No wonder the economy is such a mess. President Obama has put together a team of Ivy League eggheads with no experience in the real world.
Here’s how the American Enterprise Institute explains it:
A friend sends along the following chart from a J.P. Morgan research report. It examines the prior private sector experience of the cabinet officials since 1900 that one might expect a president to turn to in seeking advice about helping the economy. It includes secretaries of State, Commerce, Treasury, Agriculture, Interior, Labor, Transportation, Energy, and Housing & Urban Development, and excludes Postmaster General, Navy, War, Health, Education & Welfare, Veterans Affairs, and Homeland Security—432 cabinet members in all.
When one considers that public sector employment has ranged since the 1950s at between 15 percent and 19 percent of the population, the makeup of the current cabinet—over 90 percent of its prior experience was in the public sector—is remarkable.
And here’s how Jimi Hendrix explains it:
It’s frightening. Truly frightening. Team Obama comes from an insulated world of professorial tenure and union job security. They’ve never hired anyone. They’ve never fired anyone. They’ve never had to deal with profits and losses. They’ve never had to lose a minute’s sleep worrying about paying the rent or making payroll.
And it shows.
Source: American Enterprise Institute
