Jul 11, 2012
Comments Off on San Bernardino California files for bankruptcy

San Bernardino California files for bankruptcy

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The San Bernardino city council voted Tuesday night to file for Chapter 9 Bankruptcy Protection, this makes it California’s third city and is the latest in a rash of  U.S. Cities that have filed for bankruptcy protection.san bernadino California files bankruptcy

We have an immediate cash flow issue” said  Interim City Manager Andrea Miller

San Bernardino is facing a budget short fall of 45.8 million, has opted to stop paying some vendors and may not be able to make payroll over the next fiscal quarter.

Given California’s financial mess, and America being in a deep seeded recession, it just goes to show that the failed fiscal polices of the Obama Administration and continuing failed social policies of California continue to have direct and negative impact.

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