What is interesting about this measure is that it is turning out to be a bit of a nice counter-cyclical revenue mechanism in this time of deep downturn. So though it was never meant to provide such counter-cyclical, pro-revenue protection from a deep recession, it is.
Which, of course, still doesn't mean it is good policy. Mechanisms that tie the hands of government reduce government's ability to provide flexible and creative policy solutions during the ups and downs of the economy. It all suggests that our referendum system needs to be reformed to preserved good governance in Oregon.