Along with Public Private Partnerships (P3s), Social Impact Bonds are a bit like money laundering because they allow politicians to hide debt.
Social Impact Bonds
“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.
NUPGE urges the Conservative government to establish a Fairness Test to assess the distributional impact of key tax and spending policies in budgets and determine whether they will reduce income inequality or make the problem worse.
Higher costs, reduced accountability and privatization are all risks in the social impact bond funding scheme for public services.
Ottawa (10 May 2012) - Even though they have yet to produce results, many governments are enthusiastic about the way social impact bonds allow them to “buy now, pay later", says the National Union of Public and General Employees (NUPGE).