Proposition 14: The "Yes" Vote, The You and The Many Whys
- Isabella JM
- Sep 19, 2020
- 6 min read
Updated: Sep 23, 2020
by Isabella Jamieson Morris
November 3rd of this year, now less than two months away, will be a deciding day for many. In the midst of all of the political rhetoric and speculation surrounding the upcoming election the day may be a source of anticipatory dread for some and excitement for others. However, that day and the entirety of the voting window that precedes it, will serve as an opportunity extended to every California voter to save lives. This is the opportunity afforded to those that vote yes on Proposition 14.
Proposition 14 is an initiative on the 2020 California ballot which authorizes the sale of $5.5 billion dollars in General Obligation bonds to fund the work being done by the California Institute of Regenerative Medicine. CIRM stands alone as the only state agency which independently funds stem cell research and clinical trials which accelerate and make possible the translation of this research to effective treatments for patients. It is also the only government agency that operates under the constant adjudication of an independent oversight committee, which audits the expenses of the institution each year and ensures accountability to the organization’s mission: advancing cures for the multitude of chronic diseases which affect millions of people each day, always putting patients first.
A “yes” vote on this proposition is no less than an immense opportunity for the furtherance of many lives, which otherwise would be put in jeopardy.
But what is CIRM? What work have they done before and what makes it possible? What are General Obligation Bonds? Why should I vote yes on Prop 14?
This article will endeavor to answer these questions and over the next two months, I will try, within this column, to give you many reasons why. In addition, the full text of this proposition will be included at the end of this article along with a link to the California General Election Official Voter Information Guide so that you can read them for yourself.
What is CIRM?
The California Institute for Regenerative Medicine (CIRM) was created in 2004 after Proposition 71 passed with 59.1% of the vote and authorized $3 billion dollars to be allocated to the funding of stem cell research. Created to overcome the lack of funding which had been obstructing progress in the field, CIRM has, since 2004, funded more than 1000 research projects at 70 different institutions which have in turn produced nearly 3,000 medical discoveries, advanced more than 90 clinical trials and brought to fruition two FDA-approved cancer treatments. In addition to all of these accomplishments there are even more projects waiting in the translational pipeline, depending on this proposition to provide the funding needed to move forward.
Who Benefits from CIRM Funding?
Let’s talk about the patients that are involved in all of this. Chronic disease affects each and every one of us: 60% of adults in this country suffer from at least one chronic disease. As a result, chronic disease is the leading cause of death, healthcare spending and bankruptcy in the United States today.
Because stem cells give rise to every tissue in our bodies they prove extremely versatile in a therapeutic setting. This enables CIRM to advance therapies towards the treatment of a wide array of chronic diseases: cancer, Alzheimer’s, Parkinson’s, heart disease, kidney disease, HIV/AIDS, kidney disease, blindness, multiple sclerosis, lower respiratory disease, spinal cord injuries and mental health disorders including schizophrenia, depression and autism.
Some of the greatest successes which have come out of CIRM funded research use implanted stem cells to treat these diseases by enabling the body of the patient to recover itself. In one case, a patient had become paralyzed after a diving accident following his high school graduation. As a result of a trial that implanted stem cells into his spine, he was able to go on to university to study biomedical engineering. Another patient, a young girl who had been born with “Bubble Baby Disease”, an illness where infants are born without a functioning immune system, had her own stem cells genetically reengineered then implanted to form a new functioning immune system. She can now move freely through the world as a young child and the treatment is considered a novel cure to the previously fatal disease. These cases stand among many, many others, as we will investigate in this column, and they give us more than anything else, an honest hope that with the concerted efforts of our patients, researchers, physicians and citizens, real progress can and will be made.
There are currently more than 4000 patients that have already been enrolled or are expected to be enrolled in clinical trials taking place at institutes that have been funded by CIRM. These clinical trials can provide life-saving therapies and cures to people that may not respond to more widely available treatments. These trials depend on CIRM funding to move forward and continue to extend the lives of patients. We can’t let those people down.
Economic Impact
In the midst of an ongoing pandemic, many California voters are concerned about the economy and the state’s finances. This is understandable given the unprecedented economic strain which we are now experiencing, but it is precisely these unprecedented times that call for a “yes” vote on this proposition. Within the proposition, these financial concerns are not only accounted for, but thoroughly addressed with concrete measures to sustain and grow California’s economy.
The structure of this proposition protects future Californians in a multitude of ways: 1) by funding the development of novel therapies that may save countless lives, 2) by funding the CIRM bridges program which provides opportunities for young scientists to build their own careers, and 3) by protecting California’s General Fund with its innovative plan to gain funding through General Obligation Bonds.
General Obligation Bonds fund municipal projects through the revenue generated in their sale. The buyers are later paid back in full by the state. California has a sum of money set aside to pay back the citizens who purchase these bonds and budgets this sum by allocating various amounts to be sold to fund different projects. The amount authorized in Prop 14 is less than 0.5% of the current state bond capacity, meaning that 99.5% of the state’s annual bond capacity will still be made available to fund other issues faced by the state. Additionally, the bonds allocated by Prop 14 are to be paid back no earlier than 2026, after which they will be paid over the course of several decades. The annual cost to the California citizen after 2026 to pay back these bonds will be no more than $5 per person, without counting the revenue generated by the jobs, discoveries, inventions, and healthcare savings which will occur as a result of the investment. In sum: this is not a tax, and will have no immediate effect on California’s finances, but will continue to generate revenue all the while.
As of 2018, the research projects funded by CIRM are already estimated to have created 55,000 jobs in California, generated $641 million in tax revenue and facilitated a $10.7 billion dollar augmentation to California’s economic activity. With the cures and treatments developed by the institute, enough money could be saved in healthcare spending to pay for the original investment twice, made possible by the reduction of healthcare spending by only 1-2% in relation to 6 out of 80 major chronic diseases. In addition, a portion of the royalties generated by inventions resulting from projects funded by CIRM will go to an interest generating account within the General Fund to aid patients in paying for the expenses incurred by the logistical costs of undergoing these treatments, making clinical trials more accessible across the socioeconomic spectrum.
This a small glimpse of the impact that Proposition 14 will have. All of this work was made possible by the California voters of 2004 when they voted yes on Proposition 71. The continuance of this important work and the plenitude of therapies and cures that are to come are only possible with
your own vote in the 2020 election.
In the next few weeks I will share with you the stories of many of the people involved in this mission: the patients who have benefitted from these clinical trials, the families that have been affected by these diseases and the researchers that have, as a result of this funding, been able to do all of this work.
To find out more about this initiative and CIRM for yourself, I have included here the link to their website and the proposition itself as well as the California Voters Election Guide.
Remember: a “yes” vote on Prop 14 is an investment that goes farther. A “yes” vote is an extension of your own mind and will to help another. A “yes” vote is a step towards reinnervation. And a “yes” vote is a something that you can do.
Full Text Proposition 14:
California General Election Official Voter Information Guide: https://vig.cdn.sos.ca.gov/2020/general/pdf/complete-vig.pdf
Information sourced from:
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