Voters saying yes to investing WA Cares tax dollars in stock market
- - Voters saying yes to investing WA Cares tax dollars in stock market
Brett DavisNovember 5, 2025 at 6:18 AM
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A senior sits in a wheelchair at a nursing home. Photo: Annabel Podevyn / Unsplash
(The Center Square) – Washington state voters are passing Senate Joint Resolution 8201, a proposed constitutional amendment to allow the state to invest funds for the WA Cares long-term care program in a wider range of assets, like the stock market, according to preliminary election results Tuesday night.
According to the Washington Secretary of State's Office, as of 9 p.m., voters are approving SJR 8201 by a 56.8% to 43.2% vote, with just over 1 million votes counted so far.
The state constitution currently restricts most public funds from being invested in private stocks or equities.
SJR 8201 supporters argue that allowing investments in stocks and other equities could significantly increase the fund's value, which currently stands at approximately $2.5 billion, and add an estimated $67 billion over 50 years.
A larger fund would provide more financial security for the WA Cares program, proponents say, including keeping premiums low for taxpayers and growing benefits over time.
WA Cares is funded by a mandatory 0.58% payroll deduction from employees. It began making contributions in 2023 and will start paying benefits in 2026 to eligible residents who need help with activities of daily living. The full benefit is $36,500 in 2026 and is set to be adjusted for inflation annually.
“Measure 8201 takes the funds to fund those kind of things that we all are going to need – 70% of us are going to need – and allows it to be invested in a safe and risk-averse way, so that we can grow those funds and not allow it to be raided by the government or by lawmakers,” Heather Weiner with Approve 2081 told the audience at a debate with Sen. Bob Hasegawa, D-Seattle, a week ago at the University of Washington.
SJR 8201 opponents argue that investing public funds – taxpayer money – in the stock market is too risky and could result in reduced benefits or higher taxes if the market declines.
In the debate with Weiner, Hasegawa highlighted his concerns about the stock market’s volatility, preferring the safer, though lower-return, securities, such as municipal bonds, for the WA Cares Fund.
“If Wall Street does not meet expectations – inevitably, there’s going to be a crash; we all know that,” the senator said. “The economy is cyclical, and the state investment board … presumably will be managing these funds if this constitutional amendment is adopted. This is outside the state investment board’s control.”
He pointed to the Great Recession of 2008-08 and the Great Depression as examples of significant market downturns that took time to recover from.
“Do you know it took 25 years to recover from the Great Depression?” Hasegawa asked. “And if you include inflationary costs, it took really 30 years to recover from the Great Depression.”
A measure similar to SJR 8201 was rejected by voters in 2020.
Dec. 4 is the last day for the Washington Secretary of State’s Office to certify election results.
Source: “AOL Breaking”
