CORPORATE WELFARE RECIPIENTS ARE ANGRY …
So they’re venting their anger on American workers …
This week, GE announced it was going to shift 500 jobs – including an undetermined number of South Carolina positions – to “countries that support high-tech exporters.”
Boeing previously announced similar plans … although none of its Palmetto State jobs appear to be on the chopping block.
The companies are threatening these moves in response to the failed reauthorization of the U.S. Export-Import Bank (a.k.a. “ExIm”), which provides government-backed low interest loans to foreign countries doing business with these mega-corporations.
“In the case of Ex-Im Bank, the route of subsidy capture is crystal clear: it goes overwhelmingly to the shareholders of Boeing and GE, and to the respective bonus and stock option pools of their top executives,” David Stockman of the website Contra Corner wrote last summer.
Ah yes … these guys.
Who doesn’t benefit?
The market-distorting subsidies doled out by this slush fund make things more expensive for you. For example, when foreign companies have a competitive advantage in buying planes, they can undercut U.S.-based airlines on price – forcing the American carriers to abandon routes entirely (i.e. Delta’s New York to Mumbai route, among others). That leads to less competition – and higher ticket prices.
It also could cost jobs at the companies adversely impacted by the market distortions …
This website has consistently opposed corporate welfare of any sort (unlike some two-faced politicians in this state). We believe the playing field should be level for businesses large and small, and that the market should be free – not micromanaged from Washington, D.C.