One of the biggest disgraces in American society is the government’s dependence on for-profit privatized prisons which exist for no other reason than to generate revenue for shareholders. The argument in favor of these institutions is that while they are administered by a private corporation, it frees up funds to be spent elsewhere. However, It does not logically follow for the betterment of society that money be taken out of a system, for profit, that will somehow benefit every citizen of America. The Department of Justice stated in August that they were planning to end the use of private prisons on the federal level, and now Democratic presidential nominee Hillary Clinton is joining suit in calling for all states to end the practice of privatized prisons entirely.
During the presidential debate where Clinton shared the stage with Republican presidential nominee Donald Trump she said:
I’m glad that we’re ending private prisons in the federal system. I want to see them ended in the state system. You shouldn’t have a profit motivation to fill prison cells with young Americans.
While this was Clinton’s loudest statement on the privatized prison system, it was not her first. Back in October 2015, she tweeted, “We need to end private prisons. Protecting public safety…should never be outsourced or left to unaccountable corporations.”
The force of Clinton’s statements were felt in the stocks of private prisons. Two of the most majorly traded stocks, Corrections Corporate of America fell by 8% and the GEO group fell 4%. The prison owners know their days are numbered, and rightly so.