The following is an excerpt from an op-ed in Fortune by Darren Walker, former President of the Ford Foundation, and Pete Stavros, Founder of Ownership Works:
“We know the power of ownership firsthand. Darren’s grandfather, a Black man born in the Jim Crow South, held only a third-grade education–but as a porter for a Texas oil company, he participated in a profit-sharing plan that dignified his work, sustained his family, and left him with enough stock to retire comfortably.
Pete’s father operated a road grader for nearly five decades for a construction company outside of Chicago. Despite his long hours over many years, he never participated in the success of the company beyond an hourly wage. As a result, he never felt a sense of ownership or alignment, and enjoyed few options for mobility.
Today, millions of Americans feel the same way. Gone are the days when first-generation college graduates could see doors open to them that were closed to their parents. Instead, many Americans are now downwardly mobile.”
Read the full op-ed in Fortune.
