From despair comes hope, I actually think Michigan can become a model state and Detroit can bootstrap its way back from disaster with usage of SIBs to power the recovery from the bankrupt statist model which has proven so problematic.
These are the basic questions being raised after Governor Rick Snyder announced “an exciting opportunity to continue the reinvention of Michigan” in a press release.
“Social impact bonds” are coming to Michigan.
The state was chosen through a national competition to receive help from the Harvard Kennedy School’s “Social Impact Bond Technical Assistance Lab.”
Critics of these programs say they set up incentives for corrupt practices – similar to how some school administrators exaggerated results to receive “No Child Left Behind” money.
A Washington Post piece points out that the programs will be monitored by an “independent evaluator.”
Jon Pratt with the Minnesota Council of Nonprofits writes about the potential for problems in an opinion piece earlier this year.