Wichita’s establishment prefers cronyism over capitalism.
It’s not surprising that companies that benefit from Export-Import Bank loans support its renewal. We can understand groups like the Wichita Metro Chamber of Commerce campaigning for the bank, as the Chamber is a special interest group that advocates for its members to the detriment of capitalism.
But we ought to expect more from the editorial board of the Wichita Eagle and Wichita city government officials. But the shiny object before them keeps them from seeing the harm of government programs like the Ex-Im Bank.
Ex-Im Bank by the Numbers
- In 2013, 93% of Ex-Im loan guarantees went to just five major corporations.
- From 2009-2013, the bank supported less than two percent of total U.S. exports
- Based on CBO estimates, Ex-Im will cost taxpayers $2 billion over the next ten years
- Between 2007-2014, there were 792 reported claims of fraud and 124 investigations launched into Ex-Im Bank
- From 2010 to 2014, 66 years of prison sentences were handed down to corrupt employees of Ex-Im and its beneficiaries.