John Gage, the head of the American federation of Government Employees, has responded to an editorial in the Wall Street Journal that called for pension reform in the federal government.

Included in the letter was this howler. See if you can spot the fallacy in this argument:

Quote
The only legitimate reason to cut an employer-sponsored pension plan is if the employer doesn’t have enough resources to pay promised benefits. The U.S. government, unlike many private employers, has all the resources it needs to pay promised benefits. The federal government invests all of the money federal agencies and federal employees contribute to the retirement fund in 100% safe Treasury bonds.
Um, someone remind me why Bernie Madoff went to jail.

I'm thinking of starting a new thread, collecting all of the completely stupid, ridiculous, and absurd ideas people have about economics. Anyone interested?

Onward and upward,
airforce