Make Up Your Mind President Obama
February 23, 2012
In a recent visit to a Washington Boeing plant, while touting their planes, President Obama asked Congress to continue to fund the Export-Import Bank (Ex-Im), the poster child for taxpayer-funded corporate welfare. The setting of the Boeing plant was no accident considering that Boeing has been a major recipient of Ex-Im Bank funds for years. This comes on the heels of the Obama-backed National Labor Relations Board (NLRB) trying to stop Boeing from moving its plant to South Carolina and the expiration of a tax credit for jet sales.
Last year, Obama declared war on Boeing last year by allowing the NLRB to get involved in a labor issue that the government board has historically not weighed in on. Their involvement negatively affected the business decisions of Boeing and thousands of jobs. Second, Obama affected jet sales by allowing a tax credit for corporate jet purchases to expire, another decision that negatively affected Boeing.
Now it appears that Obama wants to offer an election year apology to Boeing by continuing funding for the Ex-Im Bank. Taxpayer advocates know the Ex-Im Bank as a popular conduit for corporate welfare. According to the government agency’s website, the mission of the bank states, “the (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank’s mission is to assist in financing the export of U.S. goods and services to international markets. Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.” According to Ex-Im Bank’s 2010 annual report, “With the close of fiscal year 2010, the Bank reported a second consecutive record-breaking year of $24.5 billion in export financing, up 70 percent from FY 2008.” According to The Economist, “…Boeing gets an array of subsidies from different American agencies ranging from America’s space agency, NASA, to the Export-Import Bank of the United States (known as ‘Boeing’s Bank’) as well as tax breaks from several states.”
President Obama seemingly has no problem using taxpayer largess to support private industries in the name of manufacturing, but has a huge problem keeping the government out of business decisions of private businesses. .