Export-Import Bank to Export 160 Billion of Your Tax Dollars


Export-Import Bank to Export 160 Billion of Your Tax Dollars

Among the many pseudo-governmental agencies sucking the marrow out of the bones of the American taxpayer is the Export-Import Bank.  It’s funded with a measly one hundred billion dollars a year, but if Congress has it’s way, that will soon be raised to one hundred sixty billion.  That’s 16% of a trillion or about 10% of the annual increase in the national debt.

So, what does the Export-Import Bank do that’s so important we have to borrow one hundred sixty billion dollars from China in order to keep it hopping?  It loans money.  Its number one borrower is Boeing, and it’s number two is General Electric (who, by the way, cleverly didn’t pay any tax last year).

The loans to Boeing last year were around forty billion dollars, which went to subsidize the purchase of aircraft by other country’s airlines, such as Cathy Pacific, Air India, and yes…Air China.  And of course these subsidies allowed those airlines to have advantageous airplane purchases over American companies.  So we tax Americans to loan money to Boeing which allows foreign airlines an advantage in pricing which will eventually put American airlines out of business.  Oh, and yeah, we brorrow that money from China, in order to subsidize a Chinese company.  That’s almost as smart as giving China sixty five million in foreign aid last year.

I can hear the Chinese laughing…but of course I’m quite near the Pacific Ocean, so I have an advantage over those of you in middle America and on the East Coast.  How stupid are we?…let me count the ways.  I’m counting fast, but it will take quite a while to get to one hundred sixty billion.

We’re really, really, really, really and so on lots of times, STUPID!

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