Spending money to make money

Spending money to make money

On Tuesday, voters in Maine and Washington will face issues petitioned onto statewide ballots by citizens. Question 4 in Maine and Initiative-1033 in Washington would cap the yearly growth of government spending to no more than the yearly increase in population plus inflation. If legislators wish to spend more, they have to do the unthinkable: obtain voter approval.

To voters in both states in early polls, the spending cap idea appeared popular. It certainly makes a kind of common sense: Don’t allow the revenue pouring into government coffers during good times to spur wild government growth that is...