Are Cancer Bonds Worth The Cost?

The marketing machine to convince you to grow government and spend more of your money is churning again – this time in the form “Proposition 15,” allowing for the expenditure of $4.16 billion so that the state can spend $3 billion over 10 years to help look for a cure to cancer. Which cancer? What type? You know, um, cancer.

You’re being asked to vote on 16 different propositions on the Nov.6 (early voting starts Monday).

How can anyone oppose funding for cancer research? Let me introduce my friend Ronald Trowbridge, Ph.D., who recently lost his wife to cancer. He takes a reasonable look at the issue in a commentary TFR distributed statewide this week. Writes Dr. Trowbridge: “(I)t would be intellectually remiss not to reveal the shortcomings — and alternatives — to Proposition 15, on the ballot November 6.”

Before we get all gushy about “curing” anything, the National Cancer Institute says that between 50%-75% of all cancers are preventable through diet, exercise and lifestyle (i.e., not smoking).

Proponents tell us to think of Proposition 15 as an “investment.” Okay, so when is it ever a good idea to rack up $4.16 billion in debt, of which you can “invest” only $3 billion, to fund something that has very little likelihood of actually resulting in a significant return that covers the debt? Never a good idea – unless you’re playing with someone else’s money.
In 10 years the overwhelming chances are nothing will be cured or discovered by this program, but we’ll be paying higher taxes on it, having comfortably – and completely – forgotten about the promises made in 2007. As Dr. David Berry, who treats pregnant women with cancer, said in the Austin American Statesman this week, “Cancer research is too important to leave to a state bureaucracy.”

The federal government spends $5 billion expended per year on research. And the private sector in the U.S. investments billions more – annually. Now add to that the billions in private investment research spent annually in Europe and Asia, and expenditures by those governments. Oh, and it costs a billion or more dollars and nearly 10 years to successfully get even a single drug to market

Consider just that one practical concern. If we’re going to do this, why isn’t the project laser-focused on curing one type of cancer. Probably because the accountability would be too high for something to actually be achieved. Or, maybe not. Just two years ago the Legislature adopted a “plan” to end cervical cancer by 2015 or some such date. Everyone felt good about the lawmakers stepping up to cure cancer for women, but it has since faded into the woodwork of government promises and  expenditures.

Career politicians and the chattering class are pulling out all the stops to convince us to accept this debt. The heat is on from a non-NASCAR, non-football niche celebrity doing a bus tour, lots of fancy billboards featuring cancer patients, and heart-tugging testimonials from researchers who just want a few million bucks to pursue their dreams. Voting against Prop 15, they imply, is the moral equivalent to kicking puppies, hating Christmas, and scoffing at mom’s apple pie.

But if this was so important why didn’t lawmakers during the legislative session use existing general revenue funds – and cut spending on other items – to fund this taxpayer-funded foray into venture capitalism? Because it is easier to use emotional arguments to shame voters into debt, than it is for lawmakers to make tough choices between competing spending interests.

As my friends at Americans for Prosperity-Texas have noted, the Lone Star State already has $7.5 billion in bonded indebtedness, and the various propositions on the statewide ballot this November will double the debt we pass on to the future. Texans deserve to see our bond dollars used only for only for essential, tangible projects that produce immediate results for the public good, like infrastructure, which cannot be built by the private sector.

Otherwise, the taxpayers’ money should be left in they taxpayers’ wallets. This ensures Texans have the means to support charities and invest in for-profit ventures that more efficiently develop cures, grow our economy, and provide true hope for the future.