{"id":8699,"date":"2015-06-02T06:02:04","date_gmt":"2015-06-02T11:02:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8699"},"modified":"2015-06-02T06:02:04","modified_gmt":"2015-06-02T11:02:04","slug":"ex-im-bank-is-welfare-for-the-one-percent","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8699","title":{"rendered":"Ex-Im Bank is Welfare for the One Percent"},"content":{"rendered":"<h3><a title=\"Ex-Im Bank is Welfare for the One Percent\" href=\"http:\/\/www.ronpaulinstitute.org\/archives\/featured-articles\/2015\/may\/31\/ex-im-bank-is-welfare-for-the-one-percent\/\">Ex-Im Bank is Welfare for the One Percent<\/a><\/h3>\n<p><span class=\"Apple-style-span\">This month Congress will consider whether to renew the charter of the Export-Import Bank (Ex-Im Bank). Ex-Im Bank is a New Deal-era federal program that uses taxpayer funds to subsidize the exports of American businesses. Foreign businesses, including state-owned corporations, also benefit from Ex-Im Bank. One country that has benefited from $1.5 billion of Ex-Im Bank loans is Russia. Venezuela, Pakistan, and China have also benefited from Ex-Im Bank loans.<\/p>\n<p>With Ex-Im Bank\u2019s track record of supporting countries that supposedly represent a threat to the US, one might expect neoconservatives, hawkish liberals, and other supporters of foreign intervention to be leading the effort to kill Ex-Im Bank. Yet, in an act of hypocrisy remarkable even by DC standards, many hawkish politicians, journalists, and foreign policy experts oppose ending Ex-Im Bank.<\/p>\n<p>This seeming contradiction may be explained by the fact that Ex-Im Bank\u2019s primary beneficiaries include some of America\u2019s biggest and most politically powerful corporations. Many of Ex-Im Bank\u2019s beneficiaries are also part of the industrial half of the military-industrial complex. These corporations are also major funders of think tanks and publications promoting an interventionist foreign policy.<\/p>\n<p>Ex-Im Bank apologists claim that the bank primarily benefits small business. A look at the facts tells a different story. For example, in fiscal year 2014, 70 percent of the loans guaranteed by Ex-Im Bank\u2019s largest program went to Caterpillar, which is hardly a small business.<\/p>\n<p>Boeing, which is also no one\u2019s idea of a small business, is the leading recipient of Ex-Im Bank aid. In fiscal year 2014 alone, Ex-Im Bank devoted 40 percent of its budget \u2014 $8.1 billion \u2014 to projects aiding Boeing. No wonder Ex-Im Bank is often called \u201cBoeing\u2019s bank.\u201d<\/span><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ex-Im Bank is Welfare for the One Percent This month Congress will consider whether to renew the charter of the Export-Import Bank (Ex-Im Bank). Ex-Im Bank is a New Deal-era federal program that uses taxpayer funds to subsidize the exports of American businesses. Foreign businesses, including state-owned corporations, also benefit from Ex-Im Bank. One country [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1253,5938,5940,5939,1624,2384,5937,5936,5941,2311,1796,3013],"class_list":["post-8699","post","type-post","status-publish","format-standard","hentry","category-economics","tag-1253","tag-bank-loans","tag-boeing","tag-caterpillar","tag-corporate-welfare","tag-elite","tag-ex-im-bank","tag-export-import-bank","tag-financial-aid","tag-new-deal","tag-us-congress","tag-welfare"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8699"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8699\/revisions"}],"predecessor-version":[{"id":8700,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8699\/revisions\/8700"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}