This song was written about the tragedy at Columbine high school in Littleton, Colorado. On April 20, 1999, 2 students shot up the school, killing 12 kids and a teacher before killing themselves. (thanks, Zipper - Phoenix, AZ)
On the lyric sheet that comes with the album, there is a note in Eddie Vedder's handwriting that says, "Growing up gay in Littleton."
This isn't the first Pearl Jam song about a high school shooting. Their 1992 song "Jeremy" is about a boy who shot himself in front of his English class.