European Sovereign Debts, What about American States and Cities

The media would have you think that all the debt problems are in Europe. I can find plenty of articles about Europe's sovereign debt problem but very few about debt wows for American states and cities. Talk about under reporting, I had to dig very hard to find these two stories:

CALIFORNIA WILL DEFAULT ON ITS DEBT, Says Chris Whalen

Cities Face a Deepening Fiscal Crisis

The steep fiscal crisis that many states face includes staggering retirement costs for their workers, estimated at some $3 trillion in unfunded future promises. By the way, these numbers are worse than Europe.