(Editor’s Note: Debra J. Saunders is off. The following column is by Veronique de Rugy.)
Have you noticed that everyone in the top tier of Republican presidential candidates — Ted Cruz, Marco Rubio, Rand Paul, Scott Walker, and Jeb Bush — has gone on record against a small New Deal-era crony agency called the Export-Import Bank of the United States? In fact, Sen. Rubio recently came out with all guns blazing against the bank, arguing that it picks winners and losers and shouldn’t be reauthorized once its charter expires June 30. Maybe their commitment to end Ex-Im cronyism and corruption will rub off on their colleagues.
There are several reasons one might want to let the bank expire. First, the Ex-Im Bank exemplifies the kind of government program that benefits well-connected companies by harming unseen victims. Over 60 percent of its activities benefit 10 large and politically connected companies — including Boeing, General Electric, and Caterpillar.