CEOs need Biden to revive belief in authorities


Good morning.

What does enterprise need from the brand new U.S. administration?  We requested that query in our newest CEO survey, executed in collaboration with Deloitte. We allowed every CEO to decide on their prime three points (which is why the chances beneath don’t add as much as 100%.) Their responses:

Restoring belief in authorities:            59%

COVID aid and financial restoration: 55%

Infrastructure:                                         33%

Local weather change:                                       32%

Schooling/workforce coaching:             30%

Commerce coverage/tariffs:                                 21%

Decreasing nationwide debt/deficit:            20%

Well being care affordability/protection:    20%

Racial fairness:                                            19%

International coverage:                                          17%

Immigration coverage:                                 5%

Company tax coverage:                               4%

A lot of fascinating issues about these responses. A decade in the past, lowering the nationwide debt was the favourite coverage pastime horse of enterprise. Since then, the federal debt has grown considerably, passing the 100% of GDP benchmark. However enterprise leaders clearly acknowledge that in immediately’s economic system—the place capital is plentiful and rates of interest near zero—different priorities deserve extra consideration.

Tax coverage, in the meantime, has dropped to lifeless final on the listing. That’s much less stunning. These of us know if this administration addresses company taxes, it should solely be to push them up.

However what I discover most fascinating is that—after addressing the nation’s political, financial, and well being crises—the CEOs have their collective sights set on three essential areas for collaboration with authorities:  infrastructure, local weather change, and workforce coaching. Let’s hope the brand new administration doesn’t exhaust its political and monetary capital on the financial restoration invoice, so it will probably work with enterprise to handle these three essential areas for constructing a greater future.

We’ll be discussing these priorities later immediately, when members of Fortune’s CEO Initiative collect just about (in lieu of our annual dinner in Davos.) Among the many roughly 100 CEOs attending shall be CEOs of Pfizer, CVS, Marriott, GM, Verizon, L’Oreal, Bank of America, Dassault, FedEx, Northrup Grumman, Ikea, Workday, Hyatt, Occidental, Albertson’s, Nestle, PayPal, Edward Jones, Bridgewater, Progressive, HP, HPE, Levi’s, Kohl’s, UPS, Sanofi, Henry Schein and extra. Additionally readily available, His Royal Highness, the Prince of Wales, to debate his “Terra Carta” initiative for the atmosphere.

Extra on the CEO survey in Fortune Analytics, here. Different information beneath.

Alan Murray