The stakes in this election couldn’t be clearer, and business leaders have a responsibility to speak up.
It’s Decision Time 2024…
In a few short days, America’s voters will choose between electing Kamala Harris as our first woman president or returning Donald Trump to the Oval Office. In doing so, they will decide the shape of our collective future. Our economy, foreign policy, huge issues like immigration and climate change, the rights of women and minorities, and even our democratic system itself – all hinge on the decisions Americans make on Tuesday, November 5th.
The stakes could not be higher, and people on all sides are justifiably anxious about what next Tuesday will bring. But, ultimately, that’s the beauty of democracy: our nation’s leaders are selected by Americans of every age, race, and background, casting their votes for the future they want.
Unfortunately, one candidate and his powerful allies are – once again – trying to put their thumbs on the scale. To reverse his 2020 loss, Donald Trump’s campaign is, in many ways, running against the American democratic process itself.
…And it’s Trump vs. Democracy
Ever since the last election, which both Trump and his running mate still continually contend was “rigged,” Trump’s allies have been working to restrict the franchise, spread disinformation and disillusionment about voting, and argue any outcome other than a Trump victory is due to cheating. Republicans have already put forth 120 lawsuits in 26 states to curb, challenge, and disrupt the 2024 returns. These efforts include invalidating mail-in ballots, purging swing state voter rolls, and challenging the votes of Americans and military service members overseas.
In the meantime, and even for a guy who began his 2016 campaign calling Mexican immigrants criminals and rapists, Trump’s rhetoric has become relentlessly dark and anti-democratic. Borrowing phrases from history’s worst authoritarians, he now routinely rails against “all the scum that we have to deal with” from Democrats; he calls “enemies from within” to immigrants he says – falsely, obviously – are “eating the pets” and “poisoning the blood of the country.”
Alongside Project 2025, the centerpiece of his 2024 agenda is a pledge to deport as many as 20 million people from the US, including legal immigrants. As he put it last November, “We pledge to you that we will root out the communists, Marxists, fascists and the radical left thugs that live like vermin within the confines of our country that lie and steal and cheat on elections.” With rhetoric like this, it’s perhaps no surprise that General Mark Milley, the man Trump once appointed as head of the Joint Chiefs, has called Trump “fascist to the core” and the “most dangerous person to this country.”
So where are America’s Business Leaders?
Business leaders often have differing views about the best policies to lead our nation forward like everyone else. I personally would argue, and most economists agree, that immigration fuels economic growth without hurting domestic workers’ jobs. In fact, immigrants are expected to add $9 trillion to the US economy over the next decade. (Also, contrary to Trump, immigrants are far less likely to commit crimes.) I also think Trump’s mass deportation scheme – along with provoking fear and hate – would be terrible for our economy, costing taxpayers $20 billion and devastating critical industries like construction and agriculture.
I would further argue that mass deportation isn’t the only economic catastrophe Trump is promising. Mark Cuban (who supports Harris) recently put it well: “In doing business, whether you’re a small company or a very large company, you want stability.” However, market instability would be a daily reality for companies under Trump’s proposed tariff system, which, according to non-partisan studies, would be equivalent to a $4 trillion tax hike on Americans over the next decade.
Business leaders can disagree on policies – that’s America, that’s democracy. Where we as Americans must come together is when a political candidate threatens to undermine democracy itself.
Democracy is Good for Business
CEOs don’t disagree on democracy. According to a May 2022 survey, 96% of business leaders agree that “a well-functioning democracy is important to a strong economy.” They are correct – plenty of studies have shown how the health of our democracy directly impacts economic stability, consumer confidence, and overall market predictability, and that democratic decline leads to, per Brookings, “instability, brain drain, stagnation, and kleptocracy.”
In addition, 81% agree that “businesses should act to ensure safe and fair elections,” and 77% agree that “businesses should speak out about threats to democracy.” Similarly, per the Brennan Center, 82% of Americans and more than 7-in-10 Republicans say they want companies to help make it easier for Americans to register and vote. Another survey found that 81% of consumers were more likely to buy from, and 76% would rather work for, a company promoting democracy and democratic values.
Now is the Time to Act
Given all this, there is a clear business case for leaders to stand up for democracy and their employees. We saw some good momentum after the January 6th riots (which Trump recently tried to rebrand as a “day of love”.) Soon thereafter, dozens of big companies stopped donating to politicians who refused to certify the 2020 vote. Hundreds of companies signed statements opposing further attempts at voting restrictions and endorsing passage of the John Lewis Voting Rights Act. “It should be clear that there is overwhelming support in corporate America for the principle of voting rights,” said former AMEX CEO Kenneth Chenault. Building on this work in June 2022, the Business and Democracy Initiative was founded to help “empower business leaders to collectively stand up for American democracy.”
Sadly, too many corporate leaders have been silent on these critical issues since. Aside from a few outliers like Cuban, the loudest corporate voices in this all-important election have been right-wing Silicon Valley supporters like Elon Musk, who is now running Trump’s GOTV strategy using schemes that range from potentially illegal to patently immoral. With democracy at stake, far too many CEOs have inexplicably opted for a “wait-and-see” approach that reflects poorly on us and endangers our republic.
Staying silent in moments like this is dangerous. CEOS and business leaders must take bold, decisive action. First, they can provide paid time off on Election Day to encourage employees to vote. (With that in mind, more than 2000 companies have joined the non-partisan, business-led Make Time to Vote initiative since 2018.) Second, they can stand up for voting rights and stand against any further attempts to restrict them. And third, they can make their voices heard – if (or when) Tuesday’s returns are challenged – to say partisan schemes that undermine our democratic process are unacceptable.
Democracy thrives when everyone’s voice is heard, and business leaders are uniquely positioned to protect that voice. As theNew York Times recently stated, “For business leaders, as for other Americans, the responsible and necessary course is to defend American democracy by publicly opposing [Trump’s] candidacy.”
We cannot afford to wait and see. Business leaders should demand that every vote be counted, and the will of the people prevail. Our economy, our democracy, and our future depend on it.
This post was originally published on here
