You are vastly, vastly discounting the value of the benefits. THE most secure pension in the world (you cannot buy one that good on the private market), incredible health benefits, incredible vacation policies, lax work policies for most jobs, great holiday schedule, Gov will pay to train you, you effectively cannot get laid off (try downloading porn at most corporations for hours and hours and see what happens), etc.
Obviously that doesn't look quite as good right now (pretty much only for the software engineering field), but during the next recession? Best deal in the world. Heck, you even get free holidays every now and then during government shutdowns. (The employees have always been back paid for these if I recall correctly -- maybe there was one time they weren't? Very rare.)