Should we be allowed to vote on economic issues? (details inside, don't freak out)

In light of this proposition on the ballot in Colorado and conversations I’ve had with people who support it, I’m wondering where/how we draw the line on what sorts of economic issues are allowed on the ballot. This particular proposition would be devastating, and anyone who has had an economics class can see why. The way it is worded, it rides a Tea Party wave of “fiscal responsibility” but is not a viable solution to a debt at all (more proof in my opinion the Tea Party is comprised of many unqualified morons who will do more harm than good with their self-proclaimed “lack of college learning”) Not all voters understand economics but all have equal say in whether or not this passes. So, given the wide-reaching and dire consequences of stupid economic decisions, should there be restrictions on allowing economic proposals on ballots?