Mish's Global Economic Trend Analysis: Jerry Brown: "We've Been Living in Fantasy Land. Budget Much Worse Than I Thought. I'm Shocked."; Cuts Coming, Expect Union Fearmongering

California's "Fantasy Land" budget finally comes to light of day. Jerry Brown said "I'm shocked. The mess is much worse than I thought."

In turn, educators and unions were shocked by Jerry Brown's and state treasurer Bill Lockyer's statements "cuts are coming". Brown promised more cuts but no tax increases without voter approval.

via globaleconomicanalysis.blogspot.com

It's been "Fantasy Land" for a long, long time