About five years later, he is now declaring California in a state of fiscal emergency. The reason? The state legislature has been captured by the far left, and policy has been tilted to favored Democrat constituencies -- including unions and trial lawyers -- at the expense of the well-being of the rest of us.
Arnold tried to turn things around in the early days of his governorship, but when he was defeated, he essentially capitulated. He made nice with the lefties in the legislature, and traded short term political gain (and re-election) for the opportunity to effect lasting and beneficial change for California. We are now witnessing the result of that trade-off.
As President-elect Obama begins to deal with the Pelosi Congress, it's a cautionary tale well worth keeping in mind.