ARRA News Service
News for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this site - no paid ads - no payments for articles. Fair Use doctrine is posted & used.
Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: editor@arranewsservice.com (Pub. Since July, 2006)
    Home Page
   

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Wednesday, May 21, 2014

Jeb Hensarling: Success Should Depend on Hard Work, Not Friends in Washington

(Photo: Steven E. Purcell / Heritage)
by Ken McIntyre, The Foundry: Until conservatives undo a system that grants favors to well-connected business interests, they will lack the “moral authority” to reform a social welfare state that traps too many Americans in poverty and dependence, Rep. Jeb Hensarling (R-Texas) said this afternoon in a speech he bluntly acknowledged as “a call to action.”

In a half-hour address at The Heritage Foundation called “A Time for Choosing,” Hensarling described the need to decide between a “Main Street economy” that thrives on competition among hardworking Americans and a “Washington insider economy” where corruption and cronyism determine winners and losers.

“The Main Street competitive economy relies upon hard work, creativity, perseverance and ‘can do’ optimism to create wealth,” Hensarling said. “The Washington insider economy, in contrast, relies on earmarks, regulatory barriers to entry, subsidies, tax preferences, and political influence.”

Although he cited half a dozen examples of Washington-engineered unfair play in the economy, the chairman of the House Financial Services Committee spent about a third of his remarks making a case for doing away with the U.S. Export-Import Bank. Unless Congress reauthorizes it, the federal charter of the 80-year-old “Ex-Im Bank” will expire Sept. 30.

Hensarling said:
Most taxpayers would be surprised to learn that this government-run bank takes their hard-earned money and lends it out to China and Russia – nations that openly challenge our economic and security interests. It also lends their money to oil-rich countries like Saudi Arabia and the United Arab Emirates. It even lends taxpayer money to the likes of Congo, which has a demonstrated history of human rights abuses. I doubt most taxpayers believe this is either wise or fair. …

The real beneficiaries – the true face of Ex-Im – are multi-billion dollar corporations like GE, Ford and, of course, Boeing. That’s because more than 60 percent of Ex-Im’s financing benefited just 10 big corporations last year. …These multi-billion dollar companies would do just fine without the Ex-Im Bank’s corporate welfare.
Before focusing on the Ex-Im Bank, Hensarling assailed other examples of what he called unfairness in the “insider” economy:
  • The tax code, which is used to pick winners and losers by doling out special privileges and preferential treatment. “We need a groundswell for fundamental tax reform,” he said.
  • Business subsidies, which the Washington establishment “pretends” amounts to little but – as Heritage’s chief economist, Stephen Moore, has noted — is more in the range of an “indefensible” $20 billion in direct income transfers. That’s about $200 million for each Fortune 100 company.
  • The farm program, actually a tangle of subsidies, quotas and other benefits – mostly for commercial farmers whose median household income tops $205,000. “The fair way to help family farmers is to strengthen private property rights, expand trade opportunities, kill the death tax and rein in the EPA,” he said.
  • Earmarks in the tens of billions of dollars for politicians’ pet projects, a budget game that could return absent “eternal vigilance,” he said. “I call on all Republicans in Congress to leave the earmark ban in place.”
  • Bailouts for automakers and Wall Street firms, a practice that favors those deemed “too big to fail” over those considered “too small to matter,” he said. “In America, if we lose our ability to fail, we’ll soon lose our ability to succeed.”
  • Bailouts for Fannie Mae and Freddie Mac, the once-unimpeachable housing finance entities “at the epicenter” of the financial crisis. “It’s time for the Republican Party to live up to its pledge to end Fannie Mae and Freddie Mac and end their nearly $200 billion bailout, which is exactly what the PATH Act does,” Hensarling said, referring to his bill.
The Texas Republican then devoted more than 35 paragraphs and 1,600 words to demystifying the Export-Import Bank, expected to be the subject of one or more hearings before his committee as expiration of its charter nears:
I have no doubt that an overwhelming number of Democrats will support reauthorization of the Export-Import Bank. They want to allocate credit in our economy as part of a political process. Democrats are always happy to subsidize corporate America as long as they can also regulate and control it.

