Your Tax Dollar in Action Dept. The Agriculture Department has determined that mothers prefer no-iron clothing for their children. So, too, do fathers who buy their children’s clothes. It cost the Department $113,417 to make the survey that established these preferences.
Export controls are gaining in congressional popularity just as a House-Senate committee has agreed to increase the Export-Import Bank’s, authority to subsidize exports (with $25 billion in low-interest loans over four years). The risk of export controls is that they reduce the attractiveness to foreigners of holding dollars and thus contribute to devaluation of the dollar in foreign exchange. The foolishness of Eximbank loans is that they divert scarce capital to foreign buyers on better terms than are available at home. Hasn’t anyone heard of free trade?
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