The following former CEOs — Doug Parker (American Airlines), Ken Frazier (Merck), Anne Mulcahy (Xerox), Ursula Burns (Xerox), Reid Hoffman (LinkedIn), Jeff Bewkes (Time Warner), Bob Diamond (Barclays), Matt Levatich (Harley-Davidson), Tom Glocer (Thomson Reuters), Kay Koplovitz (USA Network), Robert Wolf (UBS Americas), Blake Irving (GO Daddy), Michael Lynton (Sony Pictures), Ken Chenault (American Express Co), Tony Coles (Onyx Pharmaceuticals and Yumanity Pharmaceuticals), Roger Altman (Evercore), Ellen Kullman (DuPont), John Pepper (Procter & Gamble), and Bill George (Medtronic) — write:

While each of us has different political affiliations, we are coming together to vote for Kamala Harris in this presidential election—and we believe the majority of sitting CEOs will do the same.

Based on our own prior leadership of some of the nation’s largest enterprises, we see little evidence of the “disaster and nightmare” Trump claims the American economy is in. Indeed, business has flourished with strong economic growth and record stock market valuations, while employees have benefitted from strong wage growth and record employment levels. That economic strength is reflected in headline macroeconomic statistics, which remain strong with 3% real GDP growth, falling inflation with CPI at ~2%, and real incomes outpacing inflation with a steady growth rate of 5.1%. It is no wonder that the World Bank is saying the impressive strength of the U.S. economy drove 80% of its improved global growth outlook this year.

Importantly, we fear a second Trump term would be bad for business and the U.S. economy. An environment where the rule of law is increasingly questioned, economic stability is at risk, free trade is stifled by fear of capricious retaliation, and our society is further divided rather than united, is not a good formula for a vibrant economy. [Continue reading…]