It’s always fun to listen to Renee Ellmers talk about stuff you KNOW she doesn’t understand. We had the TPP and TPA earlier. Now, she’s getting into the heady stuff surrounding the US Export-Import Bank. Renee co-hosted a forum in Cary last month:
In her opening remarks, Congresswoman Ellmers discussed some facts about importing and exporting overseas. Trade supports more than one in five American jobs, and jobs tied to trade pay between 13-15% higher wages than others.
The ability to manufacture and sell goods to outside markets boost NC and benefits workers here at home. If we want to create more opportunities and higher paying jobs, that means we need to sell more NC products overseas.
Okay. But WHY does that necessitate involving the federal government? We have this thing called the Internet that is connecting people all over the world. I have a friend who — all by himself — worked out export deals to send grain from his North Carolina farm to South Korea, Taiwan and Japan. My family’s former business — which we sold in 2007 – regularly connected with prospects across the country and around the world via the Internet. We didn’t involve the government. It CAN be done WITHOUT the government.
Ellmers explained that EXIM Bank doesn’t only benefit large businesses. Small and medium-sized businesses are also impacted. Kelly, a Plant Leader at GE Aviation, stated that his company makes 2,000 jet engines per year. Those engines go to customers all over the globe with 60% of the business being international.
Wait. GE ??? *Oh, THAT’S NOT a “large business”.*
*Sigh* Here are a few facts from The Heritage Foundation to offset THAT nonsense:
Top Ten Ex-Im Facts
Boeing, GE, and Caterpillar received 87% of Ex-Im loan guarantees in FY13.
The Ex-Im Bank provides export financing for just 0.009 percent of America’s small businesses.
The vast majority of exporters—98 percent—do not receive assistance from the Ex-Im Bank.
Export financing doesn’t create new jobs, it merely redistributes jobs across America’s economy.
Among the top 10 buyers of Ex-Im exports, 5 are state-controlled and rake in millions of dollars from their own governments in addition to Ex-Im Bank subsidies.
The top beneficiaries of Ex-Im also have massive backlogs of orders, meaning jobs would not be lost when the bank expires.
Ex-Im subsidies benefit China, Venezuela, Cuba, and Russia. State-owned foreign airlines have received $16 billion in subsidized financing since 2009.
Taxpayers are on the hook for nearly $140 billion in the Ex-Im loan portfolio.
The companies advocating for the reauthorization of Ex-Im have admitted they do NOT actually need it.
*Gosh, I can’t imagine why The Chamber and Messrs. McCarthy and Boehner didn’t include that stuff in Nee-Nee’s talking points.*
[…] Fulton, the third panelist, created Jenny’s Pickles five years ago. She exports her pickles to share NC products with places like China, Canada, the UK and Germany. “Without EXIM Bank,” she said, “my little company would not be exporting.” Fulton believes that, if she can no longer export her pickles, her company will go out of business.
THIS WOMAN backed Kay Hagan’s reelection in 2014 just to keep the taxpayer-funded gravy train rolling. I guess I need to connect her with my grain farmer friend who can introduce her to the Internet.
All panelists agreed that EXIM Bank is especially important to North Carolina, since we’re a leader in agriculture and in exporting, among other reasons. Without EXIM Bank, many U.S. companies could not afford to export their products.
Refer back to Heritage’s bullet points above. *SHEESH.*
Competition in the Global Market
Ellmers stated that, over the last five years, EXIM bank has brought two million dollars back to the U.S. treasury. She then explained its global significance:
We live in a global society. 96% of the market is outside of the US. If the EXIM Bank is not reauthorized, products are going to be purchased from other countries. We will be taking ourselves out of the game if we let that happen. People want American goods; they know they’re high-quality.
The point was also made that, if the EXIM bank is not reauthorized, many companies may move their businesses to other countries so that they can continue exporting and importing.
If you MOVE overseas, will you really be exporting? We addressed the 96% argument in an earlier post. Two million BACK to the treasury? How much has it taken out during that time?
The Argument Against EXIM
While this discussion panel, who were all in support of EXIM, explained its benefits and necessity to our economy, Ellmers emphasized that, right now, in Washington, many are against its re-authorization. She explained that:
Discussion from those who would like to see EXIM expire is the much larger discussion that’s taking place in Washington. When a voice of opposition starts, many, rather than going out there and seeking the true story, just have a “knee jerk mentality.” What we need is common sense and political courage.
Ellmers, while supportive on EXIM, didn’t neglect that abuses could have, potentially, taken place. “I want to see reforms that are needed for EXIM Bank if that is an issue,” she said. “But, at the same time, I don’t want to hold back the job creation and the ability to move forward in our economy as a result of trying to achieve that level of perfection.” […]
Say WHAT ???? *SIGH* She needs to join the Pickle Lady in retirement. Holy Moley.