Pennsylvania has a $50 billion problem.
The state’s unfunded liability in its two major public pension systems, those that cover government employees as well as public school teachers, is an economic nightmare. It’s been a ticking time bomb for more than a decade. Now it’s about to explode, wreaking havoc on school budgets across the Commonwealth and leaving school districts — and in turn property owners — holding the bill.
Gov. Tom Corbett, who has referred to the pension problem as a “tapeworm” in the budget process, has decided to draw a line in the sand and force the Legislature’s hand in dealing with what he calls the state’s “No. 1 economic issue.”