Rainy days do come; state should be ready

State lawmakers are asking voters this fall to put a permanent fiscal leash on them by establishing a constitutional rainy-day account.

Voters shouldn’t hesitate to oblige. Saying yes to Senate Joint Resolution 8206 on this fall’s ballot supports a straightforward principle that every responsible household in the state lives by: When times are good, prepare for when they won’t be.

A constitutional rainy-day fund — or budget stabilization account, as it’s referred to in the ballot measure — has been sought for years, mostly by Republicans. This year, Gov. Chris Gregoire and other Democrats joined the push and supermajorities of both legislative chambers voted to send it to the voters.

Here’s how it would work: One percent of state government revenues would be set aside in the account each year (about $150 million currently). A 60 percent majority of both the Senate and House would be required to tap the fund, unless the governor declared an emergency (something truly major, like a devastating earthquake or terrorist attack) or the economy slowed to less than 1 percent job growth. In those cases, a simple majority vote of lawmakers would be enough to break into the piggy bank. Once the account reaches 10 percent of state revenue, a comfortable cushion, a simple majority could authorize spending amounts above that 10 percent, but only for school or college construction.

Putting the idea in the Constitution will make it all but impossible to change — doing so would require a two-thirds vote of the Legislature and approval by voters.

Some legislative leaders object to SJR 8206, saying it unnecessarily restricts their ability to make spending decisions. We think the spending pressures in Olympia are so great, with so many legitimate needs to address, that this kind of safeguard is clearly needed. Opponents worry it could hinder funding for education or health care for the needy. But because they take such a huge chunk of the state budget, those are areas that tend to suffer most during economic downturns. Having money in reserve will help cushion future blows.

Putting a little away today will make tomorrow’s downturn less of a crisis. That makes just as much sense for the state’s budget as it does for yours.