And You Think Only The Legislators Are Stupid

This is a story from the 15 November edition of the NYT,

"On Nov. 1, Colorado voters approved a ballot proposition that would allow the state to keep a projected $3.7 billion in tax revenue over the next five years rather than return it to taxpayers.

In California last Tuesday, voters resoundingly defeated Proposition 76, supported by Governor Arnold Schwarzenegger. The measure would have limited state spending and given the governor broad new powers to cut spending when state revenue lagged.

And in Washington, an initiative put on the ballot by antitax groups failed last week by a six-point margin, letting stand a 9.5-cents-a-gallon gasoline tax passed by the Legislature."

Now you probably understand why we have stupid legislators who know nothing other than spending your hard earned tax dollars as fast as your next door neighbor's Lamborghini. Because voters WILLINGLY elect legislators to steal from their pockets!

So what is going on here? Well, one explanation may be that voters have mistaken beliefs on economic issues. Actually, Austrian economist Ludwig Von Mises is one of the pioneers in figuring this all out, read this piece by the economics professor Bryan Caplan at George Mason University.