Obama Administration Official Offers Subsidies For Corporate Jets
Gee, and here I thought corporate jets were eeeeeeeeeeeeeeeeeeeeevil. Maybe it’s just tax cuts for corporate jets. Subsidies for corporate jets, however? Just fine, says the head of the Export-Import Bank (a federal agency).
Export-Import Bank Chairman Fred Hochberg plans to provide more financial aid to U.S. corporate jet manufacturers, branching out from a traditional support for Boeing Co. (BA) to help an industry where demand has suffered….
Ex-Im supported $90 million of corporate jet deliveries last year to customers of Textron Inc. (TXT)’s Cessna Aircraft Co, General Dynamics Corp. (GD)’s Gulfstream unit and Hawker Beechcraft Corp. Hochberg said he plans to boost the aid to $1 billion by 2014. The increased focus comes after order backlogs on corporate jets fell by more than half to $40 billion in three years.
Perhaps demand has suffered because we have in the White House an anti-corporate demagogue? Perhaps part of the drag is that monstrosity called ObamaCare?
Let’s get Obama out of office, and then get the federal government out of picking winners and losers in the business world.