Schwarzenegger Leaves California’s Brown Burdened With Bonds
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Arnold Schwarzenegger swore after his first month as California governor that he’d rip up the state’s credit cards. Instead, the Republican former action-movie hero pushed through at least $52 billion of borrowing.
Debt of the world’s eighth-largest economy almost tripled in Schwarzenegger’s seven years, to $91 billion on June 30 from $34 billion in 2003, state Treasury figures show. Californians owed $2,362 per person last year, up from $977 before he went to work. Under Schwarzenegger, the state’s workforce grew 9.9 percent to 348,213, according to his finance office.