Social Impact Bonds Are Privatization
We are calling on Vancouver City Council to say no to Social Impact Bonds.
Vancouver City Council is considering a motion titled ““Developing a City Framework for the Leveraging and Nurturing of a Social Impact Investment Community to Amplify Social and Environmental Outcomes.” This motion proposed the use of Social Impact Bonds (SIB’s) in delivering public services.
While SIB’s may sound harmless, or even benevolent, in the final analysis they represent another form of privatization. Implementing the use of SIB’s, or other risky privatization schemes, will harm public services as well as those who rely on them and provide them.
There’s still time to send a message to Mayor and Council asking them to say no to SIB’s. The motion has now been referred to the Standing Committee on City Finances and Services, which meets on February 24 at 9:30AM.
Image credit: CUPE BC