Both parties and each of the three most recent presidential administrations are to blame for wrecking the U.S. economy and running up debt that will rob Americans of prosperity for generations to come, Starbucks CEO Howard Schultz said in a recent speech.
Schultz skewered the economic policies of the Bush, Obama and Trump administrations and members of Congress in both parties during a Starbucks shareholders meeting on Wednesday.
“Both parties, President Obama, President Bush and now President Trump, both members of Congress, are complicit in their reckless approach to the amount of debt. And if this was a business we’d be approaching insolvency,” the business leader said.
Particularly distressing to Schultz is Washington’s near silence on historically high debt levels in the U.S.
“The reason I said it was robbing from young people and future generations is that we are sitting today and this is factual, with an almost $21 trillion debt on the balance sheet of America,” he said.
“Secondarily, we are approaching $400 billion a year in interest expense,” he said. “The debt is robbing from the existing generation of young people and future generations.”
While most conservatives would agree with Schultz that the debt is out of control, his ideas about how to fix the problem via higher taxes is anathema to conservative thinking.
“The [new] corporate tax rate of 21 percent in my view was an enormous missed opportunity to do comprehensive tax reform,” he said.