January 16, 2013

A LOOK AT POST-BANKRUPTCY SAN BERNADINO: “This is what a blue death spiral looks like. Years and years of unsustainable pension promises, profligate spending and poor fiscal leadership slowly add up until the money runs out and there’s nothing left to pay for the services that keep the city running. Bankruptcy can help get a city’s finances back on track, but it’s extremely difficult to run a city on a shoestring budget, as San Bernardino is now learning. It is truly unfortunate that the good citizens of San Bernardino are caught up in this mess. In the meantime, this should serve as a warning to the rest of us.”