Export subsidies continue to break records 

President Obama has pledged to double U.S. exports in five years. A major tool for doing so is the U.S. Export-Import Bank, a government agency that exists to subsidize the exports of U.S. manufacturers.

Dow Jones Newswire reports:

Ex-Im Bank Chairman and President Fred Hochberg said a strong fiscal first quarter bodes well for the agency's ongoing efforts to help double U.S. exports by 2015.

"This year looks like we'll have another record-setting year," Hochberg said in a speech at the Center for Strategic and International Studies.

The agency's credit authorizations jumped to $24.5 billion in the fiscal year that ended Sept. 30, 2010, up from a high of $21 billion the previous year.

I have written for years that Ex-Im is naked corporate welfare. It's defenders point out that the "Bank" has been moved off-budget, paying for its new finance projects with payments coming in from its old loans and guarantees.  But still, there is a government guarantee here, and thus taxpayer risk. Beefing up this agency seems at odds with Obama's campaign rhetoric bashing the philosophy that we can "give more and more to [those with] the most, and somehow prosperity will trickle down."

About The Author

Timothy P. Carney

Pin It

More by Timothy P. Carney

Latest in Nation

Thursday, Jul 19, 2018


Most Popular Stories

  • No Stories Yet.

© 2018 The San Francisco Examiner

Website powered by Foundation