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Prop 38 borrows $8.4 billion for immunology/immunotherapy research—and directs half the proceeds to one qualifying UC-affiliated research institute run by a billionaire, with the rest distributed through grants.

Public investment in biomedical research is obviously good and something we strongly support. But Prop 38 is not constructed primarily to best facilitate this research. The eligibility language appears effectively tailored to the California Institute for Immunology and Immunotherapy; billionaire Gary Michelson is its co-founder/board chair and the chief financial force behind the initiative. FPPC data show roughly $36M in top support contributions dominated by Michelson/Michelson Center and Meyer Luskin.

This proposition is pretty naked self-dealing by wealthy individuals. By phrasing it as promoting medical research, something no one opposes, Michelson hopes to smuggle in a popular mandate to deliver state funds to his own institution. Voters should not constitutionally commit billions in public debt through an initiative constructed around a particular private institution. Instead, we should democratically fund actual public institutions that are accountable for their work. California must expand publicly governed research, make discoveries broadly available, and fund it through progressive taxation. We recommend a No vote.