Gov. Schwarzenegger's Paycheck Bounced

Gov. Schwarzenegger's Paycheck Bounced

After his election, to show his dedication to civic duty, Gov. Schwarzenegger agreed to serve as governor for no pay, but to make him a legal state employee he has to be paid $1 per year (plus benefits, I’m sure). It was a brilliant move because it also saved the federal income tax and FICA on his governor’s salary from being sucked out of the state and it can help pay the interest on some bond voters passed for something we don’t need and can’t afford and don’t even remember voting on. Alas, this year’s $1 paycheck to him, which cost $56.23 in employee costs for the state to generate during the budget impasse, bounced at the bank for insufficient funds and incurred a return check charge of $25 which the state also couldn’t pay and a $10 charge to Gov. Schwarzenegger’s account, which will be reimbursed when the state gets another loan. If we were to take this as representative of all the other dealings of the state, we find it costs $92.23 for every dollar the state actually spends.

©2009 Eric Stamets