Both projects sponsored by the Saskatchewan government show how Social Impact Bonds can be structured to exclude those who are hard to help.
Social Impact Bonds
What’s needed is for governments to provide community services with adequate funding. And a first step would be to ask the wealthy and large corporations to pay their share of taxes — instead of allowing them to profit from the misfortune of others by investing in social impact bonds.
"Treating social and public health services like they’re just another option for an investment portfolio is risky for everyone." — Michelle Gawronsky, MGEU President
“The subsidies that privatization schemes like social impact bonds require are eating up funds that could be spent on front-line services Manitobans need.” — Larry Brown, NUPGE President
Social Impact Bonds “exploit the most vulnerable, poorest and others dependent on public services and the welfare state” so investors can make a profit. — Dexter Whitfield
"We have exciting work ahead, full of new conversations about how to make our country, our communities, our workplaces and our lives better. And we want you to continue to be part of it!" - James Clancy, NUPGE National President.
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Along with Public Private Partnerships (P3s), Social Impact Bonds are a bit like money laundering because they allow politicians to hide debt.
“We will be emerging from this convention with a strong action plan to counter these attacks and moving our agenda of justice, equality and fairness for all Canadians forward.” - James Clancy, NUPGE National President.