Myth Vs. Facts
Myth: Ex-Im Operates Without Any Cost To Taxpayers
Fact: In May 2014, the nonpartisan Congressional Budget Office debunked the myth that Ex-Im is a money maker. CBO found that, when judged using standard industry accounting, Ex-Im will actually be a net loss to taxpayers of $200 million per year, or $2 billion over ten years.
Myth: Without Ex-Im, U.S. Exports Would Decline
Fact: Less than 1% of exporting U.S. businesses have used Ex-Im. Ex-Im claims that between 2007 and today, 8,973 businesses have used Ex-Im financing to facilitate export sales, including 5,813 small businesses. In 2012 alone, some 305,000 U.S. companies exported goods (and/or services) to foreign countries, including 297,995 small and medium-sized businesses.
Myth: Em-Im Loan Guarantees And Subsidies Are Not Corporate Welfare
Fact: Ex-Im provides special treatment and taxpayer-subsidized benefits to a chosen handful of large companies and their suppliers, leaving their competitors at a disadvantage. These beneficiaries then spend time and money lobbying elected officials to continue their special benefits. That is the very definition of corporate welfare.