California

California's Bond Issues Aren't 'Free' Money. Voters Should Tread Carefully.

Borrowing money for infrastructure projects can be a good idea, but it can often become a sinkhole for taxpayers.

Steven Greenhut | 11.3.2026 9:45 AM

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For California voters, many election decisions are straightforward. Amid rising prices and frustration at the Trump administration's heavy-handed immigration policies, they are likely to look at their ballots and pick anyone with a "D" after their name—although that's admittedly not much different than what they do every election regardless of which party is running the federal behemoth.

Californians also face myriad detailed initiatives including a billionaire's tax, reform of the California Environmental Quality Act (CEQA) and Voter ID. Those have received the lion's share of spending and media attention. But every cycle voters are also asked to consider state bond measures. These are pitched as "free money," which funds popular-sounding programs, but they are more involved than that.

Unfortunately, voters usually are suckers for them. Per CalMatters, "Californians love their bonds. Since 1976, California votes have approved 76% of all general obligation bonds." The state pays $6 billion a year in payments for $80 billion in bonds, plus it has approval to sell another $40 billion worth, the publication adds. Even in........

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