Prop. 71 will generate a total of at least $6.4 to $12.6 billion in new state revenues

Sep 26 2004

The San Diego Regional Chamber of Commerce and the Contra Costa Council, two of the State's leading regional business advocacy organizations, today announced their endorsements of Proposition 71, the California Stem Cell Research and Cures Initiative.

Proposition 71, which appears on the November 2004 ballot, will provide funds needed for the development of lifesaving therapies and cures for diseases that could save the lives of millions of California children and adults and reduce health care costs.

The life-science/biotech sector is a backbone of California's economy. According to a 2004 report authored by the California Healthcare Institute, "More than 230,000 Californians work in the biomedical industry, which paid more than $14 billion in wages and salaries."

The San Diego Regional Chamber of Commerce and the Contra Costa Council join many of the State's leading business organizations, including the California Chamber of Commerce, Tri Valley Council, San Jose/Silicon Valley Chamber of Commerce, San Francisco Chamber of Commerce, Los Angeles Business Council, Black Chamber of Commerce, Greater Los Angeles African American Chamber of Commerce, Los Angeles Area Chamber of Commerce, Valley Industry & Commerce Association, Hispanic Chamber of Commerce, and Latin Business Association. In addition, the State's top fiscal officers, Controller Steve Westly and Treasurer Phil Angelides, have endorsed the measure. Former economic advisor to President Ronald Reagan and current Hoover Institution Distinguished Fellow George Shultz is also supporting Prop. 71.

A recent economic study, co-authored by a nationally-recognized economic research firm, the Analysis Group, and Stanford professor and economist Dr. Laurence Baker, has determined that Prop. 71 will generate a total of at least $6.4 to $12.6 billion in new state revenues and health care cost savings during the payback period, providing a return on investment of at least 120% to 236%.