Candidate Obama also said

Candidate Obama also said that Guantanamo should be shut down. And we know why that didn't happen.

hoptoad
8995
Points
hoptoad 08/28/14 - 05:52 pm
0
0
Yeah, Truth - he lies!

Yeah, Truth - he lies!

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