Tea Party Moves To Destroy Jobs–Again!

Posted by | July 4, 2014 21:47 | Filed under: Economy Politics Top Stories

Republish
Reprint


There is a government agency that doesn’t cost the US tax payers a dime, creates American jobs and last year actually created over a billion dollars in revenue over and above it’s operating costs. Such an agency, of course, has drawn the ire of Tea Party Patriots and their surrogates in congress who are using the renewal of its charter in September as a battleground against what they feel is an un-American, anti-capitalists cabal.

The Export-Import Bank of the United States has been providing finance and insurance for foreign purchases of goods and services exported from the United States ever since its creation by a dreaded Executive Order by President Franklin D. Roosevelt (aka “The Great Satan” in Tea Party parlance) in 1934. It’s become a sort of lender of last resort for transactions that private sector banks either can’t or won’t finance.

Or, as Rep. Jeb Hensarling, the Texas Republican who chairs the House Financial Services Committee, says “it’s the face of cronyism.”

He’s not alone. The Heritage Foundation, Americans for Tax Reform, and editorials in Forbes and The Wall Street Journal have all banded together to label the Ex-Im bank an “unfair subsidy” and a form of “corporate welfare”

“The Export-Import Bank gives politically-backed corporations billions in taxpayer-subsidized loans, distorting global markets and making us less competitive at home,” said John Kartch, spokesman for Americans for Tax Reform.

Arrayed against them is the lobbying power of groups like U.S. Chamber of Commerce, the National Association of Manufacturers and the Aerospace Industries Association. They are pushing to keep Ex-Im alive and to debunk some of the myths surrounding what the bank does and how it operates.

“This is a real key priority for the Chamber,” said Christopher Wenk of the U.S. Chamber of Commerce. “We have really been ramping up our outreach. There are a lot of misconceptions and misunderstandings about the bank.”

Some of these misunderstandings are being used to gin up popular support inside the Tea Party base. The false narrative of an out-of-control federal agency competing with American Banks has taken hold and was used against soon-to-be former Majority Leader Eric Cantor by his primary opponent in his victorious bid to unseat the congressman in the June 24th primary.

The facts are actually quite the opposite. The bank actually pays for itself with the fees it charges. Congress does not provide it with a budget; it merely sets limits on the amount of capital that can be used for insurance and loans. This is being twisted into some kind of a subsidy that comes out of tax payers’ pockets by the proponents of the Ex-Im’s destruction.

This all should be beside the point because. Whatever Ex-Im is doing, it’s working. The United States exported $195.5 billion of goods and services in May 2014, according to data released by the Bureau of Economic Analysis. Despite China’s rapid increase in trade subsidies the US has increased it’s exports of goods and services by 45.7% since 2009.
“In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales,” says the Government Website, “and approximately 205,000 American jobs in communities across the country.”
So this is the agency that needs to be drastically reformed or done away with?

Click here for reuse options!
Copyright 2014 Liberaland
By: Eric Trommater

A liberal living in Northern Virginia. Father of Two great kids. Former sports writer and movie critic.

80 responses to Tea Party Moves To Destroy Jobs–Again!

  1. Tommy6860 July 4th, 2014 at 22:09

    Good article! I did not know this entity existed. That small guvment meme not working out, has the Tea Poopers in a tizzy.

    • Eric Trommater July 4th, 2014 at 22:15

      Thank you Tommy! It was a complex subject and sometimes it’s hard to get across complex ideas on the internet. I was depending on the intelligence of LL readers and your comment shows I was not wrong.

      • Tommy6860 July 4th, 2014 at 22:20

        I’m not that intelligent, seriously, and I do not even have a high school education. I do however, read and listen objectively. There’s nothing better than being wrong as I learn things, I live by that.

        • Carla Akins July 4th, 2014 at 22:30

          You are correct. Those things I’m wrong on, once it’s pointed out, I research extensively. And on more than one occasion it’d changed my mind.

          • Tommy6860 July 4th, 2014 at 22:35

            That’s why I loves people like you <3

          • Eric Trommater July 4th, 2014 at 22:41

            My 13 year old son read this before it was posted and said. “I loved it dad but I don’t think people will get it because they are idiots. You should do it more like South Park episode.” I said, these are intelligent people son . . . but yes in general he was probably right. He then showed me a “Washington Post” article on the same subject that dumbed it down so much I was almost afraid to post this.

