By The Everett Herald Editorial Board
Duane Davidson, now in his second year of office, hasn't been one to pursue many policy issues with lawmakers, unlike his predecessor who outlined an ambitious tax reform proposal that earned little interest. But Davidson has taken a stand to defend against raids of the "rainy day" fund and asked lawmakers to consider using some of the additional revenue to pay down the state's bond debt, add to its "rainy day" reserves or pay more toward its unfunded pension obligations. Their choice.
"I think that money would be better spent paying down any debt, pick your debt," Davidson said.
And there's significant debt to pay down.
The state's Debt Affordability Study for 2018, released by Davidson's office, reports that the state's debt portfolio has over the course of the last 20 years grown from $6.8 billion to more than $19 billion and totals $21 billion when financing contracts are included....