Tuesday, December 22, 2009

private sector experience of Obama's cabinet (vs. others since 1900): amazing!

This blurb in World was accompanied by a terrific graph. It made the same point as the following text, but far more vividly...

...according to a comparative study by Michael Cembalest, chief investment officer for JPMorgan Private Bank. Starting with the secretary of commerce in 1900, Cembalest examined the prior private-sector experience of 432 cabinet members in every presidency and discovered, "One thing is clear: The current administration, compared with past Democratic and Republican ones, marks a departure from the traditional reliance on a balance of public- and private-sector experiences." While other administrations of both parties were dominated by cabinet members with firsthand experience in hiring and firing and running a business, President Obama's cabinet has less than 10 percent with such expertise....

In contrast to Obama's 10%, the next lowest were Kennedy, Carter, Clinton, and Teddy Roosevelt with 30-40%. Of course, private-sector experience may lead government to favor interest groups, so that is no panacea. But it is a marked departure and it correlates, unfortunately, with an astounding array of anti-market proposals from the Obama-ites.


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