If you refer to www.teaparty.org/about-us/ you will find among the core beliefs, intrusive government must be stopped. This element of the Tea Party dogma is the basis for equating the mission of the Export-Import Bank (XMB), a government-sponsored credit provider as crony capitalism.
In his article, Cantor and Crony Capitalism, Jared Bernstein points out that something like 60 countries have credit subsidy agencies to help boost exports. In labeling the activities of the XMB as crony capitalism the Tea Party turns a blind-eye to the export subsidy activities of these five dozen countries and fails to see the activities of Export-Import Bank as meeting competition in the 21st Century. This and other fragmented views of intrusive government, not supporting the labeling China as a currency manipulator, can only be lethal to American's Standard of Living in the 21st Century! |