Rand Paul: “reauthorizing taxpayer support for the Export-Import Reauthorization Act for every 1 day, much less for a month violates…”

“reauthorizing taxpayer support for the Export-Import Reauthorization Act for every 1 day, much less for a month violates basic economic, constitutional, and moral principles. Therefore, Congress should reject S. 2019. The Export-Import Bank (Eximbank) takes money from American taxpayers to subsidize exports by American companies. Of course, it is not just any company that receives Eximbank support--rather, the majority of Eximbank funding benefits large, politically powerful corporations. Proponents of continued American support for the Eximbank claim that the bank "creates jobs" and promotes economic growth. However, this claim rests on a version of what the great economist Henry Hazlitt called "the broken window" fallacy. When a hoodlum throws a rock through a store window, it can be said he has contributed to the economy, as the store owner will have to spend money having the window fixed. The benefits to those who repaired the window are visible for all to see, therefore it is easy to see the broken window as economically beneficial. However, the "benefits" of the broken window are revealed as an illusion when one takes into account what is not seen; the businesses and workers who would have benefited had the store owner not spent money repairing a window, but rather had been free to spend his money as he chose.”