The bipartisan senate bill to lift sanctions on Cuba not only opens up trade with the corrupt communist regime, but also provides loans guaranteed by U.S. taxpayers. Loans the Castro dictatorship will never pay back.
Bipartisan Senate bill would end Cuban embargo. Why trade with such a deadbeat? Will U.S. taxpayers subsidize the Castro regime?
Senators Amy Klobuchar (D-Minn.), Jerry Moran (R-Kan.), Chris Murphy (D-Conn.), Roger Marshall (R-Kan.), and Elizabeth Warren (D-Mass.) on March 6, 2023 introduced a bill that would end economic sanctions on Cuba and lift restrictions on funding the Cuban dictatorship.
The name of the Bill: the “Freedom to Export to Cuba Act of 2023” is misleading on two fronts. First, cash and carry trade has existed between Cuba and the United States since 2000 with the passage of Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), 22 U.S.C. §§ 7201-7211 . U.S. businesses have sold $6.9 billion in products to the Cuban government over the past 23 years. What have sanctions done? They have limited resources to the dictatorship, especially the military, and protected U.S. taxpayers by not providing credits, or financing to Havana which is a decades long notorious deadbeat.
Reading the text of this Bill reveals that it opens the door to loan guarantees, and subsidizing the Cuban dictatorship in order to also provide subsidies to businesses investing in Cuba.
Over the past fifteen years a dangerous trend has been growing in the United States. Some businesses are rigging the economy to avoid losses in a way that runs counter to the basic tenets of capitalism. If their investment fails, the taxpayer bails them out, and if they succeed they pocket the profits. Professor Joan C. Williams and Congressman Ro Khanna in their article “It’s Time to End Slash-and-Burn Capitalism” published on October 28, 2020 in the Harvard Business Review defined this phenomenon.
“Privatizing profits while socializing risks isn’t capitalism: It’s rigged roulette. Equally important, practicing capitalism does not mean insisting on special treatment from government that benefits shareholders at the expense of other stakeholders.”
$6.9 billion ended up in the coffers of American businesses. James Prevor, President and Editor in Chief of the publication Produce Business in the October 2002 article, “Cuba Caution”, described how Havana “had exhausted all its credit lines and, at best, was simply rotating the accounts. When the opportunity came to buy from the United States, Cuba simply abandoned all those suppliers who supported the country for 40 years and began buying from us.”
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