Tech companies freezing political spending and why tech still matters
This is the death knell of PACs for tech companies with activist employees,” one source told Axios. “This is the final straw.”
This is a really fascinating development. First Microsoft and now Facebook are suspending PAC (Political Action Committee) spending in Washington. They’re joining financiers Goldman Sachs, JP Morgan, and Citigroup, along with Marriott, Blue Cross Blue Shield (caveat — our insurance co), Boston Scientific, and Commerce Bank. Bank of America (caveat — one of the banks we do business with), Ford, and AT&T, CVS, Exxon Mobil, and Wells Fargo are considering pulling their political monies.
This hits politicians where it really hurts.
For years, many of us in the “tech world” have decried these PACs and looked at them as a unnecessary evil that needed to be banned or done away with for a number of reasons.
Here are my personal convictions:
- The PAC system reinforces the existing system of graft and corruption that so many Americans claim to abhor.
- PACs favor the privileged both socio-economically and relationally. It’s a blight on a Democratic Republic and shouldn’t be seen as a “necessary evil” to doing business in the United States. Whatever your sector.
- Tech boomed in the late 90’s and then again in the early ’00s because it was seen as a disruptor. From Google to Tesla to Uber (well, maybe they aren’t a great example but they did usher in a transportation paradigm shift) to even Twitter, the tech sector excited us with the promise of something different and more democratic to challenge the status quo. However, as the going got weird, the weird turned pro and put on suits. I want a return to the weird disruption tech that spurred creativity and a hope for a better representation to the powers that be. We’re not so far gone that it can’t happen in light of #metoo, BLM, LBGTQ+, trans rights, accessibility emphasis, and recognition of differently abled persons. Real revolutionary tech that can change the world… I still believe. PACS stand in the way of that.
So as we continue to process and deal with the terrorist insurrection on our Capitol last week, let’s take a second to recognize what these companies are doing by restricting or redirecting their PAC monies and how we can all do our part to not just “unify and move forward” but to cause real change.