"This trade deal will rig the Canadian economy in favour of powerful corporations. It is an outright betrayal of workers. It will do nothing to stop climate change, and it will certainly exacerbate income and wealth inequality.” — 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
Instead of acknowledging the flaws in the privatization schemes, Social Impact Bond supporters are proposing governments provide incentives or guarantees to encourage people to invest in them. In other words, subsidize privatization schemes.
“With Social Impact Bonds, if a project fails, charitable donations will go to a company that made $7.9 billion in 2012,” said James Clancy, NUPGE National President.