The U.S. will also guarantee $110 million in loans to small- and medium-sized businesses located on the West Bank.
The mortgage and business-loan activities will be conducted by the federal Overseas Private Investment Corporation (OPIC).
“OPIC is the U.S. Government’s development finance institution,” says OPIC’s website. “OPIC provides financial products, such as loans and guaranties; political risk insurance; and support for investment funds, all of which help American businesses expand into emerging markets.”
Let me tell you right now how it is not the responsibility of the United States to give loans or finance another country’s mortgage industry. This is not acceptable use of the money hardworking taxpayers make.
I understand that we want to look like a good guy around the world, but with a staggering 17 trillion dollars in debt, we cannot afford to help with such matters. It is time that we start decreasing our spending and paying down our debt.
This is just one more example of poor use of the money by our government.