Inflation and Deflation
What Prop. 46 would fix

For haters of junk mail, Proposition 46 may be this election season's biggest nuisance. Groups supporting and opposing 46 have spared no expense in stuffing voters' mailboxes. Among other provisions, the measure would reset California's cap on noneconomic damages recoverable in medical malpractice cases based on inflation, meaning that the $250,000 cap, imposed in 1975, would become a cap of $1.1 million. Rarely, if ever, has the commonplace idea of a regular inflation adjustment provoked such bitter controversy. Noneconomic damage caps — which restrict damages for pain, suffering and loss of enjoyment of life but not damages for lost wages, rehabilitation costs or...