Should California borrow $8.4B for immunology research? Proposition 38 explained

Proposition 38 authorizes an $8.4 billion bond to support immunology and immunotherapy research following cuts from the Trump administration. Below is a transcript of the video above. Read our voter guide story on Prop. 38 here, along with the editorial board’s take on the issue.

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$8.4 billion. That’s what California wants to borrow for medical research under Prop 38. Here’s the breakdown.

Proposition 38 asks voters to approve $8.4 billion in state borrowing for immunology and immunotherapy research — the science of how your immune system fights diseases like cancer, heart disease and Alzheimer’s. Like any bond measure, that money gets paid back over time, with interest, out of the state’s general fund.

Why now? Backers point to Trump administration cuts to federal funding for medical research, which they say have left promising projects without funding. The Alzheimer’s Association, the Michael J. Fox Foundation and the ALS Association are all on board.

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But read the fine print. Half the money — $4.2 billion — is set aside for one nonprofit, and out of the state, critics say only one qualifies: A UCLA institute backed by the proposition’s billionaire supporter, Gary Michaelson.

The price tag for taxpayers? Analysts estimate repayment at $500 to $600 million a year for roughly 20 years. Opponents call it “ballot-box science” — the idea that voters, not scientists or lawmakers, are choosing who gets funding. Supporters say patients can’t wait.

Voters have the final say on Nov. 3.