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US business leaders must consider the “existential threat” that a second Donald Trump presidency would pose to the country’s democracy and the health of its economy, former Merck chief executive Kenneth Frazier has said.
“It is a mistake for Americans to lose sight of the larger issue,” Frazier told the Financial Times. “Returning President Trump to the White House will threaten our democracy and severely weaken our economy.”
While his Democratic party rival Joe Biden turned in a halting performance in last week’s candidate’s debate, that should not overshadow Trump’s shortcomings, Frazier argued.
“A lot of people have concerns with the way President Biden appeared that night. [But] listen to what President Trump said,” Frazier said. “Trump has made clear that he has no respect for the basic norms, values and respect for the rule of law that have made the American economy what it is.”
In 2017, Frazier, who was chief executive of the drugmaker from 2011 to 2021, resigned from Trump’s main business council and led corporate leaders in condemning the then-president’s response to a racist rally in Charlottesville, Virginia. He was also outspoken about the need to address racism after the killing of George Floyd in 2020.
This time around, Frazier said, he is talking to business colleagues behind the scenes about his concerns and is finding that others feel as he does.
“As we get closer to the election, many people in the business community will have to ask themselves whether or not our business community needs the kind of stability and effective government that we’ve seen in the Biden administration,”
Frazier also warned of Trump’s “vindictive” style of governing, and said he would increase inflation, raise borrowing costs and undermine long-term productivity. Frazier said he was particularly concerned because he does not believe Trump values the independence of the Federal Reserve and other institutions.
“I think you can you can make constructive criticisms of things that the Biden administration has done . . . but those concerns are vastly outweighed by the threats the Trump presidency would pose,” Frazier said.
Relatively few prominent business leaders have taken sides in the presidential race so far. Blackstone chief executive Stephen Schwarzman has endorsed Trump, and oil company bosses Harold Hamm and Vicki Hollub and hedge fund billionaire John Paulson have hosted fundraisers for him.
After Thursday’s debate, LinkedIn founder Reid Hoffman urged Democrats to unite behind Biden, while Schwarzman’s number two at Blackstone, Jonathan Gray, and Arthur Blank, co-founder of Home Depot, have hosted fundraisers for the current president.
“I understand the position that CEOs are facing and not wanting to take a position in a highly divided society,” Frazier said. Trump “would be vindictive in his approach to corporate America”.
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