Measure 48 is a constitutional amendment which will severely limit increases in state spending.  Oregon does its budgeting in two-year cycles.  Currently, the budget for the upcoming two-year period is limited to 8% of the projected personal income in the state over that period.  This measure would cap the increase in spending from one biennium to the next, to the sum of inflation plus the increase in state population over the last biennium.

The worst thing about this measure, in my opinion, is the way proponents are cheerfully describing it as the "Rainy Day Amendment".  The amendment does not stop the state from collecting 8% of projected personal income, it merely prevents the state from spending it.  The excess would, supposedly, go into a "rainy day fund".

Can you imagine anything more stupid than having the state collect money that it is constitutionally prevented from spending?

The biggest problem is that the limited increase is simply not enough to fund the services that Oregonians demand.  If this measure passes, the state would have to eliminate $2.2 billion in spending by June of 2007, and almost $5 billion from the 2007-2009 biennium.  We simply cannot afford that.  Key public services will have to be shut down.  Similar measures have crippled other states.

Please, people.  Do not let yourself be soothed by the deceitful and cheery ads for the "Rainy Day Amendment."  READ the measure, READ the financial impact statement, READ the arguments.  Then, vote NO on Measure 48.