Dear Business Owners:
Do you remember that day last July when President Trump endorsed New Jersey-based Goya Foods with a photo from the Oval Office (here)? Or when Advisor to the President Ivanka Trump also endorsed Goya (here). My first thought went to the people who work for Kraft Heinz, a company with a storied history just across the state line in Pennsylvania, and which employs about 10 times as many people as Goya.
How inconceivable and reckless that the President of the United States and a senior government official would choose to endorse the products of one company without consideration of competitor companies. And yet Donald Trump has repeatedly picked favorites as well as singled out American companies whose policies and practices he does not like or who do not attempt to curry favor with him (here), including Goodyear, 3M, General Motors, Boeing, and Comcast.
I can imagine the reactions of the executives and owners of companies like Kraft Heinz and their employees whom the president leaves in the dust. Not to mention shareholders in publicly owned companies who watch the value of their shares fluctuate according to presidential tweets. Is this any way to run a company, much less a country?
As business owners, you must split your attention between present-day business conditions and planning for the future. Depending on your product or service, you know that the present-day situation is extraordinary. The failure of our government to protect its citizens from the coronavirus, the ongoing trade wars with important partners, and a growing unrest in our cities and towns have had a significant impact on your ability to deliver to customers, pay your bills, collect on debts, and support your employees.
I invite you to visit Donald Trump’s campaign website: www.donaldjtrump.com. He wants you to hand over your money to him, but you will not find any information about how he plans to address your business concerns. However you feel about the current business climate, you can expect more of the same in a second Trump administration.
Why Joe Biden Makes Sense for Business
Reason #1: After electing a businessman instead of a politician to drain the swamp and shake things up in Washington, we must come to the conclusion that the job of President of the United States actually requires a politician who can negotiate with both Republicans and Democrats, governors, leaders of other countries – and the business community. We need a president who will not pick favorites or stack the odds against American companies and small businesses based on prickly whim.
Reason #2: For decades, Joe Biden served as U.S. Senator representing the business haven of Delaware and the interests of the companies based in or incorporated in the First State. He has won elections and been re-elected many times over the decades. No missteps large enough for recall or defeat. He knows how to deal effectively with people in agreement with him – and people who disagree with him. Joe Biden has a refined skill set necessary for the job.
Reason #3: Joe Biden has a vision on how to actually control the pandemic (here) and help businesses in the post-coronavirus recovery. In a Biden Administration, you can expect that:
- Rules, policies, and guidance will be clear, based upon a rational economic and financial basis.
- Government oversight of business will represent mainstream ideas and policies.
- A Biden Administration will invest in programs to advance the American business community. Here are Joe Biden’s plans for:
Reason #4: The stock market! The stock market has always performed well under both Democrats and Republicans. Here’s how the Dow Jones Industrial Average has performed during the past three presidential administrations (my calculations):
- Obama/Biden first term: 173% increase
- Obama/Biden cumulative: 249% increase
- Trump first term: 141% increase
Overall, the stock market has been doing well under Donald Trump. But it also did very well under Obama (and Biden).
Conclusion: If you believe that the fortunes of your company can and should rest upon a tweet or personal favor, vote for Donald Trump. If you want your hard work, creativity, and persistence to be rewarded on their own merits, you may want to vote for Joe Biden.
Please vote for Joe Biden. Thanks for your consideration.
The author served as Director of Communications for the Pennsylvania Department of Banking and Securities under Republican and Democratic administrations from 2008-2018. His opinions do not necessarily reflect the policies and views of the department or those of the administration of current Pennsylvania Governor Tom Wolf.