Who cares about the Export-Import Bank? We all should. That's why the Repubs are lying about it.
The bottom line: this is all about jobs. And it's the red state of South Carolina versus the rest of the country.
For 80 years there has been strong support on both sides of the aisle for the Export-Import bank, which gives loans to foreign buyers to buy American products, earns interest, and returns a substantial profit to the US treasury: last year more than $1.1 billion dollars. Boeing is one of the major beneficiaries of this bank, as are some other exporters of big-ticket items.
The Export Import bank helps to make Boeing and other companies competitive in a world market in which other governments offer the same support to their exporters. And, again, it returns a PROFIT to the treasury.
So why are the Repubs suddenly against it? Because they're turncoats. They don't want Boeing to have the same competitive advantage as European-owned Airbus. Why? Because Airbus is now building some of its planes here, in non-union S.Carolina. So the Repubs want the European company to succeed over the American company because it will keep a few more non-union jobs in South Carolina. To do that, the GOP will vote at the end of this month against the continuation of the bank that for 80 years has been helping companies in all states export products around the world.
For once, our interests are in line with the US Chamber of Commerce. Please contact your Senate and Congressional representatives and let them know you support the Export Import bank in helping to provide jobs for Americans.
http://www.latimes.com/business/la-fi-boeing-bank-20140906-story.html#page=1
Thousands of jobs in Southern California and across the nation could be in jeopardy as politicians wrangle over the fate of an obscure, 80-year-old federal agency that helps U.S. companies sell their products overseas.
The Export-Import Bank has come under attack by conservative critics, including new House Majority Leader Kevin McCarthy (R-Bakersfield). They argue that it dispenses unneeded corporate welfare to large multinational firms — particularly Boeing Co.
As Congress gets back to work next week, advocates for the bank will have little time to persuade fellow lawmakers to reauthorize the bank's charter: It's set to expire Sept. 30.
Supporters point out that the bank is fulfilling its mission to create and sustain U.S. jobs by financing sales of U.S. goods to foreign buyers. They note that it has helped thousands of small and mid-size manufacturers throughout the country by providing loans, guarantees, insurance and other aid to those buyers.
Boeing, however, is the focal point of attack for conservatives. That's because it is the nation's largest single exporter and biggest beneficiary of the bank's loans and other aid.
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