We Give Foreigners Taxpayer Money to Import Stuff from America. What?
One day we will realize that government messes up everything it touches.
Check it out:
Is there anything the U.S. government doesn’t take taxpayer dollars to do?
Here’s a lesser-known function of your hard-earned money: providing backing for people in other countries to buy things from America.
Come again? Yes, that’s right. Let’s say Air China wants to purchase some Boeing jets. To encourage that purchase, America’s Export-Import Bank could loan Air China the money. If Air China were to default on the loan, U.S. taxpayers would be left on the hook.
Put simply, taxpayers should not be financing this kind of “bank”—which is “little more than a fund for corporate welfare,” as candidate Barack Obama described it in 2008.
The Ex-Im Bank, as it is called, is scheduled to expire in September—giving Congress an opportunity to end this program and focus on issues that matter to Americans, like lowering taxes and reducing burdens on businesses here at home.