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Tuesday, January 22, 2013

Remedial Math

Posted by on Tue, Jan 22, 2013 at 12:30 PM

At the risk of flogging my own Slog posts, I'd just like to emphasize the obvious and utter financial absurdity of Senate "Majority" Leader Rodney Tom's campaign to close the GET program, Washington's prepaid tuition plan. From the Seattle Times editorial:

State lawmakers should be seriously concerned about a projected $631 million future shortfall in GET. The program’s $2.1 billion fund was set up to be self-supporting, as long as new investors continue to enroll.

[...] Closing GET to new enrollees would cause a $1.7 billion hit to the state treasury over an 11-year period. That’s because without new investors GET’s current fund balance is expected to be depleted by 2025. The state would then have to step in financially.

For the sake of argument, let's just assume that the editors' numbers are correct. If GET is facing a projected $631 million future shortfall, where's the sense in paying $1.7 billion to shut it down? That would just be stupid. Worst comes to worst, you'd think we'd be better off spending $631 million to make college more affordable than spending $1.7 billion making it less.

I mean, GET stabilizes once tuition stabilizes, and we've already been through the worst of the double-digit tuition hikes, right? Right?!


Comments (5) RSS

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kk in seattle 5
If you said the word "actuary" at a meeting of the Seattle Times editorial board, all you would see is blank, drooling stares. Bunch of fucking morons. "Charter Schools Good. Death Tax Bad."
Posted by kk in seattle on January 22, 2013 at 7:58 PM · Report this
Here's a solution...Sugar Baby Colleges...where an "older gentlemen" pays the tuition!!…

Posted by Supreme Ruler Of The Universe http://_ on January 22, 2013 at 4:38 PM · Report this
notaboomer 3
why not launch a save GET flotilla to medina to appeal to tom rodney's senses?
Posted by notaboomer on January 22, 2013 at 1:53 PM · Report this
The GOP+2 doesn't give a sh*t about the people of Washington, sooo... the real question is; who will profit from ending GET and how much are they paying Rodney Tom?
Posted by citizensteve on January 22, 2013 at 1:13 PM · Report this
Will in Seattle 1
Good thing you aren't trying to get a PhD or Masters in Engineering.

You know, those jobs they say they "have" to import non-citizens for, but we want to jack up tuition for our state's citizens to do?
Posted by Will in Seattle on January 22, 2013 at 12:38 PM · Report this

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