Friday, November 09, 2012

On unwanted imports

The Mound of Sound is rightly appalled at the revelation that JP Morgan is making money off of the U.S.' food stamp program.

But lest we think the problem is limited to our neighbours, let's note that the Cons are doing their utmost to ensure that every social ill turns into a source of corporate profits on our side of the border as well:
(Diane) Finley has repeatedly rebuffed pleas for a national approach to housing and poverty, arguing that the federal government is not best placed to deal with issues that often have local nuances.

But at the same time, since the federal government provides significant funding for affordable housing, homelessness initiatives and other key social programs, Ottawa is deeply implicated in social policy whether it likes it or not.

Finley suggested she was frustrated with the lack of progress in social programs [ed note: of the type which her party has consistently refused to support], and wants to dramatically re-arrange the system...
And that re-arrangement means...
“Social finance is about mobilizing private capital to achieve social goals, creating opportunities for investors to finance projects that benefit Canadians and realize financial gains,” the government said in a statement announcing the financing mechanism.
So as far as the Cons are concerned, the main problem with poverty in Canada is that the financial sector hasn't yet figured out how to make enough money off of it. And absent some significant pushback, we can fully expect that the JP Morgan example will pale in comparison to what we'll end up paying to turn citizens' dire needs into corporate profits.


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