Pizza in Motion is happy to see some movement extending the Export-Import bank’s charter, even temporarily.
I don’t think Ex-Im should go away. I say this narrowly from the perspective of someone who’s a Boeing supporter.
Here’s a video my employer put out a month ago to explain Ex-Im winners and losers.
The Export-Import Bank backs $37 billion worth of exports, which amounts to 1.6% of the U.S.’ $2.28 trillion in exports. The bank states that $12 billion of that (0.54% of total US exports) is justified based on foreign competition.
The Export-Import bank itself claims to support 200,000 – 300,000 jobs each year out of ~ 10 million export-related jobs in the U.S.
Now, the Export-Import bank is small as far as federal programs go. CBO projects $2 billion in losses over the coming decade, which is peanuts compared to the budgetary impact of other agencies. So the flashpoint in Congress is mostly symbolic — the agency is supposed to sunset without reauthorization, which is what generates the attention now. And it’s corporate welfare for some large US companies — the single largest beneficiaries are Boeing and GE.
But if the goal were to make US firms competitive, corporate tax rates is one place to start..
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