Our friend Folkbum lays out a great argument that pulls the rug out from underneath the Republican argument that public sector employees don’t deserve a pension.

To expand on his argument, there is no 401-K and no profit sharing plan public sector employees can enjoy. The GOP isn’t really too stupid to be able to figure that out, they just don’t have the little guy in mind with any of their policies. That’s why they support tax cuts for the wealthy and don’t bat an eye at multi-million dollar executive compensation packages that are hundreds of times the salary of some of their employees.

Deferred compensation and pensions are ways for companies to meet todays needs while allowing the company the ability to use its capital to grow the business now. Public pension plans are a little different in that if they do especially well with investments, the government entity is not allowed to draw any excess from them to pay for existing expenses.

Especially amusing in Folkbum’s blog is the fact that he points out that Vice-President Dick Cheney received a rich deferred compensation plan from the war profiteer company Halliburton who continues to rake in big bucks now that we’re at war. Should Dick Cheney be made to give back his pension deferred compensation from Halliburton?