“Meetings, rules and deadlines push long-term care law along”

“Meetings, rules and deadlines push long-term care law along,” by Elizabeth Hovde, Washington Policy Center


Quote:

“An investment subcommittee working on the WA Cares Fund — the state’s new long-term care entitlement program that comes with a payroll tax on workers beginning in January — met today. The meeting offered confirmation that the 2020 ballot-box defeat of a constitutional amendment set this program up for long-term failure. The constitutional amendment would have allowed the state to invest the program’s dollars into stocks and other methods of investment. Without such investment, the fund appears doomed, despite a payroll tax of 58 cents per $100 of W-2 workers’ incomes.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

The politicians and bureaucrats pushing the WA Cares Fund won’t take “no” for an answer from voters. They know the Fund can’t survive without putting its rapidly increasing reserves into risky investments susceptible to market declines. With the stock markets at all-time highs, that is a terrible idea. Trying to sneak it by voters with another, less visible ballot initiative, as they’ve discussed doing, is unconscionable.