While you’re eating lunch today, take five minutes to watch this video from conservative Senator Mike Lee, who corrected the record on the Export-Import Bank’s scare tactics and phony claims to help small businesses and jobs. The Conservative Review provided a transcript of the video as well.
There are two fundamental problems with the Export-Import Bank and other government programs like it. First, Ex-Im is a perfect example of how government programs that foster cozy relationships between political and economic insiders are the breeding ground of cronyism and corruption.
Indeed, the Bank is currently the subject of 31 corruption and fraud investigations, and a former employee was recently found guilty of accepting bribes on 19 different occasions.
But aside from its ethical problems, Ex-Im is bad for American jobs and bad for the economy.
For every dollar Ex-Im spends to help one U.S. company sell its products overseas, it takes away a dollar from all the other U.S. companies trying to export their products without the help of Ex-Im.
This is a classic case of government picking winners and losers in the marketplace… which always produces more losers than winners.
Watch the entire video here: