Social impact bonds wrong model to address homelessness, unemployment and poverty < Pol... - 1 views
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CUPE is raising serious concerns about the future of social programs in Canada as the Harper Conservative government pushes for more private sector involvement. The union is calling for an open public discussion on the use of for-profit business models to finance and deliver public social services.
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In November 2012, Diane Finley, Minister of Human Resources and Skills Development Canada (HRSDC), announced that the Conservative government was looking for ideas which use for-profit private financing to address social and environmental initiatives. This approach - known as the social financing model or a social impact bond - allows corporations to profit from financing privatized social programs at public expense.
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CUPE points out several major issues with the social financing model that have been experienced throughout the world, including concerns about the economic sustainability, fairness and risks associated with this model.
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