American CEOs rail against populist political moment, appear to miss obvious causes
Chief executives at large U.S. corporations aren't feeling the Bern or enjoying Donald Trump's populist tirades, The Wall Street Journal reports, and "concerns are mounting in boardrooms and corner offices that antibusiness rhetoric may solidify even after the November election." Many "corporate chiefs" are giving up on the next president and instead trying to elect friendly candidates to Congress, The Journal says, and they "fault Democrats for ignoring tax treatment that puts U.S. firms at a disadvantage and chide Republicans for neglecting investments in education, infrastructure, and workforce training that could help workers who have been left behind in a globalized economy."
After blaming government for not giving them enough tax breaks or spending enough taxpayer money, some CEOs expressed bafflement that government relations are poor. GE chief executive Jeff Immelt, a frequent target of Sen. Bernie Sanders, told investors in February that ties between big business and government are "the worst I have ever seen," and he says his peers overseas — where, surely, citizens are covered by government-run health care and pay little for college, as Sanders proposes — are bewildered by the direction of American politics.
"The center has collapsed," one technology CEO tells The Journal. "Sanders and Trump will go away, but their supporters won't." Economically, the center has shrunk, if not collapsed, and if the CEOs want to understand why populism is on the rise, they could read Nelson D. Schwartz's article in The New York Times over the weekend about the "money-based caste system" being created in America, focusing on the cruise industry. The Journal ascribes America's populist anger to "the bailouts of 2008 and an economy that has produced little shared growth." Here's Schwartz:
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Read more about "the velvet rope economy," and remarkably tone-deaf quotes from people like recent Norwegian Cruise Line CEO Kevin Sheehan, at The New York Times.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
Supreme Court to resolve Louisiana gerrymander
Speed Read The court will hear a case challenging the second majority-Black district in the state
By Rafi Schwartz, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
America might be in a second Gilded Age
In the Spotlight The first Gilded Age was marked by rising inequality and a push for social change
By Justin Klawans, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published