Vote No on Prop. 14, a costly, unnecessary bond measure

California’s experience with a publicly funded stem-cell agency has been mixed but the promise of new treatments and possible cures was tempting enough that voters OKd a $3 billion expenditure in 2004. That money is gone and backers want $5.5 billion more. Voters should say no to Proposition 14.

For one thing, times have changed and the original rationale — California doing what the feds wouldn’t — is no longer applicable. For another, private enterprise has taken a bigger interest and stepped up research in this field. For another, Prop. 14 doesn’t resolve a longstanding lack of oversight and accountability. And finally, imposing new costs on residents is hardly merited when most are struggling.

Back in 2004, religious voices objected that human embryos would be used in stem-cell research and treatment, leading the federal government to decline to fund a medical field in its infancy. Californians voted 3-to-2 to finance state operations for what promoters assured would be “cures” for various diseases.

In 2009 the federal government changed course on funding. The California Institute for Regenerative Medicine by that point had set up shop and launched dozens of projects, many yielding promising advances, financed big labs at private schools Stanford and USC and attracted some matching funds to push research. But the money has run out, the much-hyped cures never materialized and Prop. 14 backers say projects and treatments will stop unless voters approve a new cash infusion.

Given the surfeit of interest in stem cell research and treatments, that last assertion is doubtful.

Even more, Prop. 14 doesn’t alter key parts of its structure that would improve accountability. With billions of public dollars on the line, the appropriate means of funding this type of research, if state funds are to be used, is for the Legislature to allocate funds and provide direct oversight. Instead, Prop. 14 continues CIRM’s locking up billions of public funds out of the control of the public’s representatives.

The Legislative Analyst’s Office estimates bonds for Prop. 14 would run taxpayers an average of $260 million a year for about 30 years, with $2.3 billion going to interest payments. There are much better uses of finite public resources.

Stem cell research will go on, CIRM or no CIRM. No on Prop. 14.