Hey, remember how just a year and a half ago the oh so wise Seattle Times editorial board vociferously (and dishonestly) backed up Rodney Tom’s call to shut down GET (the state’s Guaranteed Education Tuition Plan), deriding it as “too generous,” while arguing that “lawmakers should be seriously concerned about a projected $631 million future shortfall” in the program?
“Closing GET to new enrollees would cause a $1.7 billion hit to the state treasury,” the editors wrote in January 2013, back when they were editorializing in favor of, you know, closing GET to new enrollees. And yet just 19 months later, according to today’s Seattle Times, GET is now funded at 106 percent of obligations:
The state’s prepaid college tuition is no longer underfunded, and has fully recovered from the recession.
That’s right: following the editors’ sage advice would have cost Washington taxpayers an unnecessary $1.7 billion, while eliminating our state’s only college savings option that allows middle-class families to securely plan for their children’s college education. Oops. Not that this wasn’t entirely predictable. As I explained in my contemporaneous fisking of this insane editorial:
Why the fuck would we want to lock in a $1.7 billion loss that we’d never have to pay if we’d just fund higher education at the level we all say we want to fund it? I mean, that’s just crazy. Inflation has averaged between 2 and 3 percent over the past few decades. Limit tuition increases to 7.5 percent a year and the GET program easily outgrows its shortfall.
As it turns out, the legislature ended up freezing tuition for two years. That and a booming stock market predictably led to GET’s full and speedy recovery.
Seriously… where do these clowns get off telling us how to run a government? Nobody should ever, ever, ever listen to their budgetary advice.