Here’s a letter to the Wall Street Journal:
You report that “President Barack Obama will announce Friday that the Export-Import Bank will match any financing by countries like China to ensure U.S. exporters can compete” (“Obama to Announce Matched Financing for Exporters,” Feb. 17).
In other words, Barack Obama – champion of the downtrodden – cannot tolerate the downward pressure that imports from China put on the prices that poor Americans pay for retail goods. Barack Obama – slayer of special interests – will force millions of American taxpayers to subsidize overseas sales by a handful of giant corporations. Barack Obama – man of reason – reasons that if Beijing distorts China’s market with subsidies, Washington should equally distort America’s market with subsidies.
No hopeful change here. This policy is nothing more than standard interest-group politics – served up (as such predations always are) with large doses of rank economic nonsense – designed to pick the pockets of the many in order to line the pockets of the few.
Donald J. Boudreaux
Professor of Economics
George Mason University
Fairfax, VA 22030