As you should know, states can't do that, so our so-called "Republican" Governor has Wall Street print up more bonds for us to hand to our unsuspecting grandchildren.
The "Kindergarten Cop" was "for the children," so he nails the grandchildren instead. What a peckerhead!!!
In defense of Arnold, he did try to change the public employee pensions. He gave up after feeling the heat from the unions. Defined benefit pensions are a time bomb waiting to explode. The fuse gets shorter every year. Pensions are contributing to the current budget woes but there are other factors such as illegal alien spending and runaway rat spending. California’s environmental regulations and high taxes will only make the budget problems worse. Unless California and the nation has good economic growth, pensions will stangle future budgets. Defined benefit pensions such as Colorado and California are simply vast repositories of hidden deferred compensation.
Here is the dirty little secret: Who says the grandchildren have to actually pay? They may choose not to.