The governor’s proposed budget has to be balanced. The end result does not have to be so, though they’re all saying it’s not good policy to operate otherwise. No one seems to be planning to change now.
The Seattle Times has the story here.
You can read the Washington State Constitution here.
Is the state pension program underfunded? I would bet it is, and it is the same as “deficit spending” when the contract amounts owed to retirees are not supported by current deposits into the system’s accounts.
Right on Bob. Isn’t deficit spending through accounting gimicks what got California where it is today?