            • Carla Akins July 5th, 2014 at 08:57

              He’s not wrong – Soth Park is so wrong in so many ways and so incredibly funny, but it does use extreme to highlight issues. Kind of like Mary Poppins, sometimes a spoonful of sugar makes the medicine go down. (I love SP)

        • Eric Trommater July 4th, 2014 at 22:35

          Yeah Tommy, remember you are telling the Special Ed kid this. You are smarter than the average bear and if you’d only dumb yourself down to the Tea Party level . . . hell you could be Vice President!

          • Tommy6860 July 4th, 2014 at 22:41

            Thanks, that means a lot :), but I keep myself humble in the smarts dept. I kinda think intelligence is a relative thing. If used logically, objectively along with a dose of critical thinking involved, all levels of intelligence are good. The TePartiers barely reflect any aspects of these qualities

            • Eric Trommater July 4th, 2014 at 22:44

              Well calling it a good article meant a lot to me Tommy because I really respect your opinion.

        • William July 5th, 2014 at 00:17

          I’m not that intelligent, seriously…..
          Don’t be hard on yourself. You’re doing fine.

        • Shades July 5th, 2014 at 08:12

          Reading and listening objectively is the smartest thing you can do. You’re waaaaaay ahead of GOP politicians.

  2. Tommy6860 July 4th, 2014 at 22:09

    Good article! I did not know this entity existed. That small guvment meme not working out, has the Tea Poopers in a tizzy.

    • Eric Trommater July 4th, 2014 at 22:15

      Thank you Tommy! It was a complex subject and sometimes it’s hard to get across complex ideas on the internet. I was depending on the intelligence of LL readers and your comment shows I was not wrong.

      • Tommy6860 July 4th, 2014 at 22:20

        I’m not that intelligent, seriously, and I do not even have a high school education. I do however, read and listen objectively. There’s nothing better than being wrong as I learn things, I live by that.

        • Carla Akins July 4th, 2014 at 22:30

          You are correct. Those things I’m wrong on, once it’s pointed out, I research extensively. And on more than one occasion it’d changed my mind.

          • Tommy6860 July 4th, 2014 at 22:35

            That’s why I loves people like you <3

          • Eric Trommater July 4th, 2014 at 22:41

            My 13 year old son read this before it was posted and said. “I loved it dad but I don’t think people will get it because they are idiots. You should do it more like a South Park episode.” I said, these are intelligent people son . . . but yes in general he was probably right. He then showed me a “Washington Post” article on the same subject that dumbed it down so much I was almost afraid to post this.

            • Carla Akins July 5th, 2014 at 08:57

              He’s not wrong – Soth Park is so wrong in so many ways and so incredibly funny, but it does use extreme to highlight issues. Kind of like Mary Poppins, sometimes a spoonful of sugar makes the medicine go down. (I love SP)

        • Eric Trommater July 4th, 2014 at 22:35

          Yeah Tommy, remember you are telling the Special Ed kid this. You are smarter than the average bear and if you’d only dumb yourself down to the Tea Party level . . . hell you could be Vice President!

          • Tommy6860 July 4th, 2014 at 22:41

            Thanks, that means a lot :), but I keep myself humble in the smarts dept. I kinda think intelligence is a relative thing. If used logically, objectively along with a dose of critical thinking involved, all levels of intelligence are good. The TeaPartiers barely reflect any aspects of these qualities

            • Eric Trommater July 4th, 2014 at 22:44

              Well calling it a good article meant a lot to me Tommy because I really respect your opinion.

        • William July 5th, 2014 at 00:17

          I’m not that intelligent, seriously…..
          Don’t be hard on yourself. You’re doing fine.

        • Shades July 5th, 2014 at 08:12

          Reading and listening objectively is the smartest thing you can do. You’re waaaaaay ahead of GOP politicians.

  3. Obewon July 4th, 2014 at 22:25

    OMG Another Obama Admin Success! …It’s as if TP heads implode all by themselves…
    Ex-Im loan guarantees for U.S. Jobs increased exports of goods and services by +45.7% since 2009! USA~! USA~! USA~!

