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Schwarzenegger Laments Lack of Calif. Rainy Day Fund

Former California Governor Arnold Schwarzenegger said he wishes he had been able to set up a state budget reserve during his time in office.

Schwarzenegger appeared Tuesday on NPR’s “Talk of the Nation” as part of his ongoing book tour. When asked if there was anything he would have had done differently as governor, he pointed to his inability to set up a system that would help California reduce its budget volatility.

“I tried to create a Rainy Day Fund; I tried to put the Rainy Day Fund aside, so we have in trouble some times, and we have difficulties and the recessions, that we have money to cover those various different programs including education," said Schwarzenegger. "But it didn’t come about, time ran out and we are now back again to the same problem.”

Schwarzenegger also downplayed the size of California’s debt, but said the state needs to reign in its public pension costs.

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