It was a really nice try.
Heritage Action (the activist arm of the conservative Heritage Foundation) invited Senator Elizabeth Warren to speak at an event dedicated to phasing out the Export-Import Bank. The Ex-Im, as it’s known inside the Beltway, has become a favorite target of populist forces on right.
The Ex-Im gives U.S. taxpayer-backed loan guarantees to the foreign customers of giant U.S. corporations that don’t need the help. It socializes the risk while privatizing the profits. Basically, it’s free money for big businesses like GE, Caterpillar, and particularly Boeing (hence the outfit’s nickname, “the Bank of Boeing”). Even Barack Obama, shortly before he became president, derided Ex-Im as “little more than a fund for corporate welfare.”
Ex-Im is up for reauthorization in September. Not surprisingly, both the people who get free money and the people who enjoy giving out money that doesn’t belong to them would like to continue doing so.
Since Warren is the dashboard saint of left-wing populism these days, denouncing big business and Wall Street at every turn, the puckish policy pixies at Heritage Action thought they could enlist her in their cause. As first reported by Bloomberg News, Heritage sent Warren a letter asking her to speak against Ex-Im “and the political favoritism it engenders.”
“We, like you, are frustrated with a political economy that benefits well-connected elites at the expense of all Americans,” Michael Needham, the head of Heritage Action, wrote. “Your presence will send a clear signal that you are going to fight the most pressing example of corporate welfare and cronyism pending before Congress right now.”
Warren didn’t take the bait. Her spokeswoman told Bloomberg, “Senator Warren believes that the Export-Import Bank helps create American jobs and spur economic growth, but recognizes that there is room for improvement in the bank’s operations.”
Warren’s decision to turn down the invitation sparked numerous charges of hypocrisy from Ex-Im opponents. As one writer for Reason magazine put it, “That’s right: The woman best known for demonizing big businesses nevertheless wants to maintain an outlandishly generous subsidy package for them.”