by

Export-Import Bank, a malinvestment

The fact that other governments are willing to hurt their peoples by channeling credit away from worthier firms in the marketplace in favor of politically well-connected exporters is no reason for America to do the same. Subsidies are unfair to taxpayers as well as other companies. Subsidies promote malinvestment in favored industries. Subsidies encourage firms to rely on government aid rather than entrepreneurial vigor. And subsidies fuel the pursuit of political privilege.