Greece is going to default, and Europe has its problems all around, so no one seems to notice the fiscal plight of the states. But that will change. John Rubino describes the problems in Illinois, which is not the worst of the states, but it will do for an example. When all of the financial liabilities are totaled, I suspect that California may top the list.
“How a state with a constitutional mandate to balance its budget can do this in the first place — and how an “unpaid bill” can be excluded from the annual budget — is a question for future prosecutors.”
For some comparative data this website, from the Center on Budget and Policy Priorities, has info on the various states. The data is for budget expenses, so pension shortfalls are not shown.
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