Those pushing social impact bonds are taking the same approach as those profiting from P3 privatization schemes – focus on the new service being provided and hope it distracts people from the problems with the way it’s being funded.
social impact bonds
Making sure children aren’t hungry, making sure they can see properly in school, and making sure they get help if they lose a loved one shouldn’t depend on where wealthy individuals or corporations decide to invest.
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 privatization industry want us to believe Social Impact Bonds are ‘free money.' This report shows that, in reality, Social Impact Bonds increase the costs of public services.” — Larry Brown, NUPGE President
“This is not what the founders of medicare had in mind. They sought a universal, publicly-funded health care system, and SIBs undermine that principle.” — Lucy Morton, Chair of OPSEU's Health Care Divisional Council
Provincial budget included continued support for home care, long term care, community living, and colleges and universities.
“When Social Impact Bonds first appeared we expected that they would prove to be more expensive, but this is even worse than what we expected." — James Clancy, NUPGE National President.
“The failure of the Rikers Island project shows Social Impact Bonds and other pay-for-success schemes are fundamentally flawed,” said James Clancy, NUPGE National President
"The real reason we are having this discussion is because we are, around the globe, being told there are scarce government resources. But that hasn't happened by accident. This is a government-created consequence of self-imposed tax cuts." — Larry Brown, NUPGE Secretary-Treasurer