The Aerospace Industries Association placed an ad in Politico today supporting the Export-Import Bank, which mostly subsidizes airplanes. The argument: Even Reagan reauthorized Ex-Im.

The "Facts" listed in the ad are all basically false.

1) The ad claims Ex-Im is profitable, but that's an accounting fiction, the Congressional Budget Office maintains.

2) The ad mentions that 90 percent of Ex-Im subsidies are for small business sales. Sure, if you count a tiny insurance product the same as a $500 million loan guarantee. Measured by dollar amount, 76 percent of Ex-Im subsidies are for the ten biggest recipients alone.

3) The ad says Ex-Im has "supported 1.2 million U.S. jobs." That is a meaningless figure that basically just counts up employees at companies that get subsidies.

But the effort to tie Ex-Im to Reagan is even more laughable.

For one thing, Reagan regularly called for cutting the corporate welfare bank.

Also, the aerospace lobbyist leading the charge on the Reagan campaign is AIA's Michael Berger, former field organizer for Obama's 2008 campaign.