ASBC believes support for worker-owned companies (ESOP’s and Cooperatives) can play a powerful role in building a sustainable economy and restoring the American Dream to the millions who continue to struggle.
The growth of economic inequality has convinced millions of Americans that our economy is failing them. For many people, the link between hard work and reward has grown fragile, depressing the entrepreneurial spirit that creates companies and helps them to grow and thrive.
Worker-owned companies have a solid track record of increasing wages, strengthening local economies, and saving companies that otherwise might close. Also, they’re resilient. During the Recession, they had fewer layoffs, higher survival rates, and faster recoveries.
Worker-owned companies allow more Americans to share in a company’s success, rather than directing the gains to just the top. Also, when workers buy a company, they buy equity in the business. When that equity grows in value, its growth will boost retirement savings. Congress needs to take action to support the creation and growth of worker-owned companies.