World Bank HQ in Washington, D.C. (courtesy Wikimedia Commons)
The United States is in debt by more than $17 trillion dollars and it is imperative to take steps to curb the out of control spending and inefficiencies in government that have led us to this point. One area that elected officials must keep a close eye on is lending money to other nations. The World Bank, which receives backing from U.S. taxpayers, is considering a loan to Argentina for $3 billion. Argentina has been clearly defined as a bad actor in the international community and taxpayers should not be contributing a single dollar to support a loan that may never be paid back. Argentinean officials have publicly and repeatedly announced their intentions to defy the U.S. judicial system. In fact, they’ve actively ignored U.S. court judgments, and their disrespect for the rule of law combined with their unwillingness to abide by its commitments is not just limited to the United States. Argentina also continues to ignore the World Bank’s arbitrational body, the International Centre for Settlement of Investment Disputes (ICSID). Since 2011, US policy regarding multilateral development banks’ (MDB) lending to Argentina has been the same: oppose any loans. In an effort led by the Taxpayers Protection Alliance & the National Taxpayers Union; American Commitment, American Majority Action, Center for Individual Freedom, Cost of Government Center, Free Congress Foundation, Frontiers of Freedom, Hispanic Leadership Fund, Institute for Liberty, The Latino Coalition, Less Government, National Black Chamber of Commerce, National Grange, and Tea Party WDC signed on to a coalition letter urging lawmakers to stand firm on that policy and urge the Obama Administration and the Treasury Department to oppose the loan, and to withhold funding from the Bank if it continues to underwrite “financial rogue” states like Argentina. Taxpayers are already on the hook for trillions in wasteful spending, the government shouldn’t be adding to that by lending out money that stands zero chance of being paid back.