PubliCola contributor Jake Blumgart wrote a piece about I-1033 (and a similar initiative that's on the ballot in Maine) for The American Prospect .

Here's Jake's lead:

In 2005, the people of Colorado made a counterintuitive move: They approved a referendum that basically guaranteed higher state taxes.

With the support of 52 percent of the population, Coloradans suspended the Taxpayer Bill of Rights (TABOR), a budget-slashing 1992 law that dramatically lowered taxes but severely restricted government's ability to function. A favorite of libertarians nationwide, TABOR left Colorado mired in the early 2000s recession and constrained spending on infrastructure and social services. Funding for higher education dropped and roads were left in disrepair, dissuading businesses from investing in the state. As a result, Colorado's average job growth between 2001 and early 2006 was a minuscule 0.2 percent; the other Rocky Mountain states averaged 8.3 percent. These shocking numbers, coupled with the defeats of TABOR initiatives in Maine, Oregon, and Nebraska the following year, should have completely discredited the program nationwide.

Alas, not so. This year, two TABOR initiatives have made it onto ballots in Maine -- once again -- and Washington state, despite vigorous progressive opposition. But with anti-tax agitator Grover Norquist barnstorming around Maine and recession-minded voters looking warily at their wallets, the initiatives seem to stand a good chance of being passed into law, just when their local governments can least afford it.