One captain of industry says it's time to put the nation's economy ahead of corporate profits and partisan squabbling.
Starbucks CEO Howard Schultz appeared on CNN's Piers Morgan Tonight to talk about the need for companies to conduct business ethically in an age where partisan politics and corporate greed may be trumping concern for the everyday American. Schultz, an outspoken supporter of campaign spending reform, as well as corporate social responsibility, said that the time of relying on Capitol Hill to improve the country's economic situation has past.
"The country right now is finding itself in a situation where it should not be business as usual," Schultz, fresh off speaking at his company's annual shareholders' meeting, told Morgan Wednesday. "We should not embrace the status quo. We can not wait for Washington."
Schultz has already tried taking matters into his own hands. He called on his fellow CEOs to boycott campaign contributions in August until politicians put aside their partisan fighting. He also hosted a national telephone forum in September to address what he called the "crisis of confidence" that political wrangling is creating in the economy.
In addition, his company announced Wednesday it plans to create 150 new manufacturing jobs in the U.S., instead of outsourcing them to other countries. The largest coffee chain in the world announced it would be opening a new factory in Georgia, expanding a pre-existing one in South Carolina, while at the same time providing enough business to a coffee mug manufacturer for it to reopen a plant in Ohio.
Morgan pointed out that not choosing to do business with foreign manufacturers is costing Starbucks money that it would otherwise save, but Schultz responded that keeping business in the U.S. will lead to other benefits.
"I think that more and more companies must recognize that success is best when it's shared and you have to achieve the balance between profitability and doing the right thing," he said.
Watch a previous video of Starbucks CEO Howard Schultz talking about corporate social responsibility on CNN's Starting Point below: