Oregon voters about to learn an economics lesson

Yesterday's word of the day was: rapacity. Today's is: elasticity.

The voters of Oregon passed Measures 66 and 67 hiking taxes on successful people and businesses. The backers of the measures — public employee unions who balked at lower pay raises and picking up some of the cost of their benefits packages — estimate the taxes on the greedy rich will raise $727 million.

Yeah, right.

These are the same people who calculated that if a buiness sells 100,000 packs of cigarettes at $2 a pack that added a tax of $1 a pack would generate $100,000. Human behavior never changes. That's what the socialists always think: Strivers will strive even if the government takes every dime of of additional income.

And for all of those who are still whining about the Supreme Court ruling allowing corporations and unions to spend unlimited amounts of money at any time on political causes and candidates, the Oregon spending ratio also should be noted.

The public employee unions spent $6.85 million compated to $4.55 million by opponents. "The bottom line is the unions bought the election," said State Republican Chairman Bob Tiernan was qoted as saying by the AP. "It's going to be a sadder day as more businesses leave the state and more don't want to come here."

Inelasticity?

Want to bet whether that 11 percent joblessness will rise or fall?