Times have changed

Time was that things like the double majority rule, kickers, property tax reduction, etc. were the default position of politicians in this state. Anyone who argued against these things would have been burned at the stake.

But the double majority rule was overturned by the voters. The legislature is considering repealing the entire kicker. And now Gov. Kulongoski is hinting that he might push for a repeal/reform of Measure 5.

We may be witnessing the progressive version of The Shock Doctrine.

The journalistic race

Everybody wants to be the first to spot a trend so that they can brag about it later.

Shorter Paul Krugman

(here)

The business cycle fluctuates based on mass behavior. When people take on debt, the demand for debt goes up (and we get a bubble). When people try to clear out excess capacity, the demand for clearing capacity goes up (and the economy crashes). Working in mass, people behave in ways that damages everyone at the same time (think prisoner dilemma). The government is in the unique position that it can act counter to "common sense". When people try to increase debt (because they can make more money while doing so), government should shed debt. When people try to reduce debt (because they have to much inventory), government should take on debt.

In the first case, government acts as a brake when the financial whiz kids want to push on the gas. In the second case, government acts as the gas when people get older and want to slow down.

The idea that government should function the same way as every other financial player in the market is one of the greatest flaws of modern conservative thinking. But it is politically appealing because it seems to make sense on the surface.