Alan Grayson on the Export Import Bank
Central Florida Congressman Alan Grayson derides the bank.
“Well it’s the clearest case of corporate welfare you’re going to find anywhere in the U.S. budget. We are literally paying foreigners to compete against U.S. workers and take away our jobs so good riddance.” Grayson says.
Grayson goes on to say he could support a completely revamped form of the bank, but in its current form he says it’s a nonstarter.
“Actually what it comes down to is if we take the same program and apply those loan subsidies to U.S. buyers, who then would use that to compete vigorously in the U.S. market. That would start to make sense; it would still be corporate welfare but it would start to make sense.” Grayson says.
Grayson also say U-S firms are actually the big losers as the bank stands now.
“Here what we’re doing is basically saying to an airline like China Southern, we the tax payers will actually subsidize your purchase of airplanes so that you can then turn around and compete against United Airlines, Delta Airlines, American Airlines, which are not eligible for the same subsidizes from U.S. taxpayers; it’s completely nonsensical.” Grayson says.