Pretending to be rivals, U.S. Export-Import Bank subsidizes foreign export agencies

President Obama and his allies in the business lobby say they need export subsidies to compete with China‘s export subsidies. One problem with that argument: U.S. export programs directly subsidize China’s export programs.

The supposed rivals of the U.S. Export-Import Bank — the foreign governments the Obama administration uses to justify corporatism at home — are actually partners with American bureaucrats, politicians, and exporters who love the global subsidy jubilee that is export finance.