Arnold has finally come out of the closet. In a Wall Street Journal article he states:
I have often said that the two people who have most profoundly impacted my thinking on economics are Milton Friedman and Adam Smith. At Christmas I sometimes annoy some of my more liberal Hollywood friends by sending them a gift of Mr. Friedman’s classic economic primer, “Free to Choose.” What I learned from Messrs. Friedman and Smith is a lesson that every political leader should never forget: that when the heavy fist of government becomes too overbearing and intrusive, it stifles the unlimited wealth creation process of a free people operating under a free enterprise system.
He then lays out the key elements of his program:
My plan to rescue the economy in California is based on the opposite set of values: I want to slash the cost of doing business in California; I want to unburden businesses from regulations that strangle economic growth; I want to bring taxes down to levels competitive with our neighboring states. Within three years, I want business groups to trumpet the fact that California is once again one of the best places in the country to do business.
He then closes with a statement which is difficult to argue with:
Our state will prosper again when we commit ourselves in California to “Free to Choose” economics. This means removing, one by one, the innumerable impediments to growth–excessive taxes, regulations, and deficit-spending. If we do this we will bring California back as the untarnished Golden State.
Long before the California election I read Mr Schwarzenegger had at least slight libertarian leanings. Given this statement I feel safe declaring he is a fellow traveller at the very least.
The article can be found here. It is well worth reading despite the hassles of getting to it. This is perhaps the first Opinion Journal article I have linked to since they started crashing my browser when I attempt to print to file. In general, I do not refer people to something if I am unable to file a copy for future reference in the all too common case where the link becomes unreachable.