    • Eric Trommater July 4th, 2014 at 22:32

      Actually I tried to include several quotes from Tea Party members blaming Obama for Ex-Im Bank but I had to delete the quotes because I was afraid the piece would be taken as satire. The almost deliberately stupid remarks I read were horrifying!

      • Obewon July 4th, 2014 at 22:50

        Lol great article Eric:) We know their quotes; ‘Support ‘Murican jobs not them ferigner export jobs!’

        • fancypants July 5th, 2014 at 00:15

          LOL I enjoyed the last 30 seconds Thanks for posting !

          https://www.youtube.com/watch?v=yOkT0_-BG_Y&feature=player_embedded

          • Eric Trommater July 5th, 2014 at 00:24

            We all shed a tear over OAS here in the NoVa/DC Suburb Area because even those 50 people ever so slightly made traffic worse that day and traffic here is bad enough.
            I’m just going to take this moment to mention my friend John Prager over at Americans Against the Tea Party because he’s my friend and I am sure he’d do the same for me if I ever got linked over there.

            • fancypants July 5th, 2014 at 00:30

              It doesn’t look like he was drinking tea ?
              could all this be misrepresentation

              • Eric Trommater July 5th, 2014 at 00:39

                Yeah . . . . I’m saying the video was a troll by left wingers to make Tea Partiers appear even more stupid than they actually are. Sorry to be the bearer of bad news but we will have to work harder than that to win in November,

                • fancypants July 5th, 2014 at 15:21

                  much to your surprise I could direct you to red states that have many who could be clones to this tea bagger.

        • ShelleysLeg July 6th, 2014 at 11:09

          Hilarious and frightening at the same time!

  4. Obewon July 4th, 2014 at 22:25

    OMG Another Obama Admin Success! …It’s as if TP heads implode all by themselves…
    Ex-Im loan guarantees for U.S. Jobs increased exports of goods and services by +45.7% since 2009! USA~! USA~! USA~!

  5. Republicans_are_Evil July 4th, 2014 at 22:28

    So the Tea Party hates what it doesn’t understand.

  6. Republicans_are_Evil July 4th, 2014 at 22:28

    So the Tea Party hates what it doesn’t understand.

  7. mcalleyboy July 4th, 2014 at 22:51

    The Tea Party isn’t entirely supported by the GOP the Tea Party is a collection of several parties that can’t agree or make a stand in the right direction because of radicals, same issue’s with Liberals we have extremists in the Tea Party, the basic message is that we would like to take care of Americans first that means all Americans, color, gender preference, trouble is radicals show up at rallies and the Liberal reporters go to the nutz for interview, one reporter almost got her azz handed to her with a live interview, Tea Party members didn’t get their message out because the reporter decided to interview the nut job.

    • Eric Trommater July 4th, 2014 at 23:04

      Yeah facts always seem to have a liberal bias.

    • Kingminnie July 4th, 2014 at 23:35

      Wow unbelievable. Uh, yeah, that’s the ticket. It’s the liberals showing up as reporters, ruining the Teabaliban’s message. Unfortunately for you, the tp has most definitely gotten their message across. It’s a message we have filed in the spam folder.

  8. M.C.A. July 4th, 2014 at 22:51

    The Tea Party isn’t entirely supported by the GOP the Tea Party is a collection of several parties that can’t agree or make a stand in the right direction because of radicals, same issue’s with Liberals we have extremists in the Tea Party, the basic message is that we would like to take care of Americans first that means all Americans, color, gender preference, trouble is radicals show up at rallies and the Liberal reporters go to the nutz for interview, one reporter almost got her azz handed to her with a live interview, Tea Party members didn’t get their message out because the reporter decided to interview the nut job.

    • Eric Trommater July 4th, 2014 at 23:04

      Yeah facts always seem to have a liberal bias.

    • Kingminnie July 4th, 2014 at 23:35

      Wow unbelievable. Uh, yeah, that’s the ticket. It’s the liberals showing up as reporters, ruining the Teabaliban’s message. Unfortunately for you, the tp has most definitely gotten their message across. It’s a message we have filed in the spam folder.

