Bernie Sanders on Employee Ownership
Bernie Sanders on Employee Ownership
Bernie Sanders Talks Employee Ownership at the 2024 Employee Ownership Ideas Forum
On April 9th, the Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing hosted the 2024 Employee Ownership Ideas Forum. Bernie Sanders, drawing from his experience as Mayor of Burlington, reflected on his lifelong advocacy for employee ownership, a concept he championed since his early days in politics.
Sanders opened by addressing the alarming rise of oligarchy in America, underscored by unprecedented levels of income and wealth inequality. In a nation where the majority struggle paycheck to paycheck while billionaires thrive, he emphasized the alarming concentration of ownership in the hands of a powerful few, who dictate economic decisions that shape the lives of millions.
Transitioning to the grim reality of declining life expectancy and the pervasive “disease of despair,” Bernie pointed to the root causes: a sense of helplessness driving people to substance abuse, obesity, and tragically, suicide. Drawing from Vermont’s example, where initiatives like the Employee Ownership Center have thrived, he noted the palpable difference in workplaces where employees have a stake in the ownership. Here, he said, engagement is high, absenteeism is low, and productivity soars, signaling a departure from the mundane drudgery of a job to a sense of shared purpose and fulfillment.
Bernie posited that democracy must extend beyond the ballot box, permeating every aspect of life including the workplace. True democracy entails having agency and control over one’s destiny, which necessitates empowering workers with a say in the decisions that shape their daily lives. Employee ownership, he contended, holds the promise of democratizing the workplace offering workers a meaningful stake in the economic landscape.
In closing, Bernie highlighted legislative efforts underway in Washington, D.C., such as the proposal for a U.S. Employee Ownership Bank. This initiative aims to provide vital financial support, including low-interest loans and guarantees, to facilitate employee buyouts of businesses, fostering a more equitable and participatory economy for all.