Pay for Success: Main Streets’ Payout to Wall Street
“Pay for Success” sounds good. And the argument for Pay for Success is made more inviting because federal, state, and local governments are cash-strapped. The public will only have to pay for programs that are successful — as determined by metrics and independent reviewers. Pay for Success appears viable and inviting.
These financial transactions are basically “Social Impact Bonds.” Those with large sums of money invest in “social innovation.”
But with BIG MONEY betting on making money from “innovative” education reforms, with early childhood education being the flavor of the year, what impact can we anticipate?
What unintended negative consequences are foreseeable?
HERE’S THE PROBLEM INVESTORS INTEND TO SOLVE: Head Start programs can’t accommodate demand for their services. Funding was cut in 2013, restored (?) in 2015, but damage was done. (I know my state still has a waiting list — demand is high, good market.)
HERE’S THE PROBLEM TAXPAYERS SHOULD CONSIDER: The same “investors” both created the problem and plan to solve it. Instead of lawmakers expanding, strengthening, and improving Head Start as the economy improved, private investors are taking the lead on early childhood education —eventually using our money.
Click to enlarge and TAKE NOTE: The First Five Years Fund ( FFYF ) focuses on increasing FEDERAL investments in early childhood education through “messaging”(????) etc.
Still sound like a good deal? Read on.Pay for Success: Main Streets’ Payout to Wall Street - The Crucial Voice of the PeopleThe Crucial Voice of the People:
