Should WA Cares funds be invested in the stock market? Ferguson says yes

Governor Bob Ferguson and Senate Republican Leader John Braun endorse a constitutional amendment allowing the WA Cares Fund to invest tax dollars in the stock market, set for a vote on November 4. This measure aims to boost funding for long-term care while keeping taxpayer costs unchanged. Critics, including Senator Bob Hasegawa, label the proposal as “financial roulette,” emphasizing the risks of market instability. Currently, the WA Cares Fund is financed by a 0. 58% payroll tax that has accrued $2 billion since collections began in July 2023.

The fund is primarily invested in safer options like government bonds, which critics argue are more stable. A similar amendment was rejected by voters in 2020, but proponents believe the recent political landscape favors their cause. They cite improved public understanding of the program and a recent defeat of an initiative that sought to make the program voluntary. Recent internal polling shows support for the amendment at approximately 55%, indicating a significant shift in public opinion since the last attempt.