The Democrat tells voters that companies should pay more in taxes and he blames many businesses for fueling higher prices by stoking “greedflation” and “shrinkflation.”
But for the past several months, top Biden administration officials have also stepped up their outreach to CEOs and other corporate leaders, asking about what they need. The effort encroaches on business community terrain that former President
Both candidates want to drive home a message to voters going into November that they can work with employers, even if the fiercely divided electorate has left many companies wary of publicly taking sides politically.
The Biden team's pitch to business leaders goes something like this: We think the economy is doing well, but we want to hear from you about how we can drive investment.
“They know that they’ll always get a hearing,” said
BIDEN AND TRUMP ARE BOTH COURTING BUSINESS
On Thursday, Trump will present his case before the
Biden was invited to appear as well, but he will be in
Biden has long sought to balance the interests of businesses and workers, tempering his criticism of companies by noting that as a former senator from
Trump, for his part, burnished his reputation as a billionaire property developer and has marketed everything from educational courses to steaks and neckties, in addition to having his namesake
Having cut corporate taxes during his term and pledged to slash regulations, Trump has lined up support from
The
Trump has described the
Trump campaign spokeswoman
WHAT CEOS ARE TELLING THE WHITE HOUSE
Biden’s top aides heard a different view on the economy during their business outreach than what Trump is pushing. Administration officials say the CEOs they’ve met with are generally satisfied by the performance of the stock market and the overall economy, as inflation has eased without the recession that some feared.
American business leaders, according to the Biden team, are looking for ways to sustain growth: There are not enough skilled workers to fill available jobs. Government permitting needs to be streamlined. And they generally agree with the administration’s push to renew a corporate tax break for research and development expenses.
Multiple Biden administration officials said that corporate leaders also expressed concerns about Trump, even though the
The increased outreach by Biden's team came at the behest of Zients. The chief of staff gathered six other top officials at a February dinner with the goal of implementing a strategy to speak more with CEOs and their predecessors.
Each official agreed to talk to 10 CEOs. By the end of April, group members had chatted with more than 100. The outreach led to Biden meeting with eight CEOs in May, including the heads of
Deputy Treasury Secretary
Adeyemo said the administration has had some success in reducing the federal paperwork needed for permitting, bringing down processing times that could drag out for two years. And with some workforce programs losing funding that was tied to pandemic-era federal aid, the administration is seeing if companies can take over the financing.
There is a big-picture argument being made by the administration that its plans are better for overall growth, which in the long run is good for profits.
“One of the things we don’t do is pretend we’re going to agree with the business community on everything,” Adeyemo said. “We want feedback and we’re going to continue to talk to you."
THE RACE TO IMPROVE WORKERS' SKILLS
At the Biden meeting, people familiar with the conversations said that
The shortage reflects both the strong job market as well as decades of education policies that favored universities, often neglecting the need for tradespeople such as electricians, plumbers and welders. The percentage of men aged 25-54 in the labor force has fallen for decades and reversing that trend could bring millions back into the job market.
“In the
Commerce Secretary
“You need to start with the employers — which might sound not intuitive," Raimondo said. "You go to the company and figure out who they’re going to hire at what wages and what skills.”
Raimondo saw the issue in economic terms, as growth would be slower if companies lack skilled workers. But she also views it as a cultural and political issue. Voters need to feel optimistic that they have paths into the middle class, one of the promises that Biden made as he seeks a second term.
“People start to lose hope when they feel there is no place for them in the economy,” Raimondo said.
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