Jan 04, 2017
President-Elect Trump is Right to Oppose the Ex-Im Bank
Post by Freedom Partners
The Washington Times recently reported that President-elect Trump could end the Export Import Bank (Ex-Im). This would be fitting since he campaigned on the principle of ending special treatment for special interests – especially when it puts American businesses at a disadvantage.
That’s exactly what the Ex-Im Bank does: It subsidizes a few large corporations at the expense of the majority of American businesses. No wonder Donald Trump opposed it on the campaign trail, calling it “feather bedding for…a few companies…that can do very well without it,” and stated he would “be against it.”
The Ex-Im Bank creates an uneven playing field, financing exports for the well-connected few while leaving their competitors in the dust. By subsidizing these exports, Ex-Im also gives foreign purchasers a leg up on American companies. This skews the market and hurts American workers.
The Cato Institute estimates that the bank’s selective steering the economy costs $2.8 billion to 189 industries. Likewise, Delta Airlines estimated that 7,500 jobs have been lost in the domestic airline industry as a result of Ex-Im’s financing for airlines abroad.
The facts are clear: The Ex-Im Bank is bad for business, bad for jobs and bad for the economy. Donald Trump should stand up for taxpayers, keep his campaign promise, and continue to oppose the Export-Import Bank—or better yet, eliminate it altogether.