There are two types of businesses: successful ones that don’t need financial assistance from the government, and unsuccessful ones that don’t deserve it.
Those lucky enough to have foreign deals backed by the Export-Import Bank fall almost entirely in the first group. They don’t need the help, but they’ll take all the favors they can get.Only 2% of American exports get this kind of subsidy from the government, and over time, those special taxpayer-funded favors can mean hundreds of millions in additional profit to those lucky few corporations.As for the others, they’re left to compete at a disadvantage….
Only about 20% of Ex-Im’s financing benefits small businesses. Low as that number is, it vastly overstates Ex-Im assistance to “the little guy.” The Bank artificially inflates this number by defining a small business as any business having fewer than 1,500 employees. That’s not a Mom-and-Pop operation.
Indeed, according to the U.S. Census Bureau, barely one-tenth of one percent of all employer firms have more than 1,500 employees. Yet that’s the elite group that garners the vast majority of Ex-Im’s largesse….