Guest Op-Ed Daily Journal
By Josh Becker and Michael Brownrigg
Every year, the Federal Reserve asks: “Could you cope with an unexpected $400 medical bill?” In the 2021 survey, the Fed found around 40% of all Americans said they didn’t know how they would pay for the unexpected bill.
What happened to the American dream, where everyone who worked hard had savings, not to mention could afford a decent home, a good education for their kids, and a family vacation? Most importantly, what can we do now to revive it?
One of the best ways to grow savings and wealth is to own a business. However, owning a business is out of reach for folks living paycheck to paycheck or without any savings to get started.
Resources on Employee Ownership
Project Equity - Small Business Closure Crisis
National Center for Employee Ownership - S Corporation ESOPs ad Retirement Security
Senate Bill 1407, the California Employee Ownership Act introduced by Senator Becker