100 Business Leaders Pledge Not to Donate to Incumbents

More than 100 business leaders have signed Starbucks CEO Howard Schultz’s pledge to withhold donations to incumbent political candidates until Washington demonstrates real progress in reining in deficit spending, reports Politico.


“As many of our political leaders campaign and vacation, the U.S. economy remains in a cycle of fear and uncertainty,” Schultz wrote in a letter addressed to his “fellow leaders.”


Schultz has received a swell of support since launching his effort last week. His pledge calls not only for a bipartisan, long-term debt deal but also for acceleration in job growth rate and the economy as a whole.


Those who have signed the pledge include Tim Armstrong, chairman and CEO of AOL; Mickey Drexler, chairman and CEO of J.Crew Group; Duncan Niederauer, CEO of NYSE Euronext; and billionaire investor Pete Peterson.


“We can provide strong leadership on the employment challenges our nation faces,” Schultz insists. “While economic headwinds affect each of our companies in distinct ways, we can all think creatively about how to accelerate job creation and growth as a collective engine for the country. We have to pull this economy forward. We have to lead.”