Veterans Deserve Prop. 32

With the backing of California voters in November, more military veterans will receive the financial boost they need to achieve the American dream of owning a home or even a piece of farmland. That aid would be provided by Proposition 32, the proposed Veterans Bond Act of 2000. The Times recommends a yes vote.

If the proposed bond issue has a familiar ring, there’s a reason. This type of veterans bond act has periodically appeared on statewide ballots since 1921, adding up to $7.9 billion in general obligation bond-sale financing for the Cal-Vet program. The program started with loans for veterans of World War I. Only about $270 million of that funding remained as of last summer; Proposition 32 would boost the figure by $500 million.

These are relatively modest loans but essential for countless veterans in California’s extremely expensive real estate market. The program’s loan maximum for regular properties is $250,000; $70,000 for mobile homes in rental parks and $300,000 for farm properties. Both wartime and peacetime veterans are eligible.

This is a win-win vote for many reasons. The Cal-Vet program has been paid back by participating veterans without any direct cost to taxpayers, so a yes vote for Proposition 32 would not increase the state’s overall bond debt.

Supporters of the bonds will be showing their backing for those who served this nation at war and during peacetime. Detractors claim that Proposition 32 would cost too much, and they complain that the money could also be used by those who deliberately avoided combat by joining a branch of the military that was not seeing front-line duty in a particular conflict. That’s a sour-grapes reason to deny an important reward to the many who served with distinction. Vote for Proposition 32.