Infrastructure bank a bad idea

AFL-CIO president Richard Trumka wants it. The rent-seeking and increasingly statist U.S. Chamber of Commerce wants it. So does RINO Senator Lindsey Graham. Senator John Kerry really wants it. Former SEIU boss Andy Stern envisions it being a mechanism to tax the overseas profits of multinational corporations. President Obama is supposedly obsessed with it and is considering making it part of his latest "jobs plan." It is an infrastructure bank. The idea, under different names, has been around for several years. The government-owned entity would provide funding for, primarily, transportation projects through federally funded loans, guarantees, and grants and "leverage" those funds to "attract significant private-sector investment." Tax payers would initially capitalize and ultimately underwrite the "bank" (a misnomer, as banks do not award grants). In theory, the concept has certain merits, but the reality, especially in the grips of big government ideologues, would be something...(Read Full Post)