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A belief question

When the state pays for something meant to last for decades, like housing or a research lab, how should it pay?

Borrowing means the state sells bonds and repays them, with interest, from its budget over many years. Paying from yearly money means it spends only what it collects in a year, so some projects wait.

The two sides

  • Borrow and repay with interest over many years
  • Pay from the money it collects each year, even if some projects take longer

Propositions linked to this belief

  • California ballot, November 3, 2026

    Proposition 1: Authorizes Bonds for Housing Affordability Programs. Legislative Statute.

    The official text says a YES vote moves toward: Borrow and repay with interest over many years.

    The official summary says Proposition 1 "Authorizes $11.25 billion in state general obligation bonds for housing affordability programs," with an "Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond."

  • California ballot, November 3, 2026

    Proposition 38: Authorizes Bonds for Immunology Medical Research. Initiative Statute.

    The official text says a YES vote moves toward: Borrow and repay with interest over many years.

    The official summary says Proposition 38 "Authorizes $8.4 billion in general obligation bonds for immunology and immunotherapy research," with an "Increased state cost of $500 million to $600 million annually for about 20 years to repay the research bond."

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