Schwarzenegger: Take a warning from Greece 

Gov. Arnold Schwarzenegger pointed to the debt crisis in Greece as a wake up call to California to reform the way it does business. At a conference in Santa Clara County, the governor weighed in on report released today by the Bay Area Council that says the biggest threat to the state’s economy is the lack of government reform.

“Greece is a warning for all of us, promising the people something you can’t deliver and spending more money than you have,” Schwarzenegger said. “That’s the danger we run into in California with the public pension system, if we don’t reform the system.”

He noted that education spending suffers because of the state’s obligation to pay skyrocketing pensions. Education funding hinges on reforming the pension plans statewide, he said.

“Pensions are crowding out education funding,” he said. “We hope the legislature sees it the same way and will reform the pension systems so we don’t promise things we can’t keep because in the end the state is responsible for the shortfall of revenues.”

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Erin Sherbert

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