We sorry taxpayers pay for big business to sell stuff to itself

by Ryan Streeter on February 8, 2015. Follow Ryan on Twitter.

Tim Carney at the Washington Examiner is one of the best critics of crony capitalism and corporate money in politics these days.

His piece on the Export-Import Bank’s greatest hits of 2014 includes this line:

70 percent of the money committed by Ex-Im’s largest program went to subsidize one exporter. Caterpillar got a taxpayer-backed loan guarantee to sell equipment to its own foreign subsidiary (emphasis added).

The bank’s lobbyists have long pointed out that it exists to counter the tendency of foreign buyers to purchase from foreign producers.

Here’s another one:

Officials at Ex-Im, under fire from conservatives who want to let its charter expire this year, claim that American businesses need the agency in order to combat foreign governments that subsidize their exporters. China’s government is the villain most often named. But Ex-Im actually gives subsidies to the Chinese government, including an $18.4 million guarantee in April to the Export-Import Bank of China. Some competitor.

Read the article here.