If you have been following the news you know hat the U.S. House has passed the ESEA reauthorization. It is certainly a mixed bag.
It now goes to the Senate for a vote. That will probably be on Monday. It will pass the Senate.
That will be our last chance to get Pay for Success out of the bill.
Pay for Success is the latest privatization scheme where Wall Street investors like Goldman Sachs purchase what are called social impact bonds (SIBs) and receive a return on their investment. In the case of ESEA, it will impact special education.
“The goal of this whole thing was to keep kids out of special ed, and on that metric it seems to have done so spectacularly.” New York Times, Oct. 7, 2015, on Pay for Success in Utah
S. 1177 will pass the Senate, but the debate offers us a chance to get Senators to discuss (and therefore limit) Pay for Success.
Please call the two U.S. Senators from your state today.
The education bill, S. 1177 that the Senate will vote on next week, authorizes Goldman Sach’s Pay for Success which was used in Utah to deny special education to over 99 percent of students in the Pay for Success program.
As a result, Goldman Sachs will receive from public funds over a one hundred percent profit on its investment as it is paid for each child, each year that is not identified as needing special education (multiple payments for one child).
Urge them to read online the New York Times story of Nov. 3, 2015, Success Metrics Questioned in School Program Funded by Goldman, or the same story in print on page B-1, Nov. 4, Did Goldman Make the Grade?
You can ask: Will the Senator be willing to raise questions on the Senate Floor about Pay for Success?