  9. arc99 July 4th, 2014 at 22:58

    What”s up with this TeaParty compulsion to try and fix sh*t that ain’t broke?

    They want voter id when there is not a single instance of fraudulent votes costing an election.

    They want to repeal the 17th amendment and return to the 19th century where US Senators are selected by a gerrymandered oligarchy instead of by the people.

    And now the Ex-Im Bank is in their cross-hairs. I guess we leftists will have use our secret weapon. Typically it is a sure-fire way to stop any TeaParty idea dead in its tracks. First thing on Monday morning, President Obama should make an announcement in the Rose Garden that his top priority going into the November elections will be to have a bill on his desk eliminating the Export Import Bank. I have every confidence that by Wednesday morning of the same week, the TeaPartiers will have scrubbed their FaceBook sites and demand that we save the Ex Im Bank from the tyranny of the Kenyan Muslim Socialist usurper.

    • Eric Trommater July 4th, 2014 at 23:03

      Yes it would become an anti-capitalist move designed to lower America’s standing in the world . . . . which if you think about it the Tea Party Attempts at destroying it are also,

  10. arc99 July 4th, 2014 at 22:58

    What”s up with this TeaParty compulsion to try and fix sh*t that ain’t broke?

    They want voter id when there is not a single instance of fraudulent votes costing an election.

    They want to repeal the 17th amendment and return to the 19th century where US Senators are selected by a gerrymandered oligarchy instead of by the people.

    And now the Ex-Im Bank is in their cross-hairs. I guess we leftists will have use our secret weapon. Typically it is a sure-fire way to stop any TeaParty idea dead in its tracks. First thing on Monday morning, President Obama should make an announcement in the Rose Garden that his top priority going into the November elections will be to have a bill on his desk eliminating the Export Import Bank. I have every confidence that by Wednesday morning of the same week, the TeaPartiers will have scrubbed their FaceBook sites and demand that we save the Ex Im Bank from the tyranny of the Kenyan Muslim Socialist usurper.

    • Eric Trommater July 4th, 2014 at 23:03

      Yes it would become an anti-capitalist move designed to lower America’s standing in the world . . . . which if you think about it the Tea Party attempts at destroying it are also,

  11. Letha Green Donaldson July 4th, 2014 at 23:39

    Good article, Eric. I confess I didn’t really understand the role of the Export Import bank. I think this is yet another incidence of the TPs following a leader, loudly and with such unsettling anger, without understanding that whatever leader they’re following has his/her own agenda. And that agenda can be an unbridled hatred of our President, or the agenda can be financial, and usually both.

    • Eric Trommater July 4th, 2014 at 23:58

      Well put. The anger against Ex-Im goes back to 1945 when banks resented it giving loans they wouldn’t during a time of limited credit options. What always gets forgotten is that they don’t compete with banks! Small businesses go through Ex-Im. Those risky venture capitalists use Ex-Im. They pick up where capitalism fails. That is the point!

    • Dwendt44 July 5th, 2014 at 11:39

      Of course. Few of the rank and file in the Tea Party even know that the origins of that group(s) are all millionaires and billionaires. Dick Armey and the Koch Bros. started the whole anti-government movement back when it was nearly obvious that either Barrack Obama or Hillary Clinton would be the next president.

  12. Letha Green Donaldson July 4th, 2014 at 23:39

    Good article, Eric. I confess I didn’t really understand the role of the Export Import bank. I think this is yet another incidence of the TPs following a leader, loudly and with such unsettling anger, without understanding that whatever leader they’re following has his/her own agenda. And that agenda can be an unbridled hatred of our President, or the agenda can be financial, and usually both.

    • Eric Trommater July 4th, 2014 at 23:58

      Well put. The anger against Ex-Im goes back to 1945 when banks resented it giving loans they wouldn’t during a time of limited credit options. What always gets forgotten is that they don’t compete with banks! Small businesses go through Ex-Im. Those risky venture capitalists use Ex-Im. They pick up where capitalism fails. That is the point!

    • Dwendt44 July 5th, 2014 at 11:39

      Of course. Few of the rank and file in the Tea Party even know that the origins of that group(s) are all millionaires and billionaires. Dick Armey and the Koch Bros. started the whole anti-government movement back when it was nearly obvious that either Barrack Obama or Hillary Clinton would be the next president.

