A column in the Aiken Standard on Aug. 6 asserted that the Export-Import Bank is necessary for the U.S. nuclear industry to be competitive, and for success of the South Carolina economy. This is not supported by the facts.
From 2007 to 2014, just 0.8 percent of South Carolina exports were backed by the bank, which shows how robust our state’s export economy is without the help of the Export-Import Bank.
Regarding our nuclear industry, Washington, D.C. should get rid of expensive and onerous regulations currently in place under the Nuclear Regulatory Commission and end market distorting technology programs.
Given that only 2 percent of U.S. exports have Export-Import backing, is this slush fund even necessary? Given that 80 percent of Export-Import subsidies go to large companies such as Boeing, General Electric and Caterpillar – companies large enough to pay their own lobbyists and to secure private financing – is the taxpayer being properly served? Given the shoddy accounting provided by the Export-Import Bank, is another financial “bubble” in the making which will require a taxpayer bailout similar to the housing bubble crisis in late 2007?
Congress should simply let the bank’s authorization expire at the end of September, and eliminate this blatant corporate welfare. Big government needs to break up with big business and get our free market back by lifting onerous regulations and quit picking winners and losers in the marketplace.
Call U.S. Rep. Joe Wilson, R-S.C., and tell him it’s time to end corporate welfare and let the Export-Import Bank expire.