Amid rising prices and frustration at the Trump administration's heavy-handed immigration policies, they are likely to look at their ballots and pick anyone with a "D" after their name—although that's admittedly not much different than what they do every election regardless of which party is running the federal behemoth.
asserted
party → rise → behemoth
Californians also face myriad detailed initiatives including a billionaire's tax, reform of the California Environmental Quality Act (CEQA) and Voter ID.
asserted
Californians → face → Act
Those have received the lion's share of spending and media attention.
asserted
Those → receive → spending
But every cycle voters are also asked to consider state bond measures.
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voters → ask → measures
These are pitched as "free money," which funds popular-sounding programs, but they are more involved than that.
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they → pitch → that
Per CalMatters, "Californians love their bonds.
asserted
Californians → love → bonds
Since 1976, California votes have approved 76% of all general obligation bonds."
asserted
votes → approve → bonds
The state pays $6 billion a year in payments for $80 billion in bonds, plus it has approval to sell another $40 billion worth, the publication adds.
asserted
publication → pay → worth
There ain't no such thing as a free lunch, yet bond backers pretend otherwise.
asserted
backers → be → lunch
Proposition 1 promises "affordable homes for veterans, seniors, people with disabilities, [and] low- and middle-income working families," according to the "yes" argument.
uncertain
Proposition → promise → argument
The $11.25 billion in new debt spending "requires strict fiscal accountability and public oversight with no new taxes."
asserted
billion → require → taxes
No one wrote an opposition statement, which reminds us of the difficulty in stopping such spending.
asserted
which → write → spending
California continues to face affordability problems, but these programs typically fund overpriced subsidized units.
asserted
programs → continue → units
There are better ways to boost supply than running up long-term debt that will mainly benefit a certain class of developers.
asserted
that → be → developers
Proposition 38 provides $8.4 billion in bonds "to support medical research in immunology and immunotherapy."
asserted
Proposition → provide → immunology
This one at least has opposition, with foes correctly noting that important research should be "guided through the normal budget process."
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research → have → process
(Proposition 37 is bad but different, as home buyers will repay $25 billion in revenue bonds to fund down-payment assistance.)
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buyers → repay → assistance
General-obligation bonds, as the Department of Investor Relations explains, "fund various voter approved projects and programs…such as building schools, university buildings, hospitals, housing, roads, mass transit facilities, parks and water delivery systems."
asserted
Department → explain → schools
They don't raise taxes like local bonds, but they lock in a portion of the budget to repay the debt, just as your mortgage and car payment lock in portions of your monthly income.
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mortgage → raise → income
They create pressure for new taxes.
asserted
They → create → taxes
If the state spends too much servicing its debt, it is incentivized to find new sources of revenue to backfill the diverted tax dollars.
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it → spend → dollars
The state touts its importance in funding long-term infrastructure projects such as those mentioned above, but it too often is on the hook for debt to pay for tangential projects that should be funded through regular revenue or by the private sector.
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that → tout → sector
If these projects really are so important, then lawmakers should make some tough tradeoffs come budget time.
asserted
lawmakers → make → time
It's one thing to take out a loan to repair the state's freeway system.
asserted
It → take → system
It's quite another to pay for someone's bright idea, whether it's additional subsidized housing projects or immunology research.
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it → pay → idea
As the state's Legislative Analyst's Office explains, that $11.25 billion Proposition 1 bond will cost taxpayers $500 million to $600 million a year for 25 years to pay off, including interest.
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bond → explain → interest
And private groups with a specific interest in accessing the new funding often sponsor these types of ballot initiatives.
asserted
groups → access → initiatives
For instance, one foundation has spent $40 million on the Proposition 38 campaign, according to CBS News.
uncertain
foundation → spend → News
If it passes, the measure "dedicates half the money—$4.2 billion—to a single 'unnamed' non-profit.
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measure → pass → profit
But the criteria for selecting that non-profit was written to exactly match" a new institute the initiative's author is helping fund at UCLA.
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author → select → UCLA
This is nothing new, but voters shouldn't have to pay the freight even if such research is a worthy idea.
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research → have → freight
As The Orange County Register has opined, a measure of this magnitude should have gone through the legislative vetting process or, at the very least, should issue all funds through competitive bidding.
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measure → opine → bidding
Good reporting reminds us that these bond measures aren't free—and that the fine print often reveals the questionable origins of supposedly noble endeavors.
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print → remind → endeavors
I'm not suggesting that state bonds are never worthwhile.
asserted
bonds → suggest → ?
A recent State Auditor report found 57 of California's dams are in poor or unsatisfactory condition.
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57 → find → condition
This poses serious risks to 1.5 million people and could cause billions of dollars in damage if even one of them fails.
uncertain
one → pose → them
And these dams need at least $28 billion in upgrades.
asserted
dams → need → upgrades
The state should have done a better job over time in maintaining these crucial structures, but bonds to fund this work should take priority over boutique projects.
asserted
bonds → do → projects
This column was first published in The Orange County Register.
asserted
column → publish → Register
The Aporia
