The Export-Import Bank is noxiously corrupt example of crony capitalism.
It never should have been created. But that’s something we could say about most government programs.
So the real question is how to reverse the damage.
If we reform a big program such as Medicare, you can’t end it overnight. You have to deal with the reality that millions of people have made plans based on government policies. And even if those policies are wrong, you can’t pull the rug out from folks who did nothing wrong.
So it’s important to put in place appropriate and fair transitions when reforming a major program.
But that’s not an issue with the Export-Import Bank. It provides undeserved subsidies to big companies. Those big companies will be just fine without having their snouts in the public trough. The right thing to do, from both a moral and economic perspective, is to shut…
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