Success in America should come from hard work and character, not political connections. For too long, special interests have taken advantage of Washington favoritism to enrich themselves at the expense of taxpayers. It’s time to let Export-Import Bank expire.
While Ex-Im’s supporters may praise it as a “critical” finance tool, in reality 0.1 percent of Idaho goods are exported without it. If the private sector believes a business venture isn’t credit-worthy, Ex-Im shouldn’t force taxpayers to risk their money. According to the Congressional Budget Office, Ex-Im is expected to cost $2 billion over the next 10 years.
Companies like GE insist Ex-Im is critical to help them compete against foreign companies subsidized by their governments, but the reality is, according to Ex-Im’s own reporting, less than one-third of its financing went to counteracting foreign export credit agencies.
Policymakers should not overlook the fact that whenever government picks winners, there are always losers. According to the Cato Institute, the top 10 industries hurt by Ex-Im’s favoritism make up 81.6 percent of Idaho’s manufacturing GDP. This is no small issue for Idahoans.
Congress’ time would be better spent creating opportunity for all Idaho industries, rather than playing favorites with a handful of corporations.
JaNae Newman, Sweet