Friday, August 28, 2015

Thanks to Jeb Hensarling; Texas' Economy dodges Corporate Welfare bullet!!!

"Dishonest scales are an abomination to the Lord,
But a just weight is His delight."
Proverbs 11:1

General Electric Co. dropped the Dallas area as a site for a possible headquarters move because of concern that Texas’s political climate is unfavorable to the company’s business, people familiar with the matter said.

GE told Dallas business leaders in recent days it would look elsewhere for alternatives to its Connecticut home, said the people, who asked not to be identified because details aren’t public. They said GE cited some Texas lawmakers’ opposition to the U.S. Export-Import Bank, an important source of financing for some overseas sales.


The Ex-Im bank’s charter expired June 30 when Republican members of Congress blocked a reauthorization vote, eliminating a source of credit for U.S. companies seeking export sales. GE has benefited from that financing on international orders, especially for its jet-engine business.

Ex-Im Fight

Texas Republicans including Representative Jeb Hensarling, chairman of the House Financial Services Committee, helped lead the charge against the bank, saying the federal agency used taxpayer money to benefit large corporations and foreign interests. The congressman’s office said in a statement that if Ex-Im stances are influencing GE’s choice, “they are going to have to bypass pretty much every state, including Georgia.”

“Most companies base important decisions like this on low taxes, a skilled workforce, a fair legal system and quality of life, which is why everyone knows there is no better state to do business in than Texas,” Jeff Emerson, a spokesman for Hensarling, said via e-mail.

GE’s international customers received almost $1 billion in credit assistance from the bank last year, according to an Ex-Im annual report. GE Chief Executive Officer Jeffrey Immelt said in June that the company would move manufacturing work and jobs out of the U.S. if the bank isn’t reauthorized. Some lawmakers are working to revive the agency.

(h/t Bud Kennedy's Facebook)
For those unaware, General Electric is one of the most gluttonous consumers of corporate welfare in the United States.  They embraced the 'green' agenda long before Barack Obama showed up.  GE has supported a long list of transgressions against free enterprise.

Closer to home, these guys would have been a nightmare around the Texas Legislature; they also would have been a lifeline to "Battleground" Texas.

Bottom Line: There's nothing quite like seeing General Electric cite Texans' opposition to the Export-Import bank as an "unfavorable political climate" to illustrate the difference between corporate rent-seeking and free enterprise.

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