In part one of this two-part blog series, we went over some basics on how bail bonds positively impact the economy. While some think of these as private transactions that have no larger impact on the overall economy, this is actually a mistaken assumption – there are several ways bail bonds make a mark here.
At Beehive Bail Bonds, our bail bond agents are proud to offer 24/7 bond services to any client who has been incarcerated, or family and friends who are assisting with securing their release. We’re proud to offer a service that not only keeps people out of jail and allows them to carry out important parts of their lives, but also keeps them employed and contributing positively to their local economy. Here are some other reasons why bail bonds are a positive here, plus a word on a growing issue they’re helping address.
To understand the economic community benefits generated by bail bonds, one must first imagine an alternate reality where bail bonds didn’t exist. In this world, anyone who was arrested would have to pay the full bail amount that’s levied on them by the court, or would simply have to sit in jail awaiting their court proceedings before having any chance of release.
As we discussed in part one of our series, this leads to job loss – and at the scale this often happens, this is a huge net negative for the community. Not only this, but the simple cost to taxpayers of keeping this many people in jail at once is prohibitive. Overcrowded jails and their resulting costs are already a major issue in the USA, but without bail bonds, they’d be a massive one many communities wouldn’t be able to survive.
On a broader scale, bail bonds keep people out of jail and participating in the economy – buying things, paying for services, etc. Generally speaking, economists agree that money changing hands regularly is a positive for the economy, and should be fostered whenever possible. While this is a secondary benefit to the others we’ve gone over to this point, it’s still worth thinking about.
As we touched on in the community section, bail bonds help address what remains a sizable issue in the US jail system. According to Hamilton Project research, roughly 25% of the entire incarcerated population in our country is pretrial detainees – that is, people who are only accused of a crime, not convicted, and many of whom will eventually be found innocent or receive plea bargains including no jail time.
But during this pretrial phase, many of these people – especially those without the funds to pay bail – will simply sit in jail. Bail bonds play a major role in pushing back against this, allowing people to secure release during this period, and we feel even more is needed in this area to truly make the system fair.
For more on the ways bail bonds play a positive role in the economy, or to learn about any of our bail bond services, speak to the staff at Beehive Bail Bonds today.