This post by Cato’s Dan Ikenson on the U.S. Export-Import Bank is a bit wonky, but well worth your time to read if you’ve any serious interest in the argument over the reauthorization of that great geyser of cronyism. Here’s Dan’s conclusion – a compelling one, especially in light of the fact that politicians, unlike the market, care only about what is easily seen:
There are hundreds and probably thousands of U.S. companies scattered over 189 industries that produce in the United States, employ American workers, pay federal, state, and local taxes, and contribute to the social fabric of the communities in which they operate, but are competitively disadvantaged by Ex-Im’s provision of low-rate financing to their foreign competitors. These are the unseen consequences – the collateral damage – of Ex-Im’s mission.
My former student Alex Nowrasteh, writing in USA Today, exposes some of the unseen ill-consequences of stricter border ‘security’ aimed at preventing ‘illegal’ immigration into the United States. Here’s Alex’s concluding paragraph:
The laws of economics cannot be repealed. So long as the U.S. is a prosperous country and American employers and consumers want to employ foreign workers, they will come regardless of the laws. More aggressive border enforcement and immigration restrictions do stop some unlawful immigration, but the unintended consequence is a growing permanent population of illegal migrants desperate to be reunited with their children.