ESOPs Contribute to a More Fair and Just Society
Opinion 2: House Resolution Celebrate ESOP Successes is an opinion piece written by the President of the ESOP Association. It recognizes the bi-partisan efforts to affirm ESOPs in H. Con. Res. 333: Expressing continued support for employee stock ownership plans and urges all members of Congress to "get on board and co-sponsor House Concurrent Resolution 333 for a more fair and just society":
Since 1974, the ESOP model of employee ownership has been most effective in transferring ownership at a substantial rate to average-pay employees over a short period of time.
Thanks to ESOPs, millions of Americans have become significant owners in the companies where they work. Because in a free enterprise system, ownership is both a reward and a risk, there are cynics who question whether average-pay employees should be exposed to the risks of ownership.
Other than a degree of irritation that these cynics have an elitist "let them eat cake attitude" toward hard working, middle class Americans, everyone should take notice of the overwhelming data collected over the past 30 plus years of ESOP success stories for ESOP participants and their companies.
The op-ed shares The Benefits of ESOPs and Employee Ownership to Companies and The Benefits of ESOPs and Employee Ownership to Employees. It also discusses The Economic Performance of ESOP Companies and the importance of making ESOPs a major part of building a "more prosperous, more just, and more equal" society.