In episode 41 of The Grover Norquist Show, Grover Norquist, president of Americans for Tax Reform, discussed the corruption of the Export-Import Bank and the need for reform in the federal sugar program.
Spending advocates in Congress are attempting to resurrect Ex-Im, the poster child for corporate welfare that loses $2 billion every year. What most people don’t know is that three quarters of the loans and financial assistance put out by Ex-Im goes to just 10 companies, which leads to companies politicking in order to get their hands on billions of dollars in low-cost loans.
In addition to Ex-Im, Grover also explains the need for reform to the federal sugar program—yet another display of crony capitalism. Currently, the federal government keeps the cost of sugar several times higher than the world average by enforcing quotas on how much sugar can come in, keeping the price artificially expensive. This in turn hurts the companies that use sugar in their goods and pushes them to move overseas, evidenced by Kraft Foods giant moving its Life Savers plant to Canada. Rep. Joe Pitts (R-Pa.) is leading the drive for major reforms to this program with bipartisan support.
To find out more about the consequences of the corruption in the Ex-Im Bank’s corporate welfare and the federal sugar program, click here or listen to the podcast below.