Should WA state invest money for long-term care in the stock market? Our take on it | Editorial
Fiscally conservative Sen. Mark Schoesler, R-Ritzville, co-sponsored Engrossed Senate Joint Resolution 8212 — a key detail Tri-City voters should consider when deciding how to vote on the ballot measure.
Knowing Schoesler, he wouldn’t push for a constitutional amendment of this magnitude if he didn’t believe it was necessary.
ESJR 8212 should be approved.
The measure would allow money in the Long Term Care Trust Fund to be invested in the stock market. And while that carries some obvious risk, many other important state funding sources also are invested in stocks — including public pensions and an account that helps people with developmental disabilities.
The latest trust fund was created last year as a way to help provide money for long-term care insurance. People who need help with daily living — like bathing, dressing, and eating — can apply for state help and receive up to $36,500 in a lifetime.
But ESJR 8212 must be approved by the voters in order to be invested in the stock market and given the chance to grow.
It’s telling that this measure was overwhelmingly approved in the Legislature with a 45-3 vote in the Senate and a 96-1 vote in the House.
All our Tri-City area legislators supported it.
Yes, the stock market fluctuates and it can dip dramatically. But over time it is generally the best way to get a higher return on investments.
The Long Term Care Trust Fund is an important source of aid for people who desperately need it, and the state needs to make sure there is enough in the fund to help people for years to come.
If our conservative lawmakers think the measure is a good idea, then voters should as well.
The Tri-City Herald recommends voters approve ESJR 8212.
Advisory Votes
Voters who perhaps are still puzzling over the advisory vote measures on their ballots should not feel guilty about skipping them.
It’s unfortunate, but they are pointless.
They are remnants of Initiative 960 from 2007. Anti-tax leader Tim Eyman pushed the ballot measure, which would have required that all tax increases be approved by two-thirds of the Legislature.
As part of that initiative, any time a tax measure is approved; it must appear on the ballot.
The attempt to force the two-thirds rule eventually was struck down by the courts, but the piece about the advisory votes survived.
So these non-binding measures continue to pop up on our ballots every year, but lawmakers don’t pay any attention to them.
Some will argue it is worthwhile to remind people of the tax increases approved by our legislators.
But since lawmakers are not going to stress over the results of these advisory votes, citizens shouldn’t stress either.
BEHIND THE STORY
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Members of The Tri-City Herald editorial board is comprised of experienced opinion journalists and community members, and is separate from The Herald’s newsroom. Conversations are on the record.
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Whenever possible, The Herald editorial board meets with opposing candidates at the same time. The questions are largely focused on a candidate’s qualifications and goals. The editorial board then discusses the candidates in each race and decides who to recommend. Board members seek to reach a consensus on our recommendations, but not every decision is unanimous.
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No. In making recommendations, members of the editorial board consider which candidates are well prepared to represent their constituents — not whether they agree with us or belong to a particular political party. We evaluate candidates’ relevant experience, their readiness for office, their depth of knowledge of key issues, their understanding of public policy and their ability to work with the current board . We’re seeking candidates who are thoughtful and who offer more than just party-line talking points. The editorial board will endorse both Republicans and Democrats.
Why are the editorials unsigned?
Our election recommendations reflect the collective views of The Herald’s editorial board — not just the opinion of one writer. For the 2022 election, the board includes: Cecilia Rexus, Herald editorial writer; Laurie Williams, Herald executive editor; Jack Briggs, retired Herald publisher; Ken Robertson, retired Herald executive director; Matt Taylor, retired Herald editorial writer; Mike Paoli and Martin Valadez, community representatives.
This story was originally published October 27, 2020 at 11:48 AM.