It’s time for CEOs to stand up and speak out on policy issues that affect the bottom line. Most CEOs seem to support Vice President Kamala Harris because it’s the safe path. a Yahoo Finance Analysis A review of federal campaign filings through early June shows that the CEOs of 98 of the nation’s 100 largest companies are running against President Joe Biden and former President Donald Trump in the 2024 election. It turns out that neither of them is supported financially.
The choice then was completely clear. It’s a combination of an incumbent who delivered a repressive regulatory state with explosive inflation, and an economy that, before the historic pandemic, had low inflation, low unemployment, and was growing with the Trump tax cuts and more favorable regulations in 2017. It was between him and the incumbent who ruled the country. agenda. (Related: Dennis E. Nixon: The border gets even worse under Kamala Harris)
By September, after the convention, 88 current and former business leaders had endorsed Harris on the sidelines. Harris is even further to the left, less experienced than Biden, and with less apparent foreign policy experience managing an increasingly heated world. According to them, statement of support“With Kamala Harris in the White House, the business community can be confident that we have a president who wants to help American industry thrive.”
It was launched this month by American businessman Mark Cuban, former American Express chairman and CEO Ken Chenault, and other current and former company leaders. Harris Business Leader. “Her economic agenda is pro-growth, and she is committed to supporting small businesses and reducing red tape and other barriers to innovation.” their website status. This statement cannot be verified by examining the Harris Platform.
You have to wonder what kind of alternate world these business leaders live in. This is the same Kamala Harris who accused corporations. Gouge consumers And the Biden-Harris administration supports price controls as a solution to the high inflation factors created by excessive government spending. To make matters worse, Harris announced her support. trillions of dollars With new taxes. Far from promoting growth, price controls, coupled with excessive taxation, distort markets, harm businesses, and exacerbate supply shortages.
There is nothing in these policies that promotes growth.
At the national level, we have been down this path before. President Richard Nixon’s freeze the price Wages in 1971 temporarily eased inflation, but at the cost of resuming a decade of low growth and high inflation. These are top-down socialist policy prescriptions that consistently fail.
Another disruptive policy supported by Harris was a tax on unrealized gains, which would require some taxpayers to pay capital gains annually, regardless of whether the assets were sold. The outcome of such a policy is entirely predictable and will lead to capital flight from the United States to more tax-friendly countries and an exodus of innovators from the United States.
To understand the global impact of this policy, we need only look at the movement of people, businesses, and capital based on taxes and regulations. from states like From California, New York, and Illinois to Texas, Florida, and North Carolina.
But it’s not just major policy initiatives like price controls and taxation that strangle businesses and destroy the economy. And disruptive regulations are driving up the cost of everything from food to furnaces. Survey by American Action Forum The Biden administration’s regulations are found to be adding about $1.4 trillion in costs to U.S. businesses. By comparison, Trump-era regulations had an impact of about $30 billion.
While some business leaders may support Harris’ positions on social issues, no business leader can say with a straight face that she is an advocate of growth and a champion of American business. There is an irony in the venture socialist CEO. Their multinational corporations can afford the compliance costs of a Biden-Harris regulatory state, may actually benefit from competitive exclusion, and pretend to promote the interests of surviving small businesses. It will decline under a Harris administration that further consolidates economic and political power in the hands of the privileged.
Elections are choices, and the 2024 presidential election is no different. It’s clear that there are many business leaders who are showing support for Kamala Harris. But none of them would hire her as a company leader.
Dennis. E. Nixon is Chairman and CEO of IBC Bank.
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