“The national movement to impose caps on state taxes and spending took a sharp blow in Tuesday's election, conservatives and liberals say, when Colorado voters decided that the tightest spending cap in the nation was just a tad too tight. A statewide ballot proposition, Referendum C, approved by about 52 percent of the voters, will allow state government to keep a projected $3.7 billion over the next five years. The money would otherwise have been refunded to residents under what is called the Taxpayers' Bill of Rights, which was put into Colorado's Constitution in 1992.” (New York Times, Thursday)
What were they thinking?
FEE Timely Classic
“Spending Limits Are Not Enough” by John Semmens