  13. fantagor July 5th, 2014 at 03:51

    One surefire way to get the Tea Party and Republicans (same thing) to hate capitalism and corporate handouts is to associate either with a successful program under Obama’s tutelage.

  14. fantagor July 5th, 2014 at 03:51

    One surefire way to get the Tea Party and Republicans (same thing) to hate capitalism and corporate handouts is to associate either with a successful program under Obama’s tutelage.

  15. SteveD July 5th, 2014 at 18:23

    America is the world’s richest country and largest importer. In 2013, the US bought US$2.33 trillion worth of imported products. That total is up by 45.5% since 2009. The USA placed second (behind China), in exporting during 2013. America shipped US$1.579 trillion worth of goods around the globe, up by 49.4% since 2009.

    This left a Current Account Balance deficit in 2013 of US$760 billion.

    That figure represents the amount of US dollars LEAVING the domestic economy. How then do you replace that US$760 billion? There is ONLY one way: By federal deficit spending.

    This year’s federal deficit will dip below 3% of GDP for the first time since 1951. Essentially this means with a CAB of guaranteed close proximity to last year’s, nearly a quarter of a trillion dollars will be lost to the economy. (This does not even factor in any of the other demand leakages that exist right here at home, that is, “the desire to net save.”) Private sector lending (debt level increases), will not be enough to make up for all those “lost” dollars.

    A growing economy requires a growing money supply. It is obvious that the federal government will not make up the difference via federal deficit spending. So, which do YOU prefer, a muddle through economy (at best) , or a recession?

    (GDP = federal spending + private spending & investment + net exports)

  16. SteveD July 5th, 2014 at 18:23

    America is the world’s richest country and largest importer. In 2013, the US bought US$2.33 trillion worth of imported products. That total is up by 45.5% since 2009. The USA placed second (behind China), in exporting during 2013. America shipped US$1.579 trillion worth of goods around the globe, up by 49.4% since 2009.

    This left a Current Account Balance deficit in 2013 of US$760 billion.

    That figure represents the amount of US dollars LEAVING the domestic economy. How then do you replace that US$760 billion? There is ONLY one way: By federal deficit spending.

    This year’s federal deficit will dip below 3% of GDP for the first time since 1951. Essentially this means with a CAB of guaranteed close proximity to last year’s, nearly a quarter of a trillion dollars will be lost to the economy. (This does not even factor in any of the other demand leakages that exist right here at home, that is, “the desire to net save.”) Private sector lending (debt level increases), will not be enough to make up for all those “lost” dollars.

    A growing economy requires a growing money supply. It is obvious that the federal government will not make up the difference via federal deficit spending. So, which do YOU prefer, a muddle through economy (at best) , or a recession?

    (GDP = federal spending + private spending & investment + net exports)

  17. Eric Trommater July 5th, 2014 at 20:17

    My favorite reply on Alan’s Facebook was this one from Luke “Skillbred.” He left this video and demanded a response. Read the screenshot bellow to see my response.
    https://www.youtube.com/watch?v=hZ6Pj05C1KE

  18. Eric Trommater July 5th, 2014 at 20:17

    My favorite reply on Alan’s Facebook was this one from Luke “Skillbred.” He left this video and demanded a response. Read the screenshot bellow to see my response.
    https://www.youtube.com/watch?v=hZ6Pj05C1KE

  19. Weeble1150 July 6th, 2014 at 21:55

    If “actually pays for itself” means losing $751 million in FY 2012 and losing $540 million in FY 2013, then Ex-Im “actually pays for itself”. See p. 13 of the audit report:

    http://www.exim.gov/oig/upload/Final-Report-FY-2013-Audit-of-Ex-Im-Bank-Financial-Statements-WEB.pdf

  20. Weeble1150 July 6th, 2014 at 21:55

    If “actually pays for itself” means losing $751 million in FY 2012 and losing $540 million in FY 2013, then Ex-Im “actually pays for itself”. See p. 13 of the audit report:

    http://www.exim.gov/oig/upload/Final-Report-FY-2013-Audit-of-Ex-Im-Bank-Financial-Statements-WEB.pdf

Leave a Reply