TexasGOPVote Blogger Endorsements: The Export-Import Bank: A Lesson on Why We are Broke and Need to Clean House in Congress
by Mark Ramsey on May 17, 2012 at 9:42 AM
Last week, in a little publicized vote, the U.S. House defied financial common sense, the clear will of the people to stop crony capitalism (which is not capitalism), and even the conservative Wall Street Journal. The House voted 330-93 to reauthorize and expand the Export-Import Bank, often known as the “Ex-Im” Bank. 100% of the Democrats (183) voted with over half of the GOP (147) for this distortion of free enterprise. Ninety-three courageous GOP members rightly voted “no”. Zero democrat members voted “no”.
So just what is the Ex-Im Bank? It is yet another sad example of “pork barrel” politics in Washington, (the city that Congressional District 8 candidate Larry Youngblood often describes as “debt city”.) In a scheme only “debt city” lobbyists could love, the US Congress sends taxpayer money into this black hole (the Ex-Im Bank). Bureaucrats in other countries then use it as their personal piggy bank to bankroll overseas purchases, guaranteed by, you guessed it, the US taxpayer. Some of the money makes its way back to US manufacturers, (the largest portion to Boeing—not exactly a company without access to private financing for their products), after the bureaucrats and lobbyists and overseas interests take their cuts. I like Boeing but they don't need guarantees like this and regardless of how good one might think the idea is, the federal government is broke!
The Wall Street Journal editorial writers, not exactly enemies of business interests, even strongly recommended eliminating it, clearly telling the House to “Vote against the reauthorization and expansion of the Export-Import Bank on Wednesday.”
Nonetheless, the House EXPANDED the so-called bank’s potential liabilities from a measly $100 Billion to $140 Billion, a whopping 40% INCREASE in spending and exposure to the US taxpayer!
Sadly, Texas' Congressman Kevin Brady turned his back on taxpayers and voted with Nancy Pelosi, Sheila Jackson Lee and the rest of the Democrats to expand the Ex-Im Bank. This is not too surprising; given his long history of voting for larger and more bloated government, including the debacles we call now call TARP and bailouts. The irony is that just a day or two after he so voted, he was back in campaign mode, claiming to be a fiscal conservative and hypocritically preaching that states put their financial house in order.
The Congressman has Potomac Fever. Almost all of them get it if they stay in “debt city” too long. He definitely has been there too long.
It is time for new blood in Congress. I suggest a good place to start is with Larry Youngblood, who I enthusiastically endorse.
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