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When the president seeks advice on how to manage the country, in particular the economy, he turns to his cabinet, some 400 plus people who are supposed to be experts in such things. That’s why this chart from a research report from J.P. Morgan is so startling. It shows that more than 90 percent of President Obama’s cabinet has no private sector experience. They’ve been government employees their entire careers. They’ve never met a payroll, they’ve never paid quarterly business taxes, they’ve never dealt with the blizzards of regulations and restrictions that issue forth from Washington with each new session of Congress.
The chart also shows that every past president going back to Teddy Roosevelt had at least 28 percent of their cabinet coming from the private sector. And Eisenhower, who never worked a private sector job in his life, had the highest representation of private sector cabinet members of any of them. Maybe that’s why in Eisenhower’s eight years personal income grew 48 percent, savings went up 37 percent and 9-million new homes were built.