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The Export-Import Bank just can’t help themselves.
The United Arab Emirates (UAE), a country described as having “a high standard of living because of oil wealth,” sovereign wealth over $1 trillion in assets and a per-capita GDP of over $58,000, decided it needed some new aircraft and turbines.
Who better to help than American taxpayers through the Export-Import Bank?
In FY2013, the Ex-Im Bank offered over $1 billion worth of loans and loan guarantees backed by hardworking Americans’ taxpayer dollars to the UAE to buy aircraft from Boeing and turbines from General Electric.
With this latest deal, U.S. taxpayers have a total exposure of more than $6.2 billion to the oil-rich UAE, all thanks to Ex-Im.
If a country clearly has the means to finance projects without relying on American taxpayers, why should it get money from Ex-Im?
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