By now, you've probably heard that 350 jobs in Waukesha are on the chopping block because the GOP-led Congress failed to re-authorize the Export-Import bank. As Chairman of the House Ways and Means, Rep. Paul Ryan rightfully becomes the face of the debacle.
Fox 6 Now Excerpt: (Statement From Paul Ryan's Office)
"Congressman Ryan believes Wisconsin is a great place to do business and that Badger State workers can compete with anyone in the world. Paul’s heart goes out to the employees who have lost their jobs. He knows this cannot be an easy time for them, and he is extremely disappointed in GE’s decision.
Congressman Ryan remains opposed to the reauthorization of the Export-Import bank. He feels there are better ways Congress can promote economic growth; rather than continue with corporate welfare, we should be focused on fixing our tax code and reducing burdensome regulations, which are long term solutions to our economic woes."
Hmmm, where did I hear that before? Oh yeah, I remember back in 2010 when Paul Ryan accused President Obama of denying American workers the chance to compete in the world when the Ex-Im bank first refused a $600M loan guarantee for a customer of Bucyrus, a mining equipment manufacturer headquartered in South Milwaukee.
Paul Ryan Dot Gov Excerpt: (Ryan, 2010 - Bucyrus)
“American products and workers can compete with the best in the world, if they are given the chance - unfortunately, in this instance, they were not. Should the Administration fail to reverse this decision, or worse, should it continue with muscling through a byzantine cap-and-trade scheme, we need only look to Bucyrus to see the repercussions.
Byz·an·tine ˈbizənˌtēn,ˈbizənˌtīn/ adjective,
2. (of a system or situation) excessively complicated, typically involving a great deal of administrative detail.
So, if you really want to see an example of a byzantine scheme, look no further than the scheme Ryan cooks up to give American workers the chance to compete in a global economy. It's actually his fixall for everything - reduced tax rates and regulations! Except, while workers wait for Ryan's grand new plan to help them compete for a paycheck, he takes away the paycheck they have at the moment.
What a guy! uh? A real sweetheart.
But here is what I think is the problem. The Export-Import Bank is less corporate welfare and more a market distortion. It sure is a market problem alright, but the consolation prize is the bank does not pose a domestic market imbalance. It is a market bending tool that is employed globally and it gives American workers the chance to compete right now.
I also believe the bank should be weaned out of the free markets, but not abandoned unilaterally by one country while the rest keep the bank advantage.
The truth is, Congress could eliminate all taxes and all regulations in the US and that still won't stop other countries from using their tax treasuries to leverage companies with government-underwritten market risk insurance - because that's what the Ex-Im bank does. Tax codes and regulations don't compete with insurance, it's apples and oranges. Tax code tinkering and deregging will not replace the Import-Export Bank, so Ryan is either being willfully ignorant or using the Ex-Im Bank as another red herring from a stringer of red herrings for tax reform.
In the meantime, Ryan pulls the one chance from workers to compete while he fiddles with his useless backward tax schemes. It's long term planning, folks. Real long, long, long term planning.
But for Waukesha workers and their families, Paul Ryan's heart goes out to you. *sigh* It's too bad most of you probably voted for him anyways. Sore-ree.
Guess who wrote the passage below (EXCEPT for the words "Republicans In Congress." I took the liberty.) in 2010 about the Ex-Im Bank decision regarding Bucyrus.
“By putting ideology ahead of our nation’s economic well being, Republicans In Congress are making a conscious decision to place U.S. companies at a distinct competitive disadvantage at a time when we are struggling to emerge from a prolonged recession. Rather than exporting U.S. jobs and products overseas, Washington should be doing everything possible to promote investment here at home and develop policies which make the U.S. more attractive- rather than less attractive- to international businesses and investors.”
If you guessed Paul Ryan wrote it - you got it right.
ADDITIONAL:
NY Times - Koch backed group Bolsters Effort To Shut Down Ex-Im Bank.
RNR - (July, 2010) Gazette Columnist: 1st CD of WI Requires Presidential Intervention
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