John Micek of the Allentown Call has a
good story about the day in 2001 when the state legislature decided to increase state pensions. The piece dovetails with our special report on pensions running this week. The Micek piece traces how the bill became law -- and how some lawmakers were skeptical of the ability of the pension to pay for the generous 25 percent increase in employee pensions and 50 percent increase in legislative pensions included in the bill. Despite those doubts, most legislators voted for the bill, confident the rising stockmarket would pay for the increases. Shortly after, the market tanked -- and has effectively remained in the tank the entire decade. Now, the state must come up with billions over the next few years to make up for the hole. As one legislator put it:
''You're sitting there, and it seemed like it was not going to be a financial heavyweight on the shoulders of Pennsylvania. But now, it's an 800-pound gorilla that we must tackle.''
