Govenor Schwarzenegger on California's missing budget

The day after a California judge issued a restraining order blocking Governor Schwarzenegger's unpaid furloughs, the Governor defended his budget strategies-- which include comprehensive reform of the government employee pension system--in the LA Times.
Citing this year's $20 billion budget shortfall and California's corresponding $500 billion in government-employee pension debt (a figure six times the size of California's budget), Schwarzenegger asserted his proposed comprehensive reform of California's pension system for government employees as a means to unburden California.

"Over the next 30 years, the state will spend hundreds of billions of dollars just to service existing retirement benefit debt.... That is why I have proposed comprehensive pension reform, including rolling back benefits for new hires."

To read the rest of Schwarzenegger's thoughts on California's ailing budget--including his opinion on taxes-- click here.