SACRAMENTO (KCBS/AP) – Governor Schwarzenegger said pension reform will save the state $100 billion over the next few decades in a news conference Friday morning. He said over the last ten years, pension costs have skyrocketed from $150 million to $3.8 billion, an increase of over 2,000 percent, according to the governor.

California lawmakers finally sent a financially shaky budget to the Governor early Friday, putting the state on track to start paying long-overdue bills, but likely punting the state’s deficit problems to the next governor.

Schwarzenegger complained state revenues had only increased 28 percent in the ten-year period that pensions have inflated.

KCBS’ Mike Colgan Reports:

“Here is pension spiking by about 2,000 percent. This is the first time that we have seen the pension cost higher than higher education,” said Schwarzenegger.

As a result, several programs including parks and recreation, K-12 education, and foster care have had to suffer, according to the governor.

“Pensions have become the silent thief of our Treasury,” he criticized.

Schwarzenegger helped negotiate Friday’s budget deal, which includes no new taxes or fees, and is likely to sign it quickly.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Comments (5)
  1. Val Pangilinan says:

    We worked for our pensions for so many years. We are entitled for what we are receiving. How much you gonna receive lifetime after working only more than 4 years as governor?

    1. Steve says:

      So Val did you work until at least 62 years old ALL like non-government workers have to do to get a pitiful SS check? I know a retired fireman that retired at 44 years old and is pulling over $100,000 a year – Way more than I make yet I pay for his life of luxury. I don’t mind the pensions but you need to work more than 20 years before you start pulling the checks, and starting another government job with a second pension is pure BS.

      1. vall says:

        I retired at age 64 years old and worked more than 21 years and paid into my retirement like other state employees.

  2. Bill Tessendorf says:

    Bill Tessendorf
    As a long time public employee who has contributed thousands of dollars to my pension fund, I find it appalling to have the Governor accusing public employees of being thieves. We are the ones who clean his office and fix his toilets. SHAME ON YOU ARNOLD.

    1. Zack Debarco says:

      I take offense at being called a thief!! I worked and earned my money by doing things most people won’t do, no matter how much you pay. I also paid into my retirement and then some, so that I could retire when I did. The true thieves are all of the illegals who are getting services and higher educations etc. I also think a major welfare reform would save a ton of money and force all the slackers who are abusing the system off their behinds!!

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