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What Austerity Looks Like in Bankrupt San Bernardino
City Journal 
Oct. 24, 2012
"San Bernardino's austerity plan leaves an atrophied city government, but essential functions remain in place.... Businesses will be even more skeptical about moving to a city where the government can't afford to fill potholes or respond quickly to crimes ... Much of the city's deficit reduction is in deferred payments that have recently earned the ire of [CalPERS] and the [SEC] ... San Bernardino can balance its budget only by boosting revenues, which requires more businesses, not fewer. It's not clear how long the city can continue on this unsustainable path."
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