Proposition 38State law · Citizen initiative
Immunotherapy research bonds
Explain it like I'm 5
California would borrow money to study how the immune system fights diseases and to develop possible treatments. It is like borrowing money for a large science project whose useful results are possible but not guaranteed.
Yes vote
California could issue $8.4 billion in general obligation bonds for immunology and immunotherapy research.
No vote
California could not issue these bonds for the research program.
The question to ask yourself
Is borrowing billions for possible medical breakthroughs worth the certain long-term repayment cost?
The case for
- Could accelerate research into cancer and other serious diseases.
- Provides stable funding when federal or private research funding is uncertain.
- Research discoveries could benefit public health and California's research economy.
Backed by: Michael J. Fox Foundation, Alzheimer's Los Angeles, American Nurses Association California, Kidney Cancer Association, Gary K. Michelson, Michelson Medical Research Foundation, California Democratic Party, California Republican Party, AFSCME Local 3299
The case against
- Creates substantial long-term state debt and interest costs.
- Research does not guarantee cures, approved treatments, or a set timeline.
- The measure directs a substantial share toward a specifically structured research institute rather than leaving all funds broadly competitive.
Opposed by: Robert R. Kaplan Ph.D.
- Money
- State bond repayment is estimated at about $500 million annually for roughly 25 years, although future research revenue could offset some costs.
- Don't be misled
- Claims that it guarantees cures or cheaper medicines are misleading because research results and their public benefits are uncertain.