The government isn’t giving away anything.
What it does through the Export Bank is to borrow money using the government’s credit rating, which gets it the lowest possible rate. Then the bank loans that money at a slightly higher rate to Boeing and any other exporter that qualifies. In the process the Export Bank makes money. They’ve returned $7 billions in profits to the treasury over the last 20 years.
Killing the bank was stupid and didn’t save taxpayers anything. It cost us. It cost us, because we are now losing those export jobs. Boeing and GE both have taken processes overseas since killing the bank. So now taxpayers don’t get the $7 billion in profits over 20 years. They don’t get the taxes that would have been paid in, from the American workers. And instead we get to pay unemployment, food stamps and other safety net programs for these American workers that could have been building exports.
The last Bush budget included the TARP act which authorized $ 984 billion to save the economy.
When the Demorats took over the Congress when obama was elected, they did not pass a new budget, just renewed the current one. That has happened each year now even with the RINO’s in charge. obama has gotten that extra $984 billion to spend EVERY YEAR! Just the operating defecit has gone from 8 trillion to 18 trillion.
The measley 7 billion you are worried about pales in light of what we owe.
We must stop the spending, especially on programs that private industry should be handling.
China, Japan and Italy struck deals with Boeing to buy the 787 IF Boeing allowed them to make parts for the plane. Boeing agreed. That is why jobs went overseas, not the financing structure of the deals.
I sat next to a GE jet engine engineer on a trip to France recently. GE has been building engines there for many years. The worlds’ aircraft are not the sole product of one country anymore.