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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
NewslettersCEO Daily

Trump-Harris debate skimps on substance, leaving CEOs with big questions

By
Diane Brady
Diane Brady
and
Joey Abrams
Joey Abrams
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By
Diane Brady
Diane Brady
and
Joey Abrams
Joey Abrams
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September 11, 2024, 5:16 AM ET
Trump and Harris sparred at their first debate at The National Constitution Center on Sept. 10, 2024 in Philadelphia.
Trump and Harris sparred at their first debate at The National Constitution Center on Sept. 10, 2024 in Philadelphia.Win McNamee/Getty Images
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Good morning! 

The first televised presidential debates between John Kennedy and Richard Nixon in 1960 had a moderator seated at a comically small desk and a mood more evocative of a classroom than a TV studio. The candidates earnestly presented their views on salaries, health care, education, trade, farming, Russia and other policies. As Nixon put it: “The people now have the opportunity to evaluate his, as against mine, and I think both he and I will abide by what the people decide.” (The Watergate scandal, of course, came later.)  

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Contrast that with last night’s presidential debate, which was more akin to the schoolyard. Although it began with Kamala Harris initiating the first handshake in a debate in eight years, it devolved into taunts and rhetoric. Little was said about issues like taxation, trade policy, regulation, legal immigration, and debt. No one mentioned the potential cost of Donald Trump’s trade war or Harris’s new tax plan. With less than two months until the election and days to go before early voting starts in Pennsylvania, a lot is still unknown about how and where the candidates plan to invest in growth.  

After the debate, I spoke with Stagwell CEO and Harris Poll chairman Mark Penn. He is a former top advisor to the Clintons who now works with CEOs and business leaders on how to build brands and navigate across the aisle in this polarized time. He, too, was underwhelmed by the content. Said Penn: “If you’re in the tech industry, what did you learn? Nothing. If you’re in the manufacturing industry, your focus is on the tariffs. In the health care industry, you’re probably more suspicious of her than you are of Trump, but she didn’t outline much of a policy. If you’re in the finance industry, you’d look for more clarity around spending and taxes.”  

While some Americans may not feel it, the U.S. economy is the envy of the world, with relatively low unemployment, healthy wages, deep pools of capital, and an embrace of new technologies. Government plays a leading role in creating a culture that attracts excellence, rewards risk, allows for failure, and upholds the rule of law while protecting the environment and rights of all citizens. At a time of seismic challenges and opportunities, people deserve more details about the philosophy and policies of their future president before they vote. 

Taylor Swift is free to endorse a candidate but most CEOs prefer to stay anonymous on political preferences to promote harmony and avoid a backlash. When a few weighed in after the debate, at my request, the common theme was disappointment. “I wonder if either of them would have my back in a fight,” said one CEO who works in the Midwest. 

“It’s a close race, and you have to make a judgment about what their real policies are,” says Penn. 

More news below. 

Diane Brady
diane.brady@fortune.com
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AROUND THE WATERCOOLER

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Kevin O’ Leary gives money to family–but there’s a catch by Marco Quiroz-Gutierrez

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This edition of CEO Daily was curated by Joey Abrams.

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About the Authors
Diane Brady
By Diane BradyExecutive Editorial Director
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Diane Brady writes about the issues and leaders impacting the global business landscape. In addition to writing Fortune’s CEO Daily newsletter, she co-hosts the Leadership Next podcast, interviews newsmakers on stage at events worldwide and oversees the Fortune CEO Initiative. She previously worked at Forbes, McKinsey, Bloomberg Businessweek, the Wall Street Journal, and Maclean's. Her book Fraternity was named one of Amazon’s best books of 2012, and she also co-wrote Connecting the Dots with former Cisco CEO John Chambers.

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Joey Abrams is the associate production editor at Fortune.

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