David Crane -- special adviser to Governor Schwarzenegger for jobs and economic growth -- fills in for the Governor to discuss the single biggest threat to your government's fiscal health: its unsustainable pension system. Over the last 10 years, pension costs for state workers have gone up more than 2,000 percent, crowding out spending on colleges, parks, health, the environment and other progressive programs. More cuts are in store for those programs because pension costs are scheduled to more than double to $10 billion per year, and that's the optimistic case because if the stock market itself doesn't double every ten years, those costs will be even higher.
David Crane -- special adviser to Governor Schwarzenegger for jobs and economic growth -- fills in for the Governor to discuss the single biggest threat to your government's fiscal health: its unsustainable pension system. Over the last 10 years, pension costs for state workers have gone up more than 2,000 percent, crowding out spending on colleges, parks, health, the environment and other progressive programs. More cuts are in store for those programs because pension costs are scheduled to more than double to $10 billion per year, and that's the optimistic case because if the stock market itself doesn't double every ten years, those costs will be even higher.