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Associates Lunch with David Crane, Special Advisor to the Governor of California for Jobs and Economic Growth
July 29, 2008

Santa Monica


David Crane, one of California Gov. Arnold Schwarzenegger's key economic advisors, expressed optimistic that a good agreement on the state's 2008-09 budget can be reached soon with the legislature.

During a luncheon meeting with members of the Milken Institute Associates, Crane said that one of the governor's key areas of focus in the budget talks is "revenue stabilization." Schwarzenegger and others want to create a better way to fund state government, which faces at $15 billion deficit as revenues — which come mainly from income taxes — have fallen.

Specifically, the governor would like to see a plan that would require the legislature to set aside a reserve fund that can be used in years when the economy sours and revenues decline.

Crane, who is special advisor for jobs and economic growth, touched on a number of issues, including: the need to improve California's infrastructure, the importance of successfully implementing new laws affecting energy and emissions that have been blamed for global warming, and political reform, such as redistricting.

The event was open only to Milken Institute Associates. To join the Associates or to learn more about the program, please contact Mindy Silverstein, director of the Associates, at (310) 570-4634 or msilverstein@milkeninstitute.org.