Donald Trump is a threat to the American economy and democracy, says Kenneth Frazier

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American business leaders must reckon with the existential threat that a second Donald Trump presidency would pose to the country's democracy and the health of its economy, former Merck CEO Kenneth Frazier said.

Americans would be wrong to lose sight of the bigger picture, Frazier told the Financial Times. A return of President Trump to the White House would threaten our democracy and seriously weaken our economy.

Although his Democratic Party rival Joe Biden put in a shaky performance in the candidates' debate last week, that shouldn't overshadow Trump's flaws, Frazier argued.

Many people are concerned about President Biden's appearance that night. [But] “Listen to what President Trump said,” Frazier said. Trump has made it clear that he has no respect for the fundamental norms, values ​​and respect for the rule of law that have made the American economy what it is.

In 2017, Frazier, who served as the drugmaker’s chief executive from 2011 to 2021, resigned from Trump’s top board and led business leaders in condemning the then-president’s response to a racist rally in Charlottesville, Virginia. He has also been outspoken about the need to combat racism following the killing of George Floyd in 2020.

This time, Frazier said, he's talking to business colleagues behind the scenes about his concerns and finding that others feel the same way he does.

As we get closer to the election, many 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 have seen in the Biden administration.

Frazier also warned about Trump's vindictive style of governance, saying it would increase inflation, raise borrowing costs and hurt long-term productivity. Frazier said he was particularly concerned because he doesn't believe Trump values ​​the independence of the Federal Reserve and other institutions.

I think you can have constructive criticism of the things that the Biden administration has done…but those concerns are far outweighed by the threats that a Trump presidency would pose, Frazier said.

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So far, few prominent business leaders have taken sides in the presidential race. Blackstone CEO Stephen Schwarzman has endorsed Trump, and oil bosses Harold Hamm and Vicki Hollub and hedge fund billionaire John Paulson have held fundraisers in his honor.

After Thursday's debate, LinkedIn founder Reid Hoffman urged Democrats to unite behind Biden, while Schwarzman's number two at Blackstone, Jonathan Gray, and Home Depot co-founder Arthur Blank held fundraisers for the current president.

“I understand the situation that CEOs face and I don’t want to take a stand in a very divided society,” Frazier said. “Trump would be vindictive in his approach to corporate America.”

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