Wikinvest Wire

The Minimum Wagenator

Tuesday, July 29, 2008

California's Gubernator Arnold Schwarzeneggar is looking to become the country's first "Minimum Wagenator" in an attempt to hasten the Golden State's budget stalemate that has thus far failed to close any of the state's $15 billion fiscal spending gap.

The details can be found in this report :

Schwarzenegger vows to cut workers' pay Thursday

SACRAMENTO -- Gov. Arnold Schwarzenegger on Monday postponed his plan to eliminate about 22,000 temporary, part-time and contract workers and impose a hiring freeze because of the state budget impasse.

As more than 100 union workers picketed outside the state Capitol, the governor opted not to sign an order to implement the cuts immediately. Instead, he's hoping legislative leaders are making progress on the overdue state budget, which has a $15.2 billion shortfall.

The order also would stop most overtime and allow him to roll back salaries for nearly 200,000 state workers to the federal minimum wage of $6.55 an hour. The workers' full pay would be reinstated once a state budget is approved.

Schwarzenegger issued the threat last week after he grew frustrated with lawmakers' inability to reach a budget deal for the fiscal year that started July 1. He wants one in place by Friday, the first of August.
Two hundred thousand state workers sounds like a lot.

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Mathlete said...

It's taken awhile, but Arnold is showing he may have the biggest pair west of the Mississippi.

Anonymous said...

Measured by the scale of mess that could have been avoided, Arnold has the smallest pair.

Anonymous said...

He is just another borrow and spend republican. Too bad for the baby boomers, no retirement for their generation. Tax cuts have to be matched with spending cuts. Thanks a lot Arnie, Ronnie, and bush.

tj and the bear said...

When a budget deal is finally reached, a lot of those state workers will find that minimum wage was better than nothing.

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