If you’re like me, you may have little to no understanding or appreciation for something called the Export-Import (Ex-Im) Bank.
The Pittsburgh Business Times published a good article today titled, Roderick, NAM urge action on Export-Import Bank. I recommend reading it.
Here’s an excellent description of the Ex-Im:
In 2013, the Ex-Im bank supported $37 billion in exports that helped to sustain 200,000 U.S. jobs at 3,400 companies, according to Jay Timmons, president and CEO of NAM.
And it’s not just the big companies like Westinghouse that benefit from the program: About 90 percent of Ex-Im bank transactions in 2013 benefited small business, according to NAM.
Seems like a good thing, right?
So, why would Republicans and libertarians – including the Koch brothers and Koch-backed groups like The Heritage Foundation and Club For Growth – want to kill it?
I highly recommend a June 27th article in Bloomberg titled,“How the U.S. Ex-Im Bank Landed on Republicans’ Death Row.”
This excerpt kind of says it all:
“Ex-Im represents both a policy and political target because it’s do-able,” said Diane Katz, a Heritage research fellow. “We’re not trying to take down the Federal Reserve here. We’re starting with an agency that is ripe.”
On the surface, the 80-year-old bank isn’t an obvious target. Rather than costing taxpayers money, it regularly returns a profit to the Treasury — more than $3.4 billion since 2005. The bank says its programs generated about 2 percent of the $2.3 trillion the U.S. exported last year.
….At least five groups opposing the bank’s renewal, including Concerned Veterans for America and the 60 Plus Association, received nearly all of their funding over an 18-month period ending in December 2012 from the Kochs’ political network — a total of $47.4 million, according to an analysis by the Center for Responsive Politics researcher Robert Maguire. Another group, Americans for Prosperity, founded by the Kochs in 2004, is also lobbying against the bank.
To all my fellow middle class and ordinary Americans still identifying with the GOP, the tea party, and with libertarian principles, when will you come to grips with reality?
A vote for Republicans – and a misguided and misinformed belief in libertarian mythology like the Invisible Hand of free markets – is a vote against American companies, American jobs, and a vote and belief system that goes against your own economic self-interest.
Will there ever be enough evidence to convince you?