The Government should not be in the business of picking winners and losers when it comes to American jobs. Earlier this month, Jared Polis voted to reauthorize the Export-Import Bank (H.R. 2072) and increase its lending limit by $40 billion. I would have voted against it. The Export-Import Bank now has the authority to provide $140 billion in loans to foreign corporations who receive exports from American companies, essentially picking winners and losers from corporate America and putting the American taxpayer at risk.
We have seen the disastrous effects of government intervention in the economy: look no further than Fannie Mae, Freddie Mac and the failed “stimulus” that was supposed to “jump start” our nation’s economy.
Some argue that the loans made by the Ex-Im Bank support American companies who rely on foreign exports to create jobs here in America. But as the Wall Street Journal points out:
“This [export] subsidy means that foreign airlines can then buy newer aircraft more cheaply than their U.S. competitors. This gives them an advantage in the global air transportation market. In a letter to Congress last month, Delta estimated that ExIm cost the U.S. airline industry up to 7,500 jobs and $684 million a year.”
It’s also been reported that 90% of Ex-Im Bank loans – for which the American taxpayer is on the hook – are made to benefit just a handful of politically-connected American companies. I object to this kind of corporate welfare.
I oppose the reauthorization of these failed policies because as an entrepreneur and small business owner I know that getting government out of the way of the free-market economy is the only way to generate and sustain economic recovery and growth.
If the goal is to increase American exports, create jobs and grow the economy, the prescription is simple: we need to lower the tax and regulatory burdens placed on American businesses and create an environment that makes our companies more competitive in the global market.
As our national debt continues to rise and with taxpayers at risk for these corporate crony subsidies … Americans would be better served by a free market for exports and imports, and by leaving the taxpayer out of financing these corporate transactions.
We cannot continue this failed mentality in Washington. That’s why I'm running for Congress.