Vermont Senator and 2020 presidential hopeful Bernie Sanders unveiled his latest plan to fight “unfettered capitalism” in recent days; saying the United States should promote “employee-owned” corporations.
“Sen. Bernie Sanders (I-Vt.) will push new policies aimed at giving workers a greater ownership stake in companies, moves the 2020 presidential candidate is pitching as a dramatic transfer of power in the U.S. economy,” writes the Washington Post.
“The plans would give millions of workers the type of workplace influence typically reserved for shareholders and executives,” adds the newspaper.
“The establishment says there’s no alternative to an unfettered capitalism that produces huge CEO bonuses while millions are paid starvation wages. They are dead wrong. Instead of more tax breaks to profitable corporations, let’s expand employee ownership,” posted Sanders on social media.
The establishment says there's no alternative to an unfettered capitalism that produces huge CEO bonuses while millions are paid starvation wages. They are dead wrong. Instead of more tax breaks to profitable corporations, let’s expand employee ownership. https://t.co/AOeqYmctem
— Bernie Sanders (@SenSanders) May 28, 2019
“We can move to an economy where workers feel that they’re not just a cog in the machine — one where they have power over their jobs and can make decisions,” Sanders said in an interview. “Democracy isn’t just the opportunity to vote. What democracy really means is having control over your life.”
The new plan would require companies to re-invest a certain portion of profits into a fund controlled by workers. The fund would pay-out quarterly dividends as if the employees owned shares in the corporation.
“Sanders also said he will introduce a plan to force corporations to give workers a share of the seats on their boards of directors. Sen. Elizabeth Warren (D-Mass.), another 2020 presidential candidate, proposed a similar idea last year,” adds the Post.
Read the full report at the Washington Post.