Donald Trump is not a one-world-order guy. And he’s definitely not a Globalist.
He rightly believes that every decision in Washington should be about putting America first. That’s the populist theme that has won him two elections.
So it’s disheartening and surprising that in Trump’s otherwise outstanding budget plan the White House proposes $3.2 billion in funding for the World Bank — with some of these taxpayer dollars going straight into the coffers of the Chinese.
Worse yet, the budget would fully fund Biden’s scheme for a whopping 50% quota increase for the IMF to bring its lending authority/slush fund to $970 billion.
It’s a big leap backward in fighting the arrogant London School of Economics, one-world-order elites. But when they see this funding proposal, they must feel like they just won the jackpot lottery.
The U.S. should have long ago stopped all or most funding for the World Bank and the International Monetary Fund. The foreign aid and loan programs have an inglorious history of almost never bringing economic development.
Many of the programs make poverty worse and end up paying for climate boondoggles and China’s bad loans rather than growth. David Malpass (Full Disclosure: David Malpass is the husband of Daily Caller News Foundation President Adele Malpass) did yeoman work as World Bank President in fighting the China debt machine that powers its Belt and Road projects and refusing the climate demagogues that demanded the World Bank become the world’s Climate Bank.
The greatest economic challenge for the lowest income nations is inadequate and unreliable energy sources. But the World Bank and IMF have been completely captured by the radical climate change industrial complex. These agencies impede the building of coal and gas plants in favor of expensive and non-scalable wind and solar projects. The World Bank’s own studies indicate energy poverty is a problem for some one billion people across the globe that prevents economic advancement.
Poor people in Africa are concerned about whether they can keep the lights on and how they’re going to get their meals next week, not what the temperature of the planet will be 50 or 100 years from now.
World Bank President Ajay Banga – a holdover from the Biden Administration – is obsessed with climate change and has been a relentless advocate for what so-called “climate finance” projects and “green lending.
So much for alleviating poverty.
The question is why give the World Bank and the International Monetary Fund — both of which are still directed by Biden appointees — even a penny more from American taxpayers?
Some of the globalists who’ve nudged their way into the Trump 2.0 administration argue that to pull out of the IMF and World Bank would surrender American economic leadership to the Chinese. Great. Let Beijing underwrite the cost of the Bank’s mounting losses.
My guess is that if Trump really knew what some of his own staffers have proposed with federal taxpayer dollars, he’d be infuriated. Throwing money down the rathole of foreign aid programs is no way to make America great again.
Stephen Moore is a former senior Trump economic adviser who is a co-founder of Unleash Prosperity.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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