Mish hammers Brown!

Gov. Jerry Brown announced on Saturday that the state's deficit has ballooned to $16 billion, a huge increase over his $9.2-billion estimate in January.

Lawmakers and others were hoping that a rebounding economy would help the state avoid steep cuts to social services. But revenue in April, the most important month of the year for income taxes, fell far short of expectations, leading to a shortfall of at least $3 billion in the current fiscal year.

The state has also spent $2.1 billion more than expected, according to the controller, further worsening California's financial health, Mish quoting

I didn't vote for Brown, preferring California bankruptcy. But I had warmed to the guy, he is at least honest and he seems to be restrucuring as fast as possible. Brown's problem is he is good enough to sustain the unsustainable for too long. Our normal Guv is usually a dumbshit like Gavin Newsome.