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Federal subsidy for Brazilian
granite hurts U.S. rivals

Washington Examiner, by Timothy P. Carney

Original Article

Posted By:Judy W., 5/18/2014 7:28:44 AM

Granite manufacturers are one of many U.S. industries struggling to compete with foreign competition -- which makes it odd that the federal government is subsidizing a Brazilian granite project. The Overseas Private Investment Corporation (OPIC) is a federal agency that subsidizes U.S. businesses that set up operations in foreign countries. In 2012, OPIC approved a $6 million taxpayer-backed loan to support a U.S. company expanding its Brazilian operation that extracts granite and cuts it into slabs for countertops to ship to the U.S. and other countries. “ ´The more you help these guys produce stuff, the more they ship here.´

Comments:
He notes that the House -- the Republican House -- passed a foreign aid bill that reauthorizes OPIC. Shame on them.

      


Post Reply  

Reply 1 - Posted by: SpeedMaster, 5/18/2014 8:07:42 AM     (No. 9853075)

Serious question: Can anybody on this site explain to me the benefit (I could possibly think of national defense reasons) to the US of exporting jobs and money?

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Reply 2 - Posted by: ROLFnader, 5/18/2014 10:28:16 AM     (No. 9853232)

There´s an old adage that the folks at Gibson Guitars can point to as a reminder:

Follow the money.

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