If you’re wondering why it seems that the Obama Administration truly doesn’t understand how the free market works or why it thinks that we can simply spend our way out of a bad market, you need look no further than the make-up of the personnel on his team. In the past 110 years, we have never seen such a cabinet lacking in business expertise. Yes, there are many lawyers who have worked with businesses, but if you have to look at making payroll, making decisions that affect products in the market, market research, hiring and firing, well, you’re looking at 92% of a cabinet sans business experience with nary a clue how to deal with this economy. If we were in a legal crisis, we might all feel warm and fuzzy.
Politifacts claims this is false, but asserts legal experience substitutes for business experience. You can decide for yourself as here is their link.
From JP Morgan Private Bank via Michael Cembalest research published by Forbes.com: