Project 2025 is a plan about how to regulate and control people of color, including how they organize, work, play and live. It seeks to regulate what they do with their bodies, how they advocate for their rights, and how they build family and community — all while disregarding the historical injustices and contemporary persecution they have experienced.
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The Export-Import Bank Should Be Abolished
has been making its most important investments. Instead, its obsession with other ECAs has caused EXIM to direct the vast majority of its funding to large foreign companies in higher-income nations. Data available on the OECD website show that the level of ECA financing in high-income countries in 2019 was more than double the amount in low-income countries.”’ The same was true for previous years. In other words, EXIM and the ECAs of the OECD are competing in markets where commercial lending is abundant—a trend that continues today.
The failure to deliver on its congressionally imposed obligation—however misguided that obligation may be—is also noticeable in the fact that EXIM’s China and Transformation Exports Program (CTEP) extended only $141.3 million in financing in FY 2022—a fraction of the $27 billion it is supposed to deliver by the end of 2026.*° The Bank’s efforts have also included a misplaced focus on emerging technologies such as quantum computing and artificial intelligence, which do not need EXIM financing because their foreign sales attract commercial financing without government support. The lack of demand for EXIM products could also be reflected in the Bank’s authorization of $5.2 billion in loan guarantees and support in FY 2022,*! down from its FY 2012 peak of “over $35.7 billion” during the Obama Administration.”
This lack of activity also extends to the semiconductor industry, which has been picked as a focal point for a governmentwide industrial policy effort to counter China’s ambition to dominate that industry. Ironically, at the same time that some want to become more like China to fight China, China’s leaders are realizing that their heavy-handed semiconductor subsidies are weakening the Chinese economy. According to Bloomberg News:
Top [Chinese] officials are discussing ways to move away from costly subsidies that have so far borne little fruit and encouraged both graft and American sanctions, people familiar with the matter said. While some continue to push for incentives of as much as 1 trillion yuan ($US145 billion), other policymakers have lost their taste for an investment-led approach that’s not yielded the results anticipated, the people said.**
This development is not surprising to those who understand basic economics. The goal of using EXIM as a weapon against China was a bad idea in the first place. Even if it were a good idea, for it to succeed would have required that EXIM stop serving the clients it has been serving for decades. That has not happened, and it will not happen.
CONCLUSION
The Export-Import Bank should be abolished because it wastes taxpayer money, adversely affects American businesses, and does not promote economic growth