Let them stand up for the Washington insider economy. But not us. Let us proudly stand for fairness. Let us proudly stand for the Main Street competitive economy. Today I call upon every Republican in Congress to let Ex-Im expire. Let the American taxpayers exit Ex-Im once and for all.

The smart and fair way to help American exports is with a conservative agenda: fundamental tax reform; strong free trade agreements; a freeze on most regulations; and greater American energy independence with projects like the Keystone pipeline.
Hensarling said ordinary Americans are discouraged and fed up with crony capitalism because it violates their sense of fair play:Americans in the Main Street economy aren’t looking for or expecting a government bailout. They’re not looking for a subsidy, earmark, tax preference or legislated advantage. No, the good folks of the Main Street competitive economy simply want their success to depend on how hard they work in their hometowns, not who they know in Washington.Republicans, especially conservatives, have an obligation to restore lost trust, he urged:It is our opportunity and imperative to reform the corporate welfare state. It is both right and necessary. For then – and only then – will we have the moral authority and the people’s trust to reform the social welfare state. …

This is a call to action for Republicans and conservatives to reject the Washington insider economy and embrace the Main Street competitive economy – its fairness, its empowerment, its morality. And when we do, America’s future will be one of unparalleled freedom, opportunity and growth.
>>> Watch the Speech: A Time for Choosing: Main Street Economy vs. Washington Crony Economy

Tags: Jeb Hesling, Representative, Texas, success, hard work, not Washington friends, cronyism, Ex-IM Bank, Ken McIntyre, The Foundry To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 7:32 PM - Post Link

0 Comments:

Post a Comment

<< Home


View U.S. National Debt

Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You will receive a verification email
& must validate you subscribed!

You Then Receive One Email Each AM
With Prior Days Articles / Toons / More


Also, Join us at:
Facebook.com/ARRANewsService


Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru - @arra
#Christian Conservative; Retired USAF & Grad Professor. Constitution NRA ProLife schoolchoice fairtax - Editor ARRA NEWS SERVICE. THANKS FOR FOLLOWING!

Action Links!
State Upper & Lower House Members
State Attorney Generals
State Governors
The White House
US House of Representatives
US Senators
GrassFire
NumbersUSA
Ballotpedia

Facebook Accts - Dr. Bill Smith
Pages:
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire 4 Life
Republican Liberty Caucus of Arkansas
The Gold Standard
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.

Patriots
Exchange
Links

Request Via
Article Comment

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
Americans for a Free Republic
America's Best Choice
ARRA News Twitter
As The Crackerhead Crumbles
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report
Chuck Baldwin - links
Common Cents
Conservative Voices
Defeat Obama's Agenda
Diana's Corner
Greater Fitchburg For Life
Lasting Liberty Blog
Liberal Isn't Amy
Maggie's Notebook
Marathon Pundit
Patriot's Corner
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Secure Arkansas
Sultan Knish
The Blue Eye View
The Born Again Americans
TEA Party Cartoons
The Foxhole | Unapologetic Patriot
The Liberty Republican
The Lid
The Maritime Sentry
The O Word
The Path to Tyranny Blog
The Real Polichick
The War on Guns
TOTUS
Twitter @ARRA
Underground Notes
Warning Signs
Women's Prayer & Action
WyBlog

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation

Editor's Recommended Orgs
Accuracy in Media (AIM)
American Action Forum (AAF)
American Committment
American Culture & Faith Institute
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
CATO Institute
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Declaration of Am. Renewal
Eagle Forum
FairTax
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Freedom Works
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
Heritage Action for America
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Intercollegiate Studies Institute
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
OathKeepers
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Truth in Accounting
Union Facts



Blogs For Borders

Reject the United Nations

Adopt Our Troops in Prayer


Thousands of Deadly Islamic Terror Attacks Since 9/11


FairTax Nation on FaceBook
Friends of Israel - Stand with Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to The Free Dictionary

Powered by Blogger


  • To Exchange Links - Email: editor@arranewsservice.com!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting beliefs associated with the former Arkansas Republican Assemblies (ARRA), this blog/site is controlled and supported by the editor. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2018 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.