In the wake of the debt ceiling showdown between President Barack Obama and congressional Republicans, Starbucks CEO Howard Shultz called on U.S. corporate executives to join him in refusing to contribute to political campaigns until the President and his foes agree on a long-term plan to reduce the debt and the deficit.
Now, Schultz says many executives are taking the pledge.
Schultz is taking this movement pretty seriously. He and his allies recently launched this website to promote the cause. It contains, among other things, Schultz’s Letter to America. (Clicking on the link takes you to the movement’s Facebook page.)
Schultz is asking his peers to do more than just zip their wallets when political fundraisers come calling. He is also asking them to join him in pledging to do some hiring and convert their cash reserves into payroll dollars for Americans who need jobs.
“Banks are afraid to lend. Record levels of cash are piling up in corporate treasuries, idling. That cash is not being used to expand operations, train new workers, underwrite new ventures, or spark innovation. The only way to break this cycle of fear is to break it,” Schultz says.