The great irony of Ex-Im policy is not just that taxpayer support goes to wealthy and profitable corporations that don't need it, but that in the name of “job creation” a substantial amount of federal funding goes to precisely those corporations that are eliminating hundreds of thousands of American jobs.
[...] For example, General Electric has received more than $2.5 billion in direct loans and loan guarantees from the Ex-Im Bank.And what was the result? From 1975 to 1995 GE reduced its work force from 667,000 to 398,000, a decline of 269,000 jobs. In fact, while taking the Ex-Im Bank subsidies, GE was extremely public about its “globalization” plans to lay off US workers and move jobs to Third World countries. [...]
General Motors has received more than $500 million in direct loans and loan guarantees from the Export-Import Bank.The result? GM has shrunk its US work force from 559,000 to 314,000.
Motorola has received almost $500 million in direct loans and loan subsidies from the Ex-Im Bank.The result? A mere 56 percent of its work force is now located in the United States.
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