I'm not one to invoke Higher Powers, but for those of us watchdogging corporate welfare, the early departures of candidates Rick Perry and Scott Walker are enough to suggest Divine Intervention. Two of the most outrageous subsidy sinners are gone. If Somebody Up There is meting out economic development justice, who's next to drop?
As Americans retreat to cooler locales for the worst of the summer's heat, the Department of the Interior is on a listening tour about coal royalty reform. Interior manages coal on public lands for the public's best interest, which has been ill-served by the below-market prices attached to federal mineral leases for decades.
Through a myriad of tax avoidance schemes, the wealthy 1 percent continue to profit using public resources, subsidies and infrastructure while the 99 percent disproportionately pay the bills for it -- all while struggling to pay their own bills, mortgages, student loans, and more. Americans must ask why individual taxpayers are fronting the money for hugely profitable corporations.
American workers are facing significant challenges. Whether it's low pay, a system that favors corporations over citizens, a gender wage gap, the effects of unfair trade or a voting system that hampers the most disadvantaged among us, these problems are real. But will those affected the most bother to do something about it?
The function of Ex-Im is to subsidize businesses that export American products. The major problem with this agency comes from the fact that a big bulk of Ex-Im funds go to huge, wealthy companies, such as the Ex-Im's largest beneficiary Boeing, which in 2013 received 30 percent of its loans and